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Actuarial Effects of Unit Structure in the U.S. Actual Production History Crop Insurance Program

  • Thomas O. Knight (a1) and Keith H. Coble (a2)

Abstract

This paper examines the effects of optional subdivision on APHP losses for wheat, corn, and soybeans. Thirty-seven state/crop programs are analyzed and the implications of the results are discussed in relation to newly developed crop and revenue insurance programs. The results illustrate the importance of incorporating actuarial experience into the premium rate structure and contract provisions of an insurance program.

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References

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Commission for the Improvement of the Federal Crop Insurance Program. Recommendations and Findings to Improve the Federal Crop Insurance Program. Washington, DC, July 1989.
Gardner, B.L., and Kramer, R.A.. “Experience with Crop Insurance Programs in the United States.” Crop Insurance for Agricultural Development, Issues, and Experience. Hazell, Peter, Pomareda, Carlos, and Valdes, Alberto (eds), pp. 195222. Baltimore: Johns Hopkins University Press, 1986.
Glickman, D.Remarks of Secretary Dan Glickman: 1998 Agricultural Outlook.” USDA Agricultural Outlook Forum, February 23, 1998.
Goodwin, B.K.Premium Rate Determination in the Federal Crop Insurance Program: What Do Averages Have to Say About Risk?Journal of Agricultural and Resource Economics 19(December 1994):382395.
Goodwin, B.K., and Smith, V.H.. The Economics of Crop Insurance and Disaster Aid. Washington, DC: AEI Press, 1995.
Knight, T.O., and Coble, K.H.. “Survey of Multiple Peril Crop Insurance Literature Since 1980.Review of Agricultural Economics 19(Spring/Summer 1997): 128156.
Shurle, B.The Impact of Size on Yield Variability and Crop Insurance Premiums.Review of Agricultural Economics 18(September 1996):415422.
Skees, J.R., and Reed, M.R.. “Rate Making for Farm-Level Crop Insurance: Implications for Adverse Selection.American Journal of Agricultural Economics 68(August 1986):653659.

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