Risk Modeling Concepts Relating to the Design and Rating of Agricultural Insurance Contracts
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World Bank, Washington, D.C.
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The authors identify the key issues and
concerns that arise in the design and rating of crop yield
insurance plans, with a particular emphasis on production
risk modeling. The authors show how the availability of data
shapes the insurance scheme and the ratemaking procedures.
Relying on the U.S. experience and recent developments in
statistics and econometrics, they review risk modeling
concepts and provide technical guidelines in the development
of crop insurance plans. Finally, they show how these risk
modeling techniques can be extended to price risk in order
to develop crop revenue insurance schemes.
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ACTUARIAL SCIENCES, ACTUARIES, ADVERSE SELECTION, AGENTS, AGRICULTURAL INSURANCE, APPLICATIONS, ASSURANCE, CATASTROPHIC RISKS, COINSURANCE, COMMODITIES, COVERAGE, CROP INSURANCE, CROP PRODUCTION, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, ECONOMETRICS, EMPIRICAL EVIDENCE, EXPERIMENTS, FARMS, FIRE INSURANCE, INCOME, INDEMNITY, INFORMATION ASYMMETRIES, INSURANCE CONTRACTS, INSURANCE COVERAGE, INSURANCE PLANS, INSURANCE POLICIES, INSURANCE PREMIUM RATES, INSURANCE PRODUCTS, INSURERS, LIVESTOCK PRODUCTS, MORAL HAZARD, PESTS, POLICY MAKERS, PREMIUMS, PREVENTIVE MEASURES, PRICE RISK, PRIVATE INSURANCE, PRIVATE INSURANCE COMPANIES, PRODUCERS, PROGRAMS, RISK MANAGEMENT, RISK MITIGATION, SOCIAL INSURANCE, SOCIAL WELFARE, SOIL QUALITY, UNDERWRITING