Index Based Crop Insurance Product Design and Ratemaking : The Case of Modified NAIS in India
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Designing and rating insurance products
requires both science and judgment. In developing and
emerging economies, actuarial procedures must be robust and
implementable, as well as offering a sufficient degree of
transparency and flexibility so as to allow expert judgment
to be incorporated. This paper outlines an approach to
designing and rating a portfolio of index insurance products
that uses both temporal and spatial aspects of the data to
increase the efficiency of statistical estimates. The
approach has formed the basis for the design and ratemaking
methodology implemented by the Agriculture Insurance Company
of India for the modified National Agricultural Insurance
Scheme, which was initiated by the Government of India in
late 2010.
Palabras clave
ACCIDENT, ACTUARIES, ADMINISTRATIVE COSTS, ADMINISTRATIVE EXPENSES, ADVERSE SELECTION, AGGREGATE COST, AGRICULTURAL INSURANCE, AMOUNT OF RISK, APPLICATIONS, BUDGETING, CAPITAL MARKET, CLAIM, CLAIM PAYMENT, CLAIM PAYMENTS, CONFIDENTIALITY, COST OF CAPITAL, COVERAGE, CREDIBILITY, CROP INSURANCE, CROP INSURANCE SCHEME, DEGREE OF TRANSPARENCY, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DISASTER, DISASTER REDUCTION, DISASTER RISK, DROUGHTS, EMERGING ECONOMIES, EXTREME EVENTS, FARMER, FARMERS, FINANCIAL INSTITUTIONS, FINANCIAL SECTOR, GOVERNMENT SUBSIDIES, GOVERNMENT SUBSIDY, GRACE PERIOD, HOLDING, INCOME, INDEMNITY, INSURANCE COMPANY, INSURANCE CONTRACT, INSURANCE POLICY, INSURANCE PRODUCT, INSURANCE PRODUCTS, INSURANCE PROGRAM, INSURANCE PROGRAMS, INSURER, INSURERS, INTERNATIONAL BANK, INTERNATIONAL BEST PRACTICE, JUDGE, JUDGMENT, LANDSLIDES, LIABILITY, MARKET PRACTICE, MIDDLE-INCOME COUNTRIES, MORAL HAZARD, OPPORTUNITY COST, POLITICAL ECONOMY, PORTFOLIO, PORTFOLIOS, PREMIUMS, PRIVATE INSURANCE, PRIVATE INSURANCE COMPANIES, PRIVATE REINSURANCE, PRIVATE SECTOR DEVELOPMENT, PROFIT MARGIN, PROGRAMS, RATES, REGULATORY REGIMES, REINSURANCE, REINSURANCE MARKETS, REINSURERS, RESERVES, RISK CAPITAL, RISK MANAGEMENT, RISK SHARING, RISK TRANSFER, SETTLEMENT, SETTLEMENT OF CLAIMS, SOLVENCY, SOLVENT, TECHNICAL ASSISTANCE, TECHNOLOGICAL CHANGES