Risk Modeling For Appraising Named Peril Index Insurance Products
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Risk Modeling for Appraising Named Peril Index Insurance Products
Author: Shadreck Mapfumo
language: en
Publisher: World Bank Publications
Release Date: 2017-04-13
Named peril index insurance has great potential to address unmet risk management needs for agricultural insurance in developing economies, potentially contributing to increased agricultural sustainability and improved food security.However, the development and appraisal of index insurance business lines is not without challenges. Insurers must rigorously evaluate the quality of the products they offer and take care to ensure that distributors and policyholders understand the benefits and limits of the purchased coverage. Without these important steps to ensure responsible insurance practices, insurers can damage the implementation and potential of index insurance in the market.Risk Modeling for Appraising Named Peril Index Insurance Products: A Guide for Practitioners helps stakeholders in the named peril index insurance industry appraise new and existing products. Part 1 of the guide provides a summary of the insights and decisions required for the insurer to make an informed decision to launch and expand an index insurance business line. Insurance managers are the primary audience for part 1. Part 2 provides a step-by-step guide to calculating the decision metrics used by the insurance manager in part 1. These metrics are calculated using probabilistic modeling that provides insights into risks related to the index insurance product. Actuarial analysts are the primary audience for part 2.In an increasingly competitive insurance market, creative product development and imaginative business strategies are becoming the norm. This guide will help emerging market insurers who seek to stay on the cutting edge to successfully and sustainably penetrate new market segments.
Climate, Society and Elemental Insurance
In this book, world-leading social scientists come together to provide original insights on the capacities and limitations of insurance in a changing world. Climate change is fundamentally changing the ways we insure, and the ways we think about insurance. This book moves beyond traditional economics and financial understandings of insurance to address the social and geopolitical dimensions of this powerful and pervasive part of contemporary life. Insurance shapes material and social realities, and is shaped by them in turn. The contributing authors of this book show how insurance constitutes and is constituted through the traditional elements of earth, water, air, fire, and the novel element of big data. The applied and theoretical insights presented through this novel elemental approach reveal that insurance is more dynamic, multifaceted, and spatially variegated than commonly imagined. This book is an authoritative source on the capacities and limitations of insurance. It is a go-to reference for researchers and students in the social sciences – particularly those with an interest in economics and finance, and how these intersect with geography, politics, and society. It is also relevant for those in the disaster, environmental, health, natural, and social sciences who are interested in the role of insurance in addressing risk, resilience, and adaptation. The Open Access version of this book, available at www.taylorfrancis.com, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.
Exploration of Index-Based Insurance for Smallholder Farmers in Mozambique
The current seeds regulations in Mozambique specify, amongst other things, minimum required standards of germination rates depending on type, variety and stage of development of the seed We were aware that formal seed markets relied on research and development of seed breeds for assurance of the required quality and for innovations such as drought resistant varieties. Given the application of these essential risk control measures in this key input and the broad network of seed distribution channels, we believed that seed suppliers could play a critical role in the marketing of our proposed complimentary climate risk mitigation product to serve our common goals of protecting and increasing resilience of agricultural primary production. We explain in this book how we implemented this idea and the various questions that we explored in our index-based insurance extension project including the following: How could we enhance standard product guarantees of seed companies to offer additional protection against critical climate-related risks? How could we embed climate risk insurance in formal seed systems without adding cost for the end-benefi ciaries? What technology and distribution innovations should we consider for the purposes of ensuring that we can monitor cost-effectively covered risks? What value-adding services should be made available to support the risk carriers, the distribution partners and the smallholder farmers? How did we promote agricultural risk literacy using indigenous knowledge systems located in ancient African oral traditional stories that were part of the customs of our target population?