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Index based crop insurance product design and ratemaking : the case of modified NAIS in India

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  • Clarke, Daniel J.
  • Mahul, Olivier
  • Verma, Niraj

Abstract

Designing and rating insurance products requires both science and judgment. In developing and emerging economies, actuarial procedures must be robust and implementable, as well as offering a sufficient degree of transparency and flexibility so as to allow expert judgment to be incorporated. This paper outlines an approach to designing and rating a portfolio of index insurance products that uses both temporal and spatial aspects of the data to increase the efficiency of statistical estimates. The approach has formed the basis for the design and ratemaking methodology implemented by the Agriculture Insurance Company of India for the modified National Agricultural Insurance Scheme, which was initiated by the Government of India in late 2010.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5986.

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Date of creation: 01 Mar 2012
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Handle: RePEc:wbk:wbrwps:5986

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Keywords: Insurance&Risk Mitigation; Debt Markets; Hazard Risk Management; Emerging Markets; Bankruptcy and Resolution of Financial Distress;

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  1. World Bank, 2011. "Enhancing Crop Insurance in India," World Bank Other Operational Studies 2748, The World Bank.
  2. Stephens M. Stohs & Jeffrey T. LaFrance, 2004. "A learning rule for inferring local distributions over space and time," Development Research Unit Working Paper Series archive-29, Monash University, Department of Economics.
  3. Clarke, Daniel & Mahul, Olivier, 2011. "Disaster risk financing and contingent credit : a dynamic analysis," Policy Research Working Paper Series 5693, The World Bank.
  4. Jerry R. Skees & J. Roy Black & Barry J. Barnett, 1997. "Designing and Rating an Area Yield Crop Insurance Contract," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 79(2), pages 430-438.
  5. Mahul, Olivier & Verma, Niraj & Clarke, Daniel J., 2012. "Improving farmers'access to agricultural insurance in India," Policy Research Working Paper Series 5987, The World Bank.
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Cited by:
  1. Clarke, Daniel J. & Mahul, Olivier & Rao, Kolli N. & Verma, Niraj, 2012. "Weather based crop insurance in India," Policy Research Working Paper Series 5985, The World Bank.
  2. World Bank, 2011. "Enhancing Crop Insurance in India," World Bank Other Operational Studies 2748, The World Bank.
  3. Mahul, Olivier & Verma, Niraj & Clarke, Daniel J., 2012. "Improving farmers'access to agricultural insurance in India," Policy Research Working Paper Series 5987, The World Bank.

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