Enhancing Crop Insurance in India
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World Bank
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The broad structure of Modified National
Agricultural Insurance Scheme (mNAIS), the main crop
insurance program in India, is technically sound and
appropriate in the context of India. The NAIS is based on an
indexed approach, where average crop yield of an insurance
unit, or IU, (i.e., block) is the index used. The insurance
is mandatory for all farmers that borrow from financial
institutions, though insurance cover is also available to
non-borrowers. The actual yield of the insured crop (as
measured by crop cutting experiments) in the IU is compared
to the threshold yield. If the former is lower than the
latter, all insured farmers in the IU are eligible for the
same rate of indemnity payout. Individual crop insurance
will have been prohibitively expensive, or even impossible,
in a country such as India with so many small and marginal
farms. Further, the method of using an 'area based
approach' has several other merits and, most
importantly, it mitigates moral hazard and adverse
selection. This report offers detailed analysis of a number
of technical and operational issues which should be
addressed if mNAIS is to be implemented. GOI is to be
complemented on its bold vision of the future of agriculture
insurance through modifying NAIS, an action which, if well
implemented, has the potential for significant economic and
political economy gains. The policy note World Bank (2010)
supported this vision and offered specific policy
recommendations for mNAIS, with reference to the Joint Group
report (2004). This technical report is intended as a
complement to World Bank (2010) and also to the previous
technical report World Bank (2007a), by offering detailed
technical analysis of a number of issues that will be
critical to the success of mNAIS.
Palabras clave
ACTUAL YIELDS, ADEQUATE PROTECTION, AGRICULTURAL INSURANCE, AGRICULTURAL INSURANCE SCHEME, ALLOCATION, ALLOWANCE, AUDITS, AVERAGE YIELDS, BANK, BANK LOANS, BASIS RISK, BENEFITS, BORROWERS, BUDGET, CAPS, CASH CROPS, CATASTROPHIC RISKS, CD, CHECK, CHECKS, CLAIM PAYMENT, CLAIM PAYMENTS, CLIMATE, COMMERCIAL CROPS, CONTINGENT DEBT, CONTINGENT LIABILITY, CONTRACT, CONTRACT DESIGN, COST OF REINSURANCE, COTTON, COTTON YIELDS, COVERAGE, CREDIBILITY, CREDIT, CROP, CROP INSURANCE, CROP INSURANCE PRODUCT, CROP INSURANCE PROGRAM, CROP INSURANCE SCHEME, CROP LOSS, CROP PRODUCTION, CROP YIELD, CROP YIELDS, CROPS, CUSTODY, DEFAULT, DEFICIT, DEMAND, DISASTER, DISASTER FINANCING, DISASTER REDUCTION, DROUGHT, EQUITY, FARM, FARM MANAGEMENT, FARMER, FARMERS, FARMING, FARMS, FIELD WORK, FINANCE, FINANCIAL INSTITUTIONS, FINANCIAL SUPPORT, FLOOR PRICE, FOOD CROPS, FOOD GRAINS, FRAUD, FUTURE, GLOBAL CAPITAL, GLOBAL CAPITAL MARKET, GOOD, GOVERNMENT FINANCING, GOVERNMENT SUBSIDIES, GOVERNMENT SUBSIDY, GRAIN, GROUNDNUT, HARVESTING, HOLDINGS, HUMAN RESOURCES, INCOME, INDEMNITIES, INDEMNITY, INFORMATION, INFORMATION SYSTEMS, INSTRUMENT, INSURABILITY, INSURANCE CLAIMS, INSURANCE COMPANY, INSURANCE COVER, INSURANCE PAYMENTS, INSURANCE PAYOUT, INSURANCE PENETRATION, INSURANCE POLICY, INSURANCE PORTFOLIO, INSURANCE PREMIUM, INSURANCE PRODUCT, INSURANCE PRODUCTS, INSURANCE RISK, INSURANCE SCHEME, INSURERS, INTEREST, INTERNATIONAL REINSURANCE, INTERNATIONAL STANDARDS, LABOR FORCE, LANDSLIDES, LENDERS, LENDING, LEVEL OF RISK, LIABILITIES, LOANS, LOSS, LOSS RATIO, LOSSES, MAIZE, MARGINAL FARMERS, MARKET, MARKET PRICE, MARKETS, MITIGATION, MOBILE PHONE, MODELS, MORAL HAZARD, OILSEED CROPS, OILSEEDS, OPTION, OPTIONS, PADDY, PARTIAL RISK, PAYMENT HISTORY, PAYMENT SYSTEM, PENALTIES, PLANNING, POLICIES, POLICY MAKERS, POLITICAL ECONOMY, PORTFOLIO RISK, POST HARVEST LOSSES, POVERTY, PREMIUMS, PRICE, PRICING, PROBABILITY DENSITY, PRODUCE, PROGRAMS, PUBLIC INSURANCE, RATES, REINSURANCE CAPACITY, REINSURANCE MARKETS, REINSURERS, REPLANTING, REPORTS, RESERVES, REVENUE, RISK ANALYSIS, RISK ASSESSMENT, RISK ASSESSMENTS, RISK MANAGEMENT, RISK POOLING, RISK PROFILE, RISK SHARING, RISKS, SCENARIOS, SETTLEMENT, SHARE, SOWING, SUSTAINABILITY, TEA, TECHNOLOGIES, TECHNOLOGY, TIMELY PAYMENT, TIMELY PAYMENTS, TRANSFER RISK, TRANSPARENCY, UNDERWRITING, VALUE, WHEAT, YIELDS