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Managing the Agricultural Revenue Risk in Brazil: Implications for Developing a Crop Insurance Program

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  • Ozaki, Vitor Augusto
  • Adami, Andreia Cristina de Oliveira
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    Abstract

    Since 2003 crop insurance programs became the focus of agricultural policy in Brazil. Given the increasing interest in insurance, accurate calculation of premium values is of great importance. We address the issue of the revenue distribution at the farm-level and its implication to the Brazilian crop insurance contract. We estimate the probability of loss by using the Skew-normal distribution of revenue in the West of Parana (South of Brazil). Results show that insurers (empirical) rates tend to underestimate the risk in the lower coverage levels (50% and 60%). At the level of 70% of coverage the Empirical Rate and the Skew-Normal Rate are similar on average.

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    File URL: http://purl.umn.edu/151289
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    Bibliographic Info

    Paper provided by Agricultural and Applied Economics Association in its series 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. with number 151289.

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    Date of creation: 2013
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    Handle: RePEc:ags:aaea13:151289

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    Keywords: revenue insurance; premium rate; skew-normal distribution; agricultural policy; Agricultural and Food Policy; Risk and Uncertainty;

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    1. Skees, Jerry R. & Harwood, Joy L. & Somwaru, Agapi & Perry, Janet E., 1998. "The Potential For Revenue Insurance Policies In The South," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 30(01), July.
    2. Roberts, Matthew C. & Goodwin, Barry K. & Coble, Keith H., 1998. "Measurement Of Price Risk In Revenue Insurance: Implications Of Distributional Assumptions," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20840, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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