Developing Area-Triggered Whole Farm Revenue Insurance
Lekhnath Chalise, Keith H. Coble, Barry J. Barnett and 1 more
Journal of Agricultural and Resource Economics · 2017
doi:10.22004/ag.econ.252753 (opens in a new tab)
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Abstract
Whole-farm revenue insurance is frequently suggested as a conceptually attractive alternative to commodity-specific insurance, but attempts to deliver farm-level whole-farm revenue insurance (FWFI) have been fraught with underwriting and actuarial challenges. This study develops customizable area-based whole-farm insurance (CAWFI) that overcomes some known impediments to existing designs. Certainty equivalents are generated for representative farms in Kansas, North Dakota, Illinois, and Mississippi. We find that a restricted CAWFI design generates significant risk reduction at much lower cost than FWFI.
Abstract licence: CC BY-NC
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