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Microinsurance: A Case Study of the Indian Rainfall Index Insurance MarketXavier GinéWorld Bank - Development Economics Research Group and Bureau for Research and Economic Analysis of Development (BREAD) Lev MenandFederal Reserve Banks - Federal Reserve Bank of New York Robert M. TownsendMassachusetts Institute of Technology (MIT) James I. VickeryFederal 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 working papers seriesDate posted: October 26, 2010Suggested CitationContact Information
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