Weather Based Crop Insurance in India

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dc.creatorClarke, Daniel J.
dc.creatorMahul, Olivier
dc.creatorRao, Kolli N.
dc.creatorVerma, Niraj
dc.date2012-03-19T17:29:28Z
dc.date2012-03-19T17:29:28Z
dc.date2012-03-01
dc.date.accessioned2026-07-01T00:51:19Z
dc.descriptionThe weather index insurance market in India is the world's largest, having transitioned from small-scale and scattered pilots to a large-scale weather based crop insurance program covering more than 9 million farmers. This paper provides a critical overview of this market, including a review of indices used for insurance purposes and a description and analysis of common approaches to design and ratemaking. Products should be designed based on sound agronomic principles and further investments are needed both in quantifying the level of basis risk in existing products, and developing enhanced products with lower basis risk. In addition to pure weather indexed products, hybrid products that combine both area yield and weather indices seem promising, with the potential to combine the strengths of the individual indices. A portfolio approach to pricing products, such as that offered by Empirical Bayes Credibility Theory, can be significantly more efficient than the standalone pricing approaches typically employed in the Indian market. Legislation for index insurance products, including consumer protection legislation, should be further enhanced, for example by requiring disclosure of claim payments that each product would have made in the last ten years. The market structure for weather based crop insurance products could better reward long-term development of improved product designs through product standardization, longer term contracts, or separating the roles of product design and delivery.
dc.formatapplication/pdf
dc.formattext/plain
dc.identifierhttp://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20120305105832
dc.identifierhttps://hdl.handle.net/10986/3270
dc.identifierhttps://doi.org/10.1596/1813-9450-5985
dc.identifier.urihttp://hdl.handle.net/123456789/411997
dc.languageEnglish
dc.relationPolicy Research working paper ; no. WPS 5985
dc.rightsCC BY 3.0 IGO
dc.rightshttp://creativecommons.org/licenses/by/3.0/igo/
dc.rightsWorld Bank
dc.subjectADMINISTRATIVE EXPENSES
dc.subjectAGRICULTURAL INSURANCE
dc.subjectAGRICULTURAL INSURANCE SCHEME
dc.subjectAGRICULTURAL PRODUCTION
dc.subjectAMOUNT OF CAPITAL
dc.subjectAMOUNT OF RISK
dc.subjectAPPLICATIONS
dc.subjectBANKS
dc.subjectBASIS RISK
dc.subjectCAPITAL MARKET
dc.subjectCAPS
dc.subjectCLAIM
dc.subjectCLAIM PAYMENT
dc.subjectCLAIM PAYMENTS
dc.subjectCLIMATE
dc.subjectCLIMATE CHANGE
dc.subjectCONSUMER PROTECTION
dc.subjectCONSUMER PROTECTION LEGISLATION
dc.subjectCONSUMERS
dc.subjectCOST OF CAPITAL
dc.subjectCOVERAGE
dc.subjectCREDIBILITY
dc.subjectCROP INSURANCE
dc.subjectCROP INSURANCE PRODUCT
dc.subjectCROP INSURANCE PROGRAM
dc.subjectCROP INSURANCE SCHEME
dc.subjectCROP LOSS
dc.subjectCROP LOSSES
dc.subjectDEPENDENT
dc.subjectDERIVATIVE MARKETS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDISASTER
dc.subjectDISASTER REDUCTION
dc.subjectDISASTER RISK
dc.subjectDISASTER RISK FINANCING
dc.subjectDISTRIBUTION OF CLAIM
dc.subjectDIVERSIFIED PORTFOLIO
dc.subjectDIVERSIFIED PORTFOLIOS
dc.subjectEXCHANGE RATE
dc.subjectFARMER
dc.subjectFARMERS
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL SECTOR
dc.subjectFRAUD
dc.subjectGENERAL INSURANCE
dc.subjectGOVERNMENT SUBSIDY
dc.subjectHAILSTORM
dc.subjectINCOME
dc.subjectINFORMATION DISCLOSURE
dc.subjectINFORMED DECISIONS
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINSURANCE CONTRACT
dc.subjectINSURANCE CONTRACTS
dc.subjectINSURANCE FRAUD
dc.subjectINSURANCE MARKET
dc.subjectINSURANCE POLICIES
dc.subjectINSURANCE PORTFOLIO
dc.subjectINSURANCE PRODUCT
dc.subjectINSURANCE PRODUCTS
dc.subjectINSURANCE PROGRAMS
dc.subjectINSURANCE SCHEME
dc.subjectINSURANCE SECTOR
dc.subjectINSURER
dc.subjectINSURERS
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL DEVELOPMENT
dc.subjectINTERPOLATION
dc.subjectJUDGE
dc.subjectJUDGMENT
dc.subjectLONG-TERM YIELD
dc.subjectLOSS RATIO
dc.subjectMANDATE
dc.subjectMARKET PRACTICE
dc.subjectMARKET STRUCTURE
dc.subjectMATURITY
dc.subjectMATURITY DATES
dc.subjectMICROINSURANCE
dc.subjectMORAL HAZARD
dc.subjectOUTBREAK
dc.subjectPOLICYHOLDERS
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO RISK
dc.subjectPREMIUMS
dc.subjectPRIVATE INSURANCE
dc.subjectPRIVATE INSURANCE COMPANIES
dc.subjectPROCUREMENT
dc.subjectPROGRAMS
dc.subjectRATES
dc.subjectREINSURANCE
dc.subjectRETURN
dc.subjectRISK ANALYSIS
dc.subjectRISK CAPITAL
dc.subjectRISK MANAGEMENT
dc.subjectRISK SHARING
dc.subjectSCENARIOS
dc.subjectSCHEDULE OF PAYMENTS
dc.subjectSETTLEMENT
dc.subjectSUPPLY SIDE
dc.subjectTOTAL COST
dc.subjectWEATHER DERIVATIVE
dc.subjectWEATHER DERIVATIVES
dc.subjectWEATHER EVENTS
dc.subjectWEATHER INSURANCE
dc.titleWeather Based Crop Insurance in India

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