Risk Modeling for Appraising Named Peril Index Insurance Products A Guide for Practitioners 1st Edition by Shadreck Mapfumo, Huybert Groenendaal, Chloe Dugger 1464810486 9781464810480

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ISBN 10: 1464810486

ISBN 13: 9781464810480

Author: Shadreck Mapfumo, Huybert Groenendaal, Chloe Dugger

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.

Risk Modeling for Appraising Named Peril Index Insurance Products A Guide for Practitioners 1st Table of contents:

Chapter 1: Introduction

1.1 Guide Overview

1.2 The Case Example

Bibliography

Chapter 2: Critical Concepts in Named Peril Index Insurance

2.1 Why Is Insurance Useful for Smallholder Farmers?

2.2 What Is Named Peril Index Insurance?

2.3 Who Are the Main Stakeholders in the Risk Transfer Process?

2.4 How Are Named Peril Index Insurance Products Developed?

Notes

Bibliography

Part 1: Decision Tools for Insurance Managers

Chapter 3: Prefeasibility Study

3.1 Introduction

3.2 Outline of Emerging Managerial and Process Controls

Notes

Bibliography

Chapter 4: Product Design and Evaluation—The Base Index

4.1 Introduction

4.2 Basis Risk and the Implied Deductible

4.3 Steps in Product Design and Evaluation

Bibliography

Chapter 5: Product Pricing—The Base Index

5.1 Introduction

5.2 Outline of Emerging Managerial and Process Controls

Bibliography

Chapter 6: Product Evaluation—The Redesigned Index

6.1 Introduction

6.2 Outline of Emerging Managerial and Process Controls

6.3 Step 1: Determine Key Model Inputs and Assumptions

6.4 Step 2: Evaluate Key Managerial Decision Metrics

6.5 Step 3: Document and Communicate Product Options and Decisions

Bibliography

Chapter 7: Detailed Market Analysis

7.1 Introduction

7.2 Outline of Emerging Managerial and Process Controls

Notes

Bibliography

Chapter 8: Value of Index Insurance to a Financier

8.1 Introduction

8.2 Outline of Emerging Managerial and Process Controls

Conclusion

Notes

Bibliography

Part 2: Probabilistic Modeling for Insurance Analysts

Chapter 9: How to Use Part 2

9.1 Introduction

9.2 Website

9.3 Overview of Key Assumptions and Limitations

9.4 Monte Carlo Software Tools

Notes

Bibliography

Chapter 10: Fundamentals of Probabilistic Modeling

10.1 The Case for Probabilistic Modeling in Index Insurance

10.2 Key Building Blocks for Probabilistic Modeling

10.3 Key Outputs for Probabilistic Modeling

10.4 How to Use the Models in This Guide

Notes

Bibliography

Chapter 11: Evaluating the Base Index

11.1 Background and Objectives

11.2 Model Inputs

11.3 Model Computations

11.4 Model Outputs

11.5 Alternative Modeling Approach: Retrospective Analysis

Bibliography

Chapter 12: Pricing the Base Index

12.1 Background and Objectives

12.2 Model Inputs

12.3 Model Computations

12.4 Model Outputs

Notes

Bibliography

Chapter 13: Evaluating the Redesigned Index

13.1 Background and Objectives

13.2 Model Inputs

13.3 Model Computations

13.4 Model Outputs

13.5 Alternative Modeling Approach: Retrospective Analysis

Bibliography

Chapter 14: Detailed Market Analysis

14.1 Background and Objectives

14.2 Model Inputs

14.3 Model Computations

14.4 Model Outputs

Bibliography

Chapter 15: Value of Index Insurance

15.1 Background and Objectives

15.2 Model Inputs

15.3 Model Computations

15.4 Model Outputs

Bibliography

Chapter 16: Alternative Probabilistic Modeling Approaches

16.1 Overview of Alternative Approaches

16.2 Simulating the Payouts Directly

16.3 Simulating the Index

16.4 Simulating the Weather

16.5 Which Model to Use?

Notes

Bibliography

Chapter 17: Conclusion

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Shadreck Mapfumo, Huybert Groenendaal, Chloe Dugger