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Definition of catastrophic event when developing crop insurances for Finnish markets

Author

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  • Väre, Minna Katriina
  • Liesivaara, Petri
  • Myyrä, Sami

Abstract

In Finland, there is need for new crop insurance system as the Crop Damage Compensa-tion scheme (CDC) is abolished in 2015. Therefore, the responsibility of farmers, insurance companies and government in case of crop damages and catastrophic events need to be de-fined. We compared CDC data to the total value of crop production in Finland. Probability of catastrophic losses was simulated by Monte Carlo method and compared to farmers’ stated beliefs on catastrophic events. Results suggest that there occurs no such catastrophic risk that crop insurance system would not be able to cover. Thus, disaster relief program by the gov-ernment is not needed in Finland.

Suggested Citation

  • Väre, Minna Katriina & Liesivaara, Petri & Myyrä, Sami, 2014. "Definition of catastrophic event when developing crop insurances for Finnish markets," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 182853, European Association of Agricultural Economists.
    • Handle: RePEc:ags:eaae14:182853
    DOI: 10.22004/ag.econ.182853
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    References listed on IDEAS

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    1. Olga Melyukhina, 2011. "Risk Management in Agriculture in The Netherlands," OECD Food, Agriculture and Fisheries Papers 41, OECD Publishing.
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    Keywords

    Risk and Uncertainty;

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