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Risk modeling concepts relating to the design and rating of agricultural insurance contracts

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Author Info
Goodwin, Barry K.
Mahul, Olivier
Abstract

The authors identify the key issues and concerns that arise in the design and rating of crop yield insurance plans, with a particular emphasis on production risk modeling. The authors show how the availability of data shapes the insurance scheme and the ratemaking procedures. Relying on the U.S. experience and recent developments in statistics and econometrics, they review risk modeling concepts and provide technical guidelines in the development of crop insurance plans. Finally, they show how these risk modeling techniques can be extended to price risk in order to develop crop revenue insurance schemes.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3392.

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Date of creation: 01 Sep 2004
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Handle: RePEc:wbk:wbrwps:3392

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Related research
Keywords: Health Economics&Finance; Insurance Law; Environmental Economics&Policies; Insurance&Risk Mitigation; Labor Policies; Insurance&Risk Mitigation; Crops&Crop Management Systems; Health Economics&Finance; Insurance Law; Environmental Economics&Policies;

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bruce A. Babcock & Chad E. Hart & Dermot J. Hayes, 2002. "Crop Insurance Rates and the Laws of Probability," Food and Agricultural Policy Research Institute (FAPRI) Publications 02-wp298, Food and Agricultural Policy Research Institute (FAPRI) at Iowa State University. [Downloadable!]
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  2. Alan P. Ker & Keith Coble, 2003. "Modeling Conditional Yield Densities," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 85(2), pages 291-304, 05. [Downloadable!] (restricted)
  3. Olivier Mahul, 2003. "Hedging price risk in the presence of crop yield and revenue insurance," European Review of Agricultural Economics, Oxford University Press for the Foundation for the European Review of Agricultural Economics, vol. 30(2), pages 217-239, June.
  4. Ker, Alan P & Goodwin, Barry K, 2000. " Nonparametric Estimation of Crop Insurance Rates Revisited," American Journal of Agricultural Economics, American Agricultural Economics Association, vol. 82(2), pages 463-78, May. [Downloadable!] (restricted)
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  1. Ozaki, Vitor & Ghosh, Sujit & Goodwin, Barry & Shirota, Ricardo, 2005. "Spatio-Temporal Modeling Of Agricultural Yield Data With An Application To Pricing Crop Insurance Contracts," 2005 Annual meeting, July 24-27, Providence, RI 19142, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Chen, Shu-Ling & Miranda, Mario J., 2006. "Modeling Yield Distribution In High Risk Counties: Application To Texas Upland Cotton," 2006 Annual meeting, July 23-26, Long Beach, CA 21392, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
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This page was last updated on 2009-12-10.

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