An Approach to Practical Determination of Fair Premium Rates in Crop-Hail Insurance Using Short-Term Insurance Data

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Determination of Fair Premium Rates in Crop-Hail Insurance Using Short-Term Insurance Data</title> <meta name="description" content="An Approach to Practical Determination of Fair Premium Rates in Crop-Hail Insurance Using Short-Term Insurance Data"> <meta name="keywords" content="Crop-hail insurance, premium rate, short-term insurance data, spatial and temporal parameters."> <meta name="viewport" content="width=device-width, initial-scale=1, minimum-scale=1, maximum-scale=1, user-scalable=no"> <meta charset="utf-8"> <meta name="citation_title" content="An Approach to Practical Determination of Fair Premium Rates in Crop-Hail Insurance Using Short-Term Insurance Data"> <meta name="citation_author" content="Necati Içer"> <meta name="citation_publication_date" content="2024/11/14"> <meta name="citation_journal_title" content="International Journal of Economics and Management Engineering"> <meta name="citation_volume" content="18"> <meta name="citation_issue" content="11"> <meta 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href="https://publications.waset.org/search?q=Necati%20I%C3%A7er">Necati Içer</a> </p> <p class="card-text"><strong>Abstract:</strong></p> <p>Crop-hail insurance plays a vital role in managing risks and reducing the financial consequences of hail damage on crop production. Predicting insurance premium rates with short-term data is a major challenge in numerous nations because of the unique characteristics of hailstorms. This study aims to suggest a feasible approach for establishing equitable premium rates in crop-hail insurance for nations with short-term insurance data. The primary goal of the rate-making process is to determine premium rates for high and zero loss costs of villages and enhance their credibility. To do this, a technique was created using the author's practical knowledge of crop-hail insurance. With this approach, the rate-making method was developed using a range of temporal and spatial factor combinations with both hypothetical and real data, including extreme cases. This article aims to show how to incorporate the temporal and spatial elements into determining fair premium rates using short-term insurance data. The article ends with a suggestion on the ultimate premium rates for insurance contracts. </p> <iframe src="https://publications.waset.org/10013898.pdf" style="width:100%; height:400px;" frameborder="0"></iframe> <p class="card-text"><strong>Keywords:</strong> <a href="https://publications.waset.org/search?q=Crop-hail%20insurance" title="Crop-hail insurance">Crop-hail insurance</a>, <a href="https://publications.waset.org/search?q=premium%20rate" title=" premium rate"> premium rate</a>, <a href="https://publications.waset.org/search?q=short-term%20insurance%20data" title=" short-term insurance data"> short-term insurance data</a>, <a href="https://publications.waset.org/search?q=spatial%20and%20temporal%20parameters." title=" spatial and temporal parameters."> spatial and temporal parameters.</a> </p> <a href="https://publications.waset.org/10013898/an-approach-to-practical-determination-of-fair-premium-rates-in-crop-hail-insurance-using-short-term-insurance-data" class="btn btn-primary btn-sm">Procedia</a> <a href="https://publications.waset.org/10013898/apa" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">APA</a> <a href="https://publications.waset.org/10013898/bibtex" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">BibTeX</a> <a href="https://publications.waset.org/10013898/chicago" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Chicago</a> <a href="https://publications.waset.org/10013898/endnote" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">EndNote</a> <a href="https://publications.waset.org/10013898/harvard" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">Harvard</a> <a href="https://publications.waset.org/10013898/json" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">JSON</a> <a href="https://publications.waset.org/10013898/mla" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">MLA</a> <a href="https://publications.waset.org/10013898/ris" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">RIS</a> <a href="https://publications.waset.org/10013898/xml" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">XML</a> <a href="https://publications.waset.org/10013898/iso690" target="_blank" rel="nofollow" class="btn btn-primary btn-sm">ISO 690</a> <a href="https://publications.waset.org/10013898.pdf" target="_blank" class="btn btn-primary btn-sm">PDF</a> <span class="bg-info text-light px-1 py-1 float-right rounded"> Downloads <span class="badge badge-light">24</span> </span> <p class="card-text"><strong>References:</strong></p> <br>[1] TARSİM, Agricultural Insurance Pool Management. Inc., (2023), Crop Insurance Tariffs and Instructions <br>[2] Bal, S. K., Saha, A., Fand, B. B., Singh, N. P., Rane, J., Minhas, P. S. (2014), Hailstorms, Causes, Damage, and Post-Hail Management in Agriculture, pp. 4– 6. <br>[3] Turkish State Meteorological Service, Hail Statistics <br>[4] Roth, R, J., The Rating of Crop-Crop-Hail Insurance, Discussion of Papers, Volume XLVII, Page 108-146 <br>[5] TARSIM, Agricultural Insurance Pool Management. Inc., (2019), Insurance Data, Unpublished. <br>[6] Josephson, G. R., Klein, A., Therese M. Stom, T. M., Zacharias, T., Crop-Hail Insurance Ratemaking (https://www.casact.org/sites/default/files/database/forum_93seforum 93sp155.pdf, pp. 173). </div> </div> </div> </main> <footer> <div id="infolinks" class="pt-3 pb-2"> <div class="container"> <div style="background-color:#f5f5f5;" class="p-3"> <div class="row"> <div class="col-md-2"> <ul class="list-unstyled"> About <li><a href="https://waset.org/page/support">About Us</a></li> <li><a href="https://waset.org/page/support#legal-information">Legal</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/WASET-16th-foundational-anniversary.pdf">WASET celebrates its 16th foundational anniversary</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Account <li><a href="https://waset.org/profile">My Account</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Explore <li><a href="https://waset.org/disciplines">Disciplines</a></li> <li><a href="https://waset.org/conferences">Conferences</a></li> <li><a href="https://waset.org/conference-programs">Conference Program</a></li> <li><a href="https://waset.org/committees">Committees</a></li> <li><a href="https://publications.waset.org">Publications</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Research <li><a href="https://publications.waset.org/abstracts">Abstracts</a></li> <li><a href="https://publications.waset.org">Periodicals</a></li> <li><a href="https://publications.waset.org/archive">Archive</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Open Science <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Philosophy.pdf">Open Science Philosophy</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Science-Award.pdf">Open Science Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Open-Society-Open-Science-and-Open-Innovation.pdf">Open Innovation</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Postdoctoral-Fellowship-Award.pdf">Postdoctoral Fellowship Award</a></li> <li><a target="_blank" rel="nofollow" href="https://publications.waset.org/static/files/Scholarly-Research-Review.pdf">Scholarly Research Review</a></li> </ul> </div> <div class="col-md-2"> <ul class="list-unstyled"> Support <li><a href="https://waset.org/page/support">Support</a></li> <li><a href="https://waset.org/profile/messages/create">Contact Us</a></li> <li><a href="https://waset.org/profile/messages/create">Report Abuse</a></li> </ul> </div> </div> </div> </div> </div> <div class="container text-center"> <hr style="margin-top:0;margin-bottom:.3rem;"> <a href="https://creativecommons.org/licenses/by/4.0/" target="_blank" class="text-muted small">Creative Commons Attribution 4.0 International License</a> <div id="copy" class="mt-2">© 2024 World Academy of Science, Engineering and Technology</div> </div> </footer> <a href="javascript:" id="return-to-top"><i class="fas fa-arrow-up"></i></a> <div class="modal" id="modal-template"> <div class="modal-dialog"> <div class="modal-content"> <div class="row m-0 mt-1"> <div class="col-md-12"> <button type="button" class="close" data-dismiss="modal" aria-label="Close"><span aria-hidden="true">×</span></button> </div> </div> <div class="modal-body"></div> </div> </div> </div> <script src="https://cdn.waset.org/static/plugins/jquery-3.3.1.min.js"></script> <script src="https://cdn.waset.org/static/plugins/bootstrap-4.2.1/js/bootstrap.bundle.min.js"></script> <script src="https://cdn.waset.org/static/js/site.js?v=150220211556"></script> <script> jQuery(document).ready(function() { /*jQuery.get("https://publications.waset.org/xhr/user-menu", function (response) { jQuery('#mainNavMenu').append(response); });*/ jQuery.get({ url: "https://publications.waset.org/xhr/user-menu", cache: false }).then(function(response){ jQuery('#mainNavMenu').append(response); }); }); </script> </body> </html>

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An Approach to Practical Determination of Fair Premium Rates in Crop-Hail Insurance Using Short-Term Insurance Data