Index Based Crop Insurance Product Design and Ratemaking [electronic resource] : The Case of Modified NAIS in India / Daniel J. Clarke
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TextPublication details: Washington, D.C., The World Bank, 2012Description: 1 online resource (32 p.)Subject(s): Agriculture | Area yield crop insurance | Bankruptcy and Resolution of Financial Distress | Debt Markets | Developing countries | Emerging Markets | Finance and Financial Sector Development | Hazard Risk Management | Insurance & Risk Mitigation | Pricing | Product design | IndiaAdditional physical formats: Clarke, Daniel J.: Index Based Crop Insurance Product Design and Ratemaking.Online resources: Click here to access online Abstract: 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.
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.
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