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Agricultural Insurance in Developed Countries: Where Have We Been and Where Are We Going?

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  • Vincent H. Smith
  • Joseph W. Glauber

Abstract

Agricultural insurance in developed countries originates in named peril products that were originally offered by private companies approximately two hundred years ago, first in Europe and then in the United States. Today, many agricultural insurance products are offered, most of them heavily subsidized by governments. In the context of developed economies, this article examines the evolution of agricultural insurance products, the economics of the demand and supply sides of agricultural insurance markets, and the economic welfare, political economy, and trade relation implications of private and public agricultural insurance in developed countries. Copyright 2012, Oxford University Press.

Suggested Citation

  • Vincent H. Smith & Joseph W. Glauber, 2012. "Agricultural Insurance in Developed Countries: Where Have We Been and Where Are We Going?," Applied Economic Perspectives and Policy, Agricultural and Applied Economics Association, vol. 34(3), pages 363-390.
    • Handle: RePEc:oup:apecpp:v:34:y:2012:i:3:p:363-390
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    File URL: http://hdl.handle.net/10.1093/aepp/pps029
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    1. repec:pal:gpprii:v:42:y:2017:i:2:d:10.1057_s41288-017-0044-5 is not listed on IDEAS
    2. Jesse B. Tack & Matthew T. Holt, 2016. "The influence of weather extremes on the spatial correlation of corn yields," Climatic Change, Springer, vol. 134(1), pages 299-309, January.
    3. repec:fpr:ifpric:9780896292499-10 is not listed on IDEAS
    4. Buchholz, Matthias & Musshoff, Oliver, 2014. "The role of weather derivatives and portfolio effects in agricultural water management," Agricultural Water Management, Elsevier, vol. 146(C), pages 34-44.
    5. O'Donoghue, Erik J., 2013. "The Demand for Crop Insurance: How Important are the Subsidies?," 2013 AAEA: Crop Insurance and the Farm Bill Symposium, October 8-9, Louisville, KY 157282, Agricultural and Applied Economics Association.
    6. repec:gam:jsusta:v:9:y:2017:i:11:p:1961-:d:116595 is not listed on IDEAS
    7. Delbridge, Timothy A. & King, Robert P., 2016. "How Important is the T-Yield? An Analysis of Reforms to Organic Crop Insurance," Staff Papers 244732, University of Minnesota, Department of Applied Economics.
    8. Noy, Ilan & Kusuma, Aditya & Nguyen, Cuong, 2017. "Insuring disasters: A survey of the economics of insurance programs for earthquakes and droughts," Working Paper Series 6408, Victoria University of Wellington, School of Economics and Finance.
    9. Kemeny, Gabor & Varga, Tibor & Fogarasi, Jozsef & Nemes, Attila, 2013. "The effects of weather risks on micro-regional agricultural insurance premiums in Hungary," Studies in Agricultural Economics, Research Institute for Agricultural Economics, vol. 115(1), February.
    10. Pearcy, Jason & Smith, Vincent H., 2015. "The Tangled Web of Agricultural Insurance: Evaluating the Impacts of Government Policy," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 40(1), January.
    11. O'Donoghue, Erik, 2014. "The Effects of Premium Subsidies on Demand for Crop Insurance," Economic Research Report 178405, United States Department of Agriculture, Economic Research Service.
    12. Elabed, Ghada & Carter, Michael R., 2015. "Compound-risk aversion, ambiguity and the willingness to pay for microinsurance," Journal of Economic Behavior & Organization, Elsevier, vol. 118(C), pages 150-166.
    13. Reyes, Celia M. & Mina, Christian D. & Agbon, Adrian D. & Gloria, Reneli Ann B., 2017. "Agricultural Insurance Program: Lessons from Different Country Experiences," Discussion Papers DP 2017-02, Philippine Institute for Development Studies.
    14. Bougherara, Douadia & Piet, Laurent, 2014. "The Impact of Farmers’ Risk Preferences on the Design of an Individual Yield Crop Insurance," 2014 International Congress, August 26-29, 2014, Ljubljana, Slovenia 183082, European Association of Agricultural Economists.
    15. Smith, Vincent H. & Glauber, Joseph & Dismukes, Robert, 2016. "Rent Dispersion in the US Agricultural Insurance Industry:," IFPRI discussion papers 1532, International Food Policy Research Institute (IFPRI).
    16. O'Donoghue, Erik, 2014. "Crop Insurance Subsidies: How Important are They?," 2014 Annual Meeting, July 27-29, 2014, Minneapolis, Minnesota 169451, Agricultural and Applied Economics Association.

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