Weather Indices for Designing Micro-Insurance Products for Small-Holder Farmers in the Tropics

Jacqueline Díaz Nieto, Myles Fisher, Simon Cook, Peter Läderach and Mark Lundy

PLOS ONE, 2012, vol. 7, issue 6, 1-11

Abstract: Agriculture is inherently risky. Drought is a particularly troublesome hazard that has a documented adverse impact on agricultural development. A long history of decision-support tools have been developed to try and help farmers or policy makers manage risk. We offer site-specific drought insurance methodology as a significant addition to this process. Drought insurance works by encapsulating the best available scientific estimate of drought probability and severity at a site within a single number- the insurance premium, which is offered by insurers to insurable parties in a transparent risk-sharing agreement. The proposed method is demonstrated in a case study for dry beans in Nicaragua.

Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:plo:pone00:0038281

DOI: 10.1371/journal.pone.0038281

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