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Index Insurance for Developing Countries

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  • Mario J. Miranda
  • Katie Farrin

Abstract

Unlike conventional insurance, which indemnifies policyholders for verifiable production losses arising from multiple perils, index insurance indemnifies policyholders based on the observed value of a specified 'index' or some other closely related variable that is highly correlated with losses. Index insurance exhibits lower transaction costs than conventional insurance, potentially making it more affordable to the poor in the developing world. However, it also offers less effective individual risk protection. This article provides a review of recent theoretical and empirical research on index insurance for developing countries and summarizes lessons learned from index insurance projects implemented in the developing world since 2000. Copyright 2012, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/aepp/pps031
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Bibliographic Info

Article provided by Agricultural and Applied Economics Association in its journal Applied Economic Perspectives and Policy.

Volume (Year): 34 (2012)
Issue (Month): 3 ()
Pages: 391-427

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Handle: RePEc:oup:apecpp:v:34:y:2012:i:3:p:391-427

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Cited by:
  1. Boucher, Steve & Delpierre, Matthieu, 2013. "The Impact of Index-Based Insurance on Informal Risk-Sharing Networks," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 150440, Agricultural and Applied Economics Association.
  2. Zhiwei Shen & Martin Odening & Ostap Okhrin, 2013. "Can expert knowledge compensate for data scarcity in crop insurance pricing?," SFB 649 Discussion Papers SFB649DP2013-030, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.

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