Abstract

http://ssrn.com/abstract=1697966
 
 

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Microinsurance: A Case Study of the Indian Rainfall Index Insurance Market


Xavier Giné


World Bank - Development Research Group (DECRG)

Lev Menand


Federal Reserve Banks - Federal Reserve Bank of New York

Robert M. Townsend


Massachusetts Institute of Technology (MIT)

James I. Vickery


Federal Reserve Bank of New York

October 1, 2010

World Bank Policy Research Working Paper No. 5459

Abstract:     
Rainfall index insurance provides a payout based on measured local rainfall during key phases of the agricultural season, and in principle can help rural households diversify a key source of idiosyncratic risk. This paper describes basicfeatures of rainfall insurance contracts offered in India since 2003, and documents stylized facts about market demand and the distribution of payouts. The authors summarize the results of previous research on this market, which provides evidence that price, liquidity constraints, and trust all present significant barriers to increased take-up. They also discuss potential future prospects for rainfall insurance and other index insurance products.

Number of Pages in PDF File: 49

Keywords: Climate Change Economics, Insurance Law, Debt Markets, Financial Literacy, Insurance & Risk Mitigation

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Date posted: October 26, 2010  

Suggested Citation

Giné, Xavier and Menand, Lev and Townsend, Robert M. and Vickery, James I., Microinsurance: A Case Study of the Indian Rainfall Index Insurance Market (October 1, 2010). World Bank Policy Research Working Paper Series, Vol. , pp. -, 2010. Available at SSRN: http://ssrn.com/abstract=1697966

Contact Information

Xavier Gine (Contact Author)
World Bank - Development Research Group (DECRG) ( email )
1818 H. Street, N.W.
MSN3-311
Washington, DC 20433
United States
HOME PAGE: https://sites.google.com/site/decrgxaviergine/
Lev Menand
Federal Reserve Banks - Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
Robert M. Townsend
Massachusetts Institute of Technology (MIT) ( email )
77 Massachusetts Avenue
50 Memorial Drive
Cambridge, MA 02139-4307
United States
James Ian Vickery
Federal Reserve Bank of New York ( email )
33 Liberty Street
New York, NY 10045
United States
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