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Enhancing Crop Insurance Decisions with Data-Driven Tools

Author

Listed:
  • Serrano, Enil
  • Gardner, Grant
  • Biram, Hunter

Abstract

Farmers face growing production and price risks that traditional Farm Service Agency (FSA) programs and crop insurance only partially address. This article reviews existing decision tools and introduces the Crop Insurance Decision Maker (CIDM), a web-based platform that uses stochastic simulations to project expected net revenues across insurance products and coverage levels. By incorporating farmer risk preferences and county-level data, CIDM improves transparency and supports more informed enrollment in FSA and crop insurance programs. Case studies demonstrate how CIDM enhances risk management decisions, balancing income stability with financial resilience.

Suggested Citation

  • Serrano, Enil & Gardner, Grant & Biram, Hunter, 2026. "Enhancing Crop Insurance Decisions with Data-Driven Tools," Numbered Extension Articles 402737, University of Kentucky, Department of Agricultural Economics.
    • Handle: RePEc:ags:ukynea:402737
    DOI: 10.22004/ag.econ.402737
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    References listed on IDEAS

    as
    1. Nathan D. DeLay & Hayley H. Chouinard & Cory G. Walters & Philip R. Wandschneider, 2020. "The influence of crop insurance agents on coverage choices: The role of agent competition," Agricultural Economics, International Association of Agricultural Economists, vol. 51(4), pages 623-638, July.
    2. Biram, Hunter D. & Coble, Keith H. & Harri, Ardian & Park, Eunchun & Tack, Jesse, 2022. "Mitigating Price and Yield Risk Using Revenue Protection and Agriculture Risk Coverage," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 54(2), pages 319-333, May.
    3. Turner, Dylan & Tsiboe, Francis & Baldwin, Katherine & Williams, Brian & Dohlman, Erik & Astill, Gregory & Skorbiansky, Sharon Raszap & Abadam, Vidalina & Yeh, D. Adeline & Knight, Russell, 2023. "Federal Programs for Agricultural Risk Management," Economic Information Bulletin 340216, United States Department of Agriculture, Economic Research Service.
    4. Mario J. Miranda, 1991. "Area-Yield Crop Insurance Reconsidered," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 73(2), pages 233-242.
    5. Barry K. Goodwin & Ashley Hungerford, 2015. "Copula-Based Models of Systemic Risk in U.S. Agriculture: Implications for Crop Insurance and Reinsurance Contracts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 97(3), pages 879-896.
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