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Designing and Rating an Area Yield Crop Insurance Contract

Author

Listed:
  • Jerry R. Skees
  • J. Roy Black
  • Barry J. Barnett

Abstract

This article documents the design and rate-making procedures used in the development of the Group Risk Plan (GRP)—the new federal crop insurance product that insures based on area yield. The authors of this article worked closely with personnel in the Federal Crop Insurance Corporation and others in developing methodological and practical constraints needed in implementing a workable area yield contract. GRP indemnity payments are made based on percentage shortfalls in actual county yields relative to a forecasted yield. Historical county yield data are used to develop forecasted yields and premium rates. Copyright 1997, Oxford University Press.

Suggested Citation

  • 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.
  • Handle: RePEc:oup:ajagec:v:79:y:1997:i:2:p:430-438
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    File URL: http://hdl.handle.net/10.2307/1244141
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