Assessment of Index-based Drought Insurance

Date

2017-04-01

Author

EVKAYA, ÖMER OZAN
YILDIRAK, ŞAHAP KASIRGA
Kestel, Sevtap Ayşe

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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

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The increase in the frequency and severity of extreme weather events urge for the more powerful early warning systems and ex-post risk transfer mechanisms. Index-based insurance is an efficient risk management tool reducing the impacts of drought in agricultural insurance. The most feasible policy is the one that is directly based on the quantification of relation between index measure and the yield loss. Regardless of its efficiency, as an important caution, the insurer must be aware of the basis risk. In this study, nonlinear optimization approach is considered for quantifying the indemnity and basis risk of index-based insurance contracts. A real life case is implemented to verify the efficiency of the proposed approach. The results of the study is expected to indicate the needs for more sophisticated contract designs for the drought risk.

Subject Keywords

Drought, Index-based agricultural insurance, Nonlinear optimization, Indemnity, Basis risk

URI

https://hdl.handle.net/11511/30878

Journal

Ekonomik Yaklaşım

DOI

https://doi.org/10.5455/ey.36123

Collections

Graduate School of Applied Mathematics, Article

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Citation Formats

Ö. O. EVKAYA, Ş. K. YILDIRAK, and S. A. Kestel, “Assessment of Index-based Drought Insurance,” Ekonomik Yaklaşım, pp. 1–18, 2017, Accessed: 00, 2020. [Online]. Available: https://hdl.handle.net/11511/30878.