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Journal articles on the topic 'Price for insurance'

Author: Grafiati

Published: 4 June 2021

Last updated: 8 February 2022

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1

Ramsey, A. Ford, Sujit K. Ghosh, and Barry K. Goodwin. "Rating exotic price coverage in crop revenue insurance." Agricultural Finance Review 80, no. 5 (May 1, 2020): 609–31. http://dx.doi.org/10.1108/afr-10-2019-0107.

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PurposeRevenue insurance is the most popular form of insurance available in the US federal crop insurance program. The majority of crop revenue policies are sold with a harvest price replacement feature that pays out on lost crop yields at the maximum of a realized or projected harvest price. The authors introduce a novel actuarial and statistical approach to rate revenue insurance policies with exotic price coverage: the payout depends on an order statistic or average of prices. The authors examine the price implications of different dependence models and demonstrate the feasibility of policies of this type.Design/methodology/approachHierarchical Archimedean copulas and vine copulas are used to model dependence between prices and yields and serial dependence of prices. The authors construct several synthetic exotic price coverage insurance policies and evaluate the impact of copula models on policies covering different types of risk.FindingsThe authors’ findings show that the price of exotic price coverage policies is sensitive to the choice of dependence model. Serial dependence varies across the growing season. It is possible to accurately price exotic coverage policies and we suggest these add-ons as a possible avenue for developing private crop insurance markets.Originality/valueThe authors apply hierarchical Archimedean copulas and vine copulas that allow for flexibility in the modeling of multivariate dependence. Unlike previous research, which has primarily considered dependence across space, the form of exotic price coverage requires modeling serial dependence in relative prices. Results are important for this segment of the agricultural insurance market: one of the main areas that insurers can develop private products around the federal program.

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2

Primajati, Gilang, M. Najib Rodhi, and Adrian Juniarta Hidayat. "Barrier Options Model for Agricultural Commodity Price Protection." Jurnal Varian 4, no. 1 (September 29, 2020): 71–78. http://dx.doi.org/10.30812/varian.v4i1.856.

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Application of barrier options for determining insurance premiums for agricultural commodity prices due to lower selling prices by applying certain barrier levels. In determining the price of insurance premiums for agricultural commodity prices such as rice, the price is assumed to follow the Brown Geometric Motion and for the determination of the barrier level line the researcher uses the Brown Bridge Motion so that there is a relationship between Bridge and Barrier. In conclusion, we obtain a model to determine the number of insurance premiums. The barrier option model approach is used to construct a fairer formula for insurance premiums on agricultural commodity prices.

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3

Mateos-Ronco, Alicia, and Ricardo J. Server Izquierdo. "Risk Management Tools for Sustainable Agriculture: A Model for Calculating the Average Price for the Season in Revenue Insurance for Citrus Fruit." Agronomy 10, no. 2 (February 1, 2020): 198. http://dx.doi.org/10.3390/agronomy10020198.

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Risk management in agriculture is at the heart of major reforms in many OECD countries and European agricultural policies. Price risks, which are generally not insurable per se, have been covered by the Common Agricultural Policy (CAP), which has been shaped as a system of protection against market shocks and an instrument for income stabilization. However, there is an increasing propensity to combine the use of public and private risk management tools as well. In Spain, revenue insurance has not yet developed in the same way as other risk coverage insurance, although it is an upcoming target of agricultural insurance policies with the aim of ensuring income stability for agricultural producers. This paper presents the results of the methodology used to draw up a composition index or model of the average price for the season or representative market field price to be used for revenue insurance purposes in citrus fruit. High explanatory power regression models and the analytic hierarchy process (AHP) were used. The results show that the average price for the season obtained reliably represents the market field prices in the country’s various producer areas.

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4

Prager, Elena. "Healthcare Demand under Simple Prices: Evidence from Tiered Hospital Networks." American Economic Journal: Applied Economics 12, no. 4 (October 1, 2020): 196–223. http://dx.doi.org/10.1257/app.20180422.

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This paper shows that consumers respond to prices for complex healthcare when they can easily assess out-of-pocket prices. Healthcare cost containment efforts increasingly incentivize price shopping despite a dearth of evidence that this steers consumers toward lower-priced care for major medical services. I show that consumers shift toward lower-priced hospitals in the highly simplified price information environment of insurance plans with tiered hospital networks. Consumers observe a single predictable, well-defined price that applies to a broad range of services within each of at most three hospital tiers. Within three years, expected partial-equilibrium savings reach 8–17 percent of baseline spending. (JEL G22, H75, I11, I13)

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5

Jaffe, Sonia, and Mark Shepard. "Price-Linked Subsidies and Imperfect Competition in Health Insurance." American Economic Journal: Economic Policy 12, no. 3 (August 1, 2020): 279–311. http://dx.doi.org/10.1257/pol.20180198.

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Policymakers subsidizing health insurance often face uncertainty about future market prices. We study the implications of one policy response: linking subsidies to prices to target a given postsubsidy premium. We show that these price-linked subsidies weaken competition, raising prices for the government and/or consumers. However, price-linking also ties subsidies to health care cost shocks, which may be desirable. Evaluating this tradeoff empirically, using a model estimated with Massachusetts insurance exchange data, we find that price-linking increases prices 1–6 percent, and much more in less competitive markets. For cost uncertainty reasonable in a mature market, these losses outweigh the benefits of price-linking. (JEL G22, H75, I13, I18)

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6

Assa, Hirbod. "A financial engineering approach to pricing agricultural insurances." Agricultural Finance Review 75, no. 1 (May 5, 2015): 63–76. http://dx.doi.org/10.1108/afr-12-2014-0041.

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Purpose – The purpose of this paper is to introduce a continuous time version of the speculative storage model of Deaton and Laroque (1992) and to use for pricing derivatives, in particular insurances on agricultural prices. Design/methodology/approach – The methodology of financial engineering is used in order to find the partial differential equations that the dynamics of derivative prices have to satisfy. Furthermore, by using the Monte-Carlo method (and Feynman-Kac theorem) the insurance prices is computed. Findings – Results of this paper show that insurance prices (and derivative prices in general) are heavily influenced by market structure, in particular, the demand function specifications. Furthermore, through an empirical analysis, the performance of the continuous time speculative storage model is compared with the geometric Brownian motion model. It is shown that the speculative storage model outperforms the actual data. Practical implications – Since the agricultural insurances in many countries are subsidised by government, the results of this paper can be used by policy makers to measure changes in agricultural insurance premiums in scenarios that market experiences changes in demand. In the same manner, insurance companies and investors can use the results of this paper to better price agricultural derivatives. Originality/value – The issue of agricultural insurance pricing (in general derivative pricing) is of great concern to policy makers, investors and insurance companies. To the author’s knowledge, an approach which uses the methodology of financial engineering to compute the insurance prices (in general derivatives) is new within the literature.

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7

Ye, Minghua, Rongming Wang, Guozhu Tuo, and Tongjiang Wang. "Crop price insurance in China: pricing and hedging using futures market." China Agricultural Economic Review 9, no. 4 (November 6, 2017): 567–87. http://dx.doi.org/10.1108/caer-12-2015-0178.

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Purpose The purpose of this paper is to demonstrate how crop price insurance premium can be calculated using an option pricing model and how insurers can transfer underwriting risks in the futures market. Design/methodology/approach Based on data from spot and futures market in China, this paper develops an improved B-S model for the calculation of crop price insurance premium and tests the possibility of hedging underwriting risks by insurance firms in the futures market. Findings The authors find that spot price of crops in China can be estimated with agricultural commodity futures prices, and can be taken as the insured price for crop price insurance. The authors also find that improved B-S model yields better estimation of crop price insurance premium than traditional B-S model when spot price does not follow geometric Brownian motion. Finally, the authors find that hedging can be one good alternative for insurance firms to manage underwriting risks. Originality/value This paper develops an improved B-S model that is data-driven in nature. Insured price of the crop price insurance, or the exercise price used in the B-S model, is estimated from a co-integration model built on spot and futures market price series. Meanwhile, distributional patterns of spot price series, one important factor determining the applicability of B-S model, is factored into the improved B-S model so that the latter is more robust and friendly to data with varied distributions. This paper also verifies the possibility of hedging of underwriting risks by insurance firms in the futures market.

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8

Cox, Samuel H., and Robert G. Schwebach. "Insurance Futures and Hedging Insurance Price Risk." Journal of Risk and Insurance 59, no. 4 (December 1992): 628. http://dx.doi.org/10.2307/253347.

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9

Kiyak, Deimena, and Linara Pranckevičiūtė. "Consumers perceived insurance price survey." Management Theory and Studies for Rural Business and Infrastructure Development 36, no. 3 (October 14, 2014): 534–46. http://dx.doi.org/10.15544/mts.2014.050.

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In order to increase the demand for insurance services in Lithuania remains a pressing problem to reveal how consumers perceive this service, which characteristic of the insurance products they emphasizes. The aim of the research – exam the consumer attitudes to non-life insurance prices and determine their perceived quality for insurance products as the insurance products value. It was established that consumers selecting an insurance company to insure focus not only on price but also on other factors – fast service, good claim compensation, insurance service after purchase, a high level personnel. Meanwhile, factors such as nice and modern office, Lithuanian capital company, loyalty to the same company, famous brand and the emotional satisfaction after the purchase of insurance by the users have been identified as less important when choosing in which insurance company to purchase the insurance products.

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10

Gautam, Anamol, and Nar Bahadur Bista. "Factors Affecting Share Price of Nepalese Non-Life Insurance Companies." Nepalese Journal of Insurance and Social Security 2, no. 2 (December 31, 2019): 22–31. http://dx.doi.org/10.3126/njiss.v2i2.31826.

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This study examines the factors affecting the share price of Nepalese non-life insurance companies. This study is based on secondary data of 15 non-life insurance companies with 105 observations for the period from the fiscal year 2011/12 to 2017/18. The result shows that firm size is positively related to market price of share and price earnings ratio. It indicates that larger firm size leads to increase in market price of share and price earnings ratio. However, the study shows that inflation is negatively related to market price of share and price earnings ratio. The study also shows that dividend per share and return on assets are negatively related to the market price of share and price earnings ratio. Similarly, earnings per share have negative relationship with market price of share and price earnings ratio. The study concludes that the increase in return on assets and earnings per shares do not explain the variation in stock price in Nepalese non-life insurance companies. Nepal is one of the emerging economy; the determinants identified will provide knowledge to the potential investors about the key factors affecting share prices in the country and accordingly assist them in optimizing their investment strategy. The knowledge of the factors and their possible impact on share prices is highly appreciable as it would help investors make wise investment decisions and enable firms to enhance their market value.

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11

J. Verteramo Chiu, Leslie, and Calum G. Turvey. "Cross market price support and agricultural development." Journal of Risk Finance 15, no. 1 (January 28, 2014): 33–51. http://dx.doi.org/10.1108/jrf-05-2013-0038.

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Purpose – This paper aims to develop a market-driven mechanism for commodity price insurance in developing countries lacking access to futures markets or other forms of hedging products. Design/methodology/approach – The model incorporates futures, exchange rate and local basis risk under the Black-Scholes framework to develop quanto (quantity adjusting option). When the domestic price of a commodity in a developing country is strongly correlated to the price in a futures market, price support premiums can be estimated. The authors use daily corn futures prices, exchange rate MXP/USD, and prices of corn and sorghum at several locations in Mexico. Findings – The authors calculated the price insurance premium at various local markets in Mexico for corn and sorghum. The results are consistent with those for the USA, showing that relative price premiums are similar. Research limitations/implications – The results provide a benchmark to estimate the net welfare effects of government programs for agricultural price support. Practical implications – The model shows that privately provided agricultural price insurance is feasible under certain conditions for developing countries without an established futures market. Originality/value – This paper provides market-based agricultural options in Mexico which contributes to the existing government price support program.

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12

Acharya, Niraj, and Sumit Pradhan. "Relationship between trading volume, stock return and return volatility: A case of Nepalese insurance companies." Nepalese Journal of Insurance and Social Security 2, no. 2 (December 31, 2019): 32–41. http://dx.doi.org/10.3126/njiss.v2i2.31827.

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This study examines the factors affecting the share price of Nepalese non-life insurance companies. The knowledge of the factors and their possible impact on share prices is highly appreciable as it would help investors make wise investment decisions and enable firms to enhance their market value. This study is based on secondary data of 15 non-life insurance companies which are listed in Nepal stock exchange. The study covers seven years period from the fiscal year 2011/12 to 2017/18. The result shows that firm size is positively related to market price of share and price earnings ratio. It indicates that larger firm size leads to increase in market price of share and price earnings ratio. However, the study shows that inflation is negatively related to market price of share and price earnings ratio. The study also shows that dividend per share and return on assets are negatively related to the market price of share and price earnings ratio. Similarly, earnings per share have negative relationship with market price of share and price earnings ratio. The study concludes that the increase in return on assets and earnings per shares do not explain the variation in stock price in Nepalese non-life insurance companies. Nepal is one of the emerging economy; the determinants identified may provide knowledge to the potential investors about the key factors affecting share prices in the country and accordingly assist them in optimizing their investment strategy.

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13

Koo, Hui-Wen, and Chun-Chieh Wang. "Indexed Pricing: Sugarcane Price Guarantees in Colonial Taiwan, 1930–1940." Journal of Economic History 59, no. 4 (December 1999): 912–26. http://dx.doi.org/10.1017/s0022050700024074.

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In Taiwan during the Japanese colonial period, sugarcane was typically purchased by Japanese-owned sugar mills at prices guaranteed long in advance of delivery. In some places, the future price was indexed to the price of rice in the following year. This study points out that indexing served to insure farmers' real incomes. But as an insurance against an aggregate risk, this arrangement threatened the mill's profits. We investigate why mills nevertheless offered the insurance.

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14

Berkovitch, Elazar, and Itzhak Venezia. "Term Vs. Whole Life Insurance—A Note." Journal of Accounting, Auditing & Finance 7, no. 2 (April 1992): 241–49. http://dx.doi.org/10.1177/0148558x9200700211.

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This paper attempts to explain why individuals may purchase whole life insurance even when term (short period) insurance seems to be less expensive. Under a whole life insurance contract (referred to also as straight life insurance) the insured pays the same rates over his or her lifetime although his or her future health may change. Individuals whose health has deteriorated (relative to their age) over time are more likely to hold on to their contracts than individuals whose health has improved (relative to their age) and who may find it profitable to break their contract and purchase a new one. The insurer, recognizing this adverse selection problem, must set its price for the initial period (and thus for the entire life of the insured) so that it compensates for the above-mentioned adverse selection. The insurer will hence set the price (rate) of whole life insurance higher than the rate of term insurance, since the latter form of insurance is not susceptible to future adverse selection. Assuming the competition between insurers drives their profits to zero (i.e., assuming they provide fair premiums), it is shown that the equilibrium price of whole life insurance is higher than for term insurance. The insured, however, will purchase only whole life insurance, since the additional insurance which the whole life contract provides on the stochastic future insurance rates is priced fairly, and a rational risk-averse insured will always prefer purchasing such insurance.

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15

Zhang, Yanyuan, Wuyang Hu, Jintao Zhan, and Chao Chen. "Farmer preference for swine price index insurance." China Agricultural Economic Review 12, no. 1 (August 13, 2019): 122–39. http://dx.doi.org/10.1108/caer-01-2019-0011.

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Purpose The purpose of this paper is to examine farmer preference for swine price index insurance in China focusing on whether Chinese farmers are willing to consider purchasing swine price index insurance, the premium they would like to pay, as well as the extend of heterogeneity in their preferences. Design/methodology/approach A sample of 443 swine farmers in Jiangsu and Henan provinces is collected and analyzed. An Ordered Probit model is used to analyze farmers’ willingness to buy swine price index insurance and a Tobit model is used to analyze farmers’ willingness to pay (WTP) for insurance premium. Findings Results show that some farmers are not willing to purchase swine price index insurance. However, WTP of majority of farmers is higher than what is prescribed in the current insurance policy. Factors affecting farmers’ willingness to buy varied between two provinces. Experience in purchasing traditional swine insurance and risk perception affect farmers’ willingness to buy in Jiangsu province, while joining agricultural cooperatives, experience in purchasing traditional swine insurance and understanding of swine price index insurance affect farmers’ willingness to buy in Henan province. Farmers with non-agricultural income, longer years of swine breeding, higher degree of specialization, experience in purchasing traditional insurance, higher understanding of swine price index insurance and trust in local governments, stronger risk perception and risk preference, and not being a member of agricultural cooperatives have higher WTP. Originality/value Few studies have been conducted on swine price index insurance in China. Even less information, to the authors’ knowledge, is available on farmer preferences. The research provides a timely contribution to understand the Chinese swine price index insurance market from the perspectives of farmers.

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Merza, Ebrahim, and Sayed-Abbas Almusawi. "Factors Affecting the Performance of Kuwait Stock Market." Journal of Sustainable Development 9, no. 5 (September 27, 2016): 23. http://dx.doi.org/10.5539/jsd.v9n5p23.

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<p>This paper aims at finding the effective factors that influence three sectors in Kuwait stock exchange market (KSE) in addition to the whole stock market. The three sectors are banking, real estate and insurance sectors. The paper measures KSE performance through the average share prices calculated on a quarterly basis starting from 2005 until first quarter of 2015. It is found that each sector behaves differently towards macroeconomic variables. The most important determinants for the KSE overall market performance were found to be gold price and the deposits rate. Individually, the banking sector is influenced by consumer price index, interest rate on loans, oil price and gold price. The insurance sector is influenced by money supply, residential real estate price and oil price. The real estate sector is influenced by the exchange rate with respect to US dollars, interest rate on loans, oil price and gold price.</p>

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17

Assa, Hirbod. "Financial engineering in pricing agricultural derivatives based on demand and volatility." Agricultural Finance Review 76, no. 1 (May 3, 2016): 42–53. http://dx.doi.org/10.1108/afr-11-2015-0053.

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Purpose – The purpose of this paper is twofold. First, the author proposes a financial engineering framework to model commodity prices based on market demand processes and demand functions. This framework explains the relation between demand, volatility and the leverage effect of commodities. It is also shown how the proposed framework can be used to price derivatives on commodity prices. Second, the author estimates the model parameters for agricultural commodities and discuss the implications of the results on derivative prices. In particular, the author see how leverage effect (or inverse leverage effect) is related to market demand. Design/methodology/approach – This paper uses a power demand function along with the Cox, Ingersoll and Ross mean-reverting process to find the price process of commodities. Then by using the Ito theorem the constant elastic volatility (CEV) model is derived for the market prices. The partial differential equation that the dynamics of derivative prices satisfy is found and, by the Feynman-Kac theorem, the market derivative prices are provided within a Monte-Carlo simulation framework. Finally, by using a maximum likelihood estimator, the parameters of the CEV model for the agricultural commodity prices are found. Findings – The results of this paper show that derivative prices on commodities are heavily affected by the elasticity of volatility and, consequently, by market demand elasticity. The empirical results show that different groups of agricultural commodities have different values of demand and volatility elasticity. Practical implications – The results of this paper can be used by practitioners to price derivatives on commodity prices and by insurance companies to better price insurance contracts. As in many countries agricultural insurances are subsidised by the government, the results of this paper are useful for setting more efficient policies. Originality/value – Approaches that use the methodology of financial engineering to model agricultural prices and compute the derivative prices are rather new within the literature and still need to be developed for further applications.

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18

MERRITT, MEAGAN G., ANDREW P. GRIFFITH, CHRISTOPHER N. BOYER, and KAREN E. LEWIS. "PROBABILITY OF RECEIVING AN INDEMNITY PAYMENT FROM FEEDER CATTLE LIVESTOCK RISK PROTECTION INSURANCE." Journal of Agricultural and Applied Economics 49, no. 3 (February 14, 2017): 363–81. http://dx.doi.org/10.1017/aae.2016.44.

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AbstractLivestock risk protection (LRP) insurance is a price risk management tool available to cattle producers; however, producers have been hesitant to adopt LRP. The objective of the study was to determine the monthly feeder cattle LRP contract coverage level and length maximizing the probability of the LRP net price being greater than the CME Feeder Cattle Index (CME FCI) price. The CME FCI prices were higher than the LRP net price for the majority of the contract lengths and coverage levels. Several coverage lengths and levels provided similar price protection, and there was no consistent preferred coverage length and level.

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WIGUNA, I. MADE WAHYU, KETUT JAYANEGARA, and I. NYOMAN WIDANA. "PERHITUNGAN PREMI ASURANSI JOINT LIFE DENGAN MODEL VASICEK DAN CIR." E-Jurnal Matematika 8, no. 3 (August 31, 2019): 246. http://dx.doi.org/10.24843/mtk.2019.v08.i03.p260.

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Premium is a sum of money that must be paid by insurance participants to insurance company, based on insurance contract. Premium payment are affected by interest rates. The interest rates change according to stochastic process. The purpose of this work is to calculate the price of joint life insurance premiums with Vasicek and CIR models. The price of a joint life insurance premium with Vasicek and CIR models, at the age of the insured 35 and 30 years has increased until the last year of the contract. The price of a joint life insurance premium with Vasicek model is more expensive than the premium price using CIR model.

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20

Zhao, L., Y. Mu, B. Song, and Q. Zhang. "Market equilibrium of the agricultural product target price insurance and its moral hazard premium." Agricultural Economics (Zemědělská ekonomika) 62, No. 5 (May 27, 2016): 215–24. http://dx.doi.org/10.17221/120/2015-agricecon.

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In the study, an expected revenue model was built for the farmers and insurance institutes in China, with the aim of researching the realization conditions of the target price insurance market equilibrium; analysing the reasons and consequences of the moral hazards; obtaining a paradox and elaborating the reason; measuring the moral hazard premium and researching positions, as well as the role of government in the target price premium; and also discussing the relationship between the target price and the cost price. The conclusions found were that the market risk was the major risk in agriculture; the target price insurance implementation relies on the government subsidy, which shall be equivalent to the sum of the farmers’ moral hazard premium and social costs; the moral hazard premium has a negative externality; the insurance companies are also the beneficiaries of the farmers’ moral hazard; and the best target price should be smaller than the total cost price of the agricultural products.

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21

Takura, Tomoyuki. "Preliminary Examination of an Appropriate Price Calculation Method and Medical Treatment Costs for Foreign Visitors in Japan." International Journal of Environmental Research and Public Health 18, no. 11 (May 29, 2021): 5837. http://dx.doi.org/10.3390/ijerph18115837.

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This study proposes a method for calculating the appropriate medical treatment price level for foreign visitors (FVs) in Japan. Hospital management costs and foreign prices were analyzed from a market principles perspective to determine the medical treatment price. The study involved two stages: a preliminary survey and an extended survey, supplemented by an international survey. Relatively frequent diseases were selected, and the costs incurred by hospitals for the treatment of FVs were analyzed though data from three hospitals, covering 24 outpatients and 4 inpatients. Payments made by three insurance companies for overseas medical institution services for Japanese tourists with pharyngitis were analyzed. This study shows that the appropriate medical treatment prices for FVs, considering profits, were 1.22–4.26 times higher compared with prices under Japan’s public health insurance plans. Furthermore, these prices were 1.31–4.26 times higher for outpatients with pharyngitis and external injury and 1.22–3.66 times higher for inpatients with appendicitis and femoral fractures. The price of pharyngitis treatment in 12 countries was USD 20.32–158.75 per patient for Japanese tourists, whereas FVs paid 60.24 dollars (1.13 times higher than Japan’s public healthcare price) in Japan. This study shows it was appropriate to set the ideal price level for FVs higher than that for Japanese patients.

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Lee, Ming-Te, and Kai-Ting Nien. "Does D&O insurance matter for stock price crash risk? Evidence from an Asian emerging market." Journal of Capital Markets Studies 3, no. 1 (July 8, 2019): 34–46. http://dx.doi.org/10.1108/jcms-03-2019-0009.

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Purpose The purpose of this paper is to address the opposing views of the relationship between directors’ and officers’ liability insurance (D&O insurance) and stock price crash risk in a major Asian emerging stock market. Design/methodology/approach This paper finds an endogenous relationship between D&O insurance and stock price crash risk. Hence, the two-stage least squares regression analysis is used to address the endogeneity issue when the relationship is examined. Moreover, this paper further controls the quality of other corporate governance mechanisms to investigate whether D&O insurance still has an effect on stock price crash risk. Findings The effect of D&O insurance coverage is significantly negatively related to firm-specific stock price crash risk in Taiwan. More importantly, even when the quality of other corporate governance mechanisms is controlled, the negative relationship between D&O insurance coverage and firm-specific stock price crash risk remains significant. The evidence supports that D&O insurance serves as an effective external monitoring mechanism, strengthens corporate governance, and thus reduces stock price crash risk. Originality/value Emerging Asian markets suffer a dearth of research on the relationship of D&O insurance coverage and the firm-specific stock price crash risk. Investigating the relationship in Taiwan, the present study fills the research void. The findings show that D&O insurance plays an important role in reducing stock price crash risk of Taiwanese firms even when other corporate governance mechanisms are in place.

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Baskot, Bojan, and Stanko Stanic. "Parametric crop insurance against floods: The case of Bosnia and Herzegovina." Ekonomski anali 65, no. 224 (2020): 83–100. http://dx.doi.org/10.2298/eka2024083b.

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The importance of risk management in agriculture is unquestionable. Farmers in Bosnia and Herzegovina face weather, product, and price and market risk. Index-based insurance products for agriculture present alternatives for managing weather risk. They differ from classical insurance products in that they do not remunerate actual loss and to purchase a weather index insurance policy the insured does not actually have to have an insurable interest. In this research, two flood parametric insurance products are presented, one with fixed compensation and the other with compensation proportional to flood intensity.

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24

Harrington, Scott E., and Patricia M. Danzon. "Price Cutting in Liability Insurance Markets." Journal of Business 67, no. 4 (January 1994): 511. http://dx.doi.org/10.1086/296645.

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Bhattacharya, Jay, Dana Goldman, and Neeraj Sood. "Price Regulation in Secondary Insurance Markets." Journal of Risk and Insurance 71, no. 4 (December 9, 2004): 643–75. http://dx.doi.org/10.1111/j.0022-4367.2004.00107.x.

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VON FURSTENBERG, GEORGE M. "Price Insurance Aspects of Monetary Union." JCMS: Journal of Common Market Studies 41, no. 3 (June 2003): 519–39. http://dx.doi.org/10.1111/1468-5965.00433.

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Banyár, József, and Gábor Regős. "Paradoxical price effects on insurance markets." Economic Modelling 29, no. 4 (July 2012): 1399–407. http://dx.doi.org/10.1016/j.econmod.2012.02.018.

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Doherty, Neil A., and Han Bin Kang. "Interest rates and insurance price cycles." Journal of Banking & Finance 12, no. 2 (June 1988): 199–214. http://dx.doi.org/10.1016/0378-4266(88)90035-0.

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Estavillo Dorado, Julio, Salomón Aguado Manzanares, María Bielza Díaz-Caneja, Alberto Garrido Colmenero, and José Mª Sumpsi Viñas. "El nuevo seguro de ingresos de la patata: Una evaluación preliminar." Economía Agraria y Recursos Naturales 5, no. 9 (October 19, 2011): 139. http://dx.doi.org/10.7201/earn.2005.09.06.

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In 2003 and 2004, an insurance product that protects against market risks of agricultural commodities was offered in Spain. It consists on a revenue insurance product which has been launched as a pilot program for mid-season and late potato in five Spanish provinces (Álava, Burgos, La Rioja, León and Valladolid). The objective of this article is to describe the characteristics of this insurance product and to perform a preliminary evaluation of the seasons it was marketed. We start from a conceptual approach to the market risk management instruments, that constitute the context for the current program. Later, we explain the price model used to define market reference prices and the premia, checking the quality of the statistical price model against the potato farm-gate prices. Finally, the article ends with a preliminary valuation/ assessment of this first pilot experience in Spain, stressing those aspects which are liable/prone to be improved and reckoning the possible extensions of this insurance line to other potato varieties, provinces and also to other agricultural commodities.

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Chang, Carolyn W., and Jack S. K. Chang. "Doubly-Binomial Option Pricing with Application to Insurance Derivatives." Review of Pacific Basin Financial Markets and Policies 08, no. 03 (September 2005): 501–23. http://dx.doi.org/10.1142/s0219091505000439.

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We generalize the standard lattice approach of Cox, Ross, and Rubinstein (1976) from a fixed sum to a random sum in a subordinated process framework to accommodate pricing of derivatives with random-sum characteristics. The asset price change now is determined by two independent Bernoulli trials on information arrival/non-arrival and price up/down, respectively. The subordination leads to a nonstationary trinomial tree in calendar-time, while a time change to information-time restores the simpler binomial tree that now grows with the intensity of information arrival irrespective of the passage of calendar-time. We apply the model to price the CBOT catastrophe futures call spreads as a binomial sum of binomial prices, which illuminates the information conveyed by the randomness of catastrophe arrival. Numerical results demonstrate that the standard binomial formula that ignores random claim arrival produces largest undervaluation error for out-of-money short-maturity options when a small number of significant catastrophes may strike during the option's maturity.

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Clark, J. Stephen, and K. K. Klein. "The Relationship Between Price Stabilization and Cycles in the Canadian Wheat Market." Agricultural and Resource Economics Review 23, no. 1 (April 1994): 22–28. http://dx.doi.org/10.1017/s106828050000037x.

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In this study, moving average price stabilization schemes were analyzed under the assumption of rational expectations. It was shown that moving average price schemes may induce cyclical behaviour into market prices where no cyclical pattern previously existed. Moving average price stabilization schemes are important to Canadian agricultural policy analysis because they are a characteristic of stabilization programs in Canada. Indeed, the Agricultural Stabilization Act, introduced in 1975, and the Gross Revenue Insurance Program, introduced in 1991, use moving average prices to calculate returns to producers.

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Baños, David, Marc Lagunas-Merino, and Salvador Ortiz-Latorre. "Variance and Interest Rate Risk in Unit-Linked Insurance Policies." Risks 8, no. 3 (August 6, 2020): 84. http://dx.doi.org/10.3390/risks8030084.

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One of the risks derived from selling long-term policies that any insurance company has arises from interest rates. In this paper, we consider a general class of stochastic volatility models written in forward variance form. We also deal with stochastic interest rates to obtain the risk-free price for unit-linked life insurance contracts, as well as providing a perfect hedging strategy by completing the market. We conclude with a simulation experiment, where we price unit-linked policies using Norwegian mortality rates. In addition, we compare prices for the classical Black-Scholes model against the Heston stochastic volatility model with a Vasicek interest rate model.

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Lieber, Ethan M. J. "Does It Pay to Know Prices in Health Care?" American Economic Journal: Economic Policy 9, no. 1 (February 1, 2017): 154–79. http://dx.doi.org/10.1257/pol.20150124.

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Consumers rarely know the price of medical care before they consume it. I use variation in the timing of access to a new source of price information to show how access to and search for price information leads consumers to pay significantly less for care. I provide suggestive evidence that insurance coverage inhibits the use of price information, rationalizing the relatively low rates of search. The results indicate that availability of price information could have large impacts on prices even in the absence of general equilibrium effects. (JEL D82, D83, G22, I11, I13)

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Tian, Ling, Shi-Jie Jiang, Guochen Pan, and Ning Zhang. "Non-life insurance price dynamics: evidence from the Chinese insurance market." Economic Research-Ekonomska Istraživanja 31, no. 1 (January 2018): 171–87. http://dx.doi.org/10.1080/1331677x.2018.1424557.

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Rodwin, Marc A. "Pharmaceutical Price and Spending Controls in France: Lessons for the United States." International Journal of Health Services 50, no. 2 (January 30, 2020): 156–65. http://dx.doi.org/10.1177/0020731419897580.

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As U.S. policymakers consider strategies to control pharmaceutical spending, they can learn from France, which has stopped drug spending growth without slowing access to innovative medicines. France determines the comparative therapeutic value of new drugs. Insurance pays more for drugs superior to their comparator and the same or less for drugs offering modest or no improvement. Contracts require discounts for high sales volume and prohibit price increases. In addition, payers reduce prices of older drugs. Furthermore, Parliament sets an insurance pharmaceutical spending budget, and manufacturers pay clawbacks when spending exceeds the budget. France offers these lessons: setting prices based on added therapeutic value is a principled means to cap new drug prices and provides incentives for manufacturers to negotiate prices. Restricting formularies can help lower prices. Insurers can link prices and quantity to control spending and improper uses. Insurers can use global budgets to control spending and negotiate prices. Contracts can prevent manufacturers from raising prices after launch. External reference pricing can reduce price discrimination but is difficult to implement. Nations can ensure rapid access to new drugs while controlling prices. Regulation and competition are complementary strategies to control drug spending.

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Hussain, Shaikh, Rubina Hussain, Assad Hafeez, and Adnan Khan. "PRIME MINISTER'S NATIONAL HEALTH PROGRAMME (PMNHP): A COST COMPARISON ANALYSIS." Pakistan Journal of Public Health 8, no. 1 (May 16, 2018): 37–42. http://dx.doi.org/10.32413/pjph.v8i1.102.

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Background: Prime Minister's National Health Programme (PMNHP) is a publically funded cashless scheme at point of service, which was initiated in December 2015 to provide access to universal healthcare to people living below poverty line for indoor secondary and tertiary healthcare services for priority diseases in Pakistan. Objective: Our study aimed to compare prices of PMNHP districts packages, compare PMNHP with average payments made to healthcare providers by various health insurance companies, and compare prices among PMNHP itself, public sector not supported by the programme, and private healthcare not supported by the programme in Islamabad Methods: We conducted this comparative descriptive cross sectional study. For first two objectives, we collected secondary data, and for the third objective, we did convenient sampling of the treated patient (n-158) from PMNHP, public and private hospitals for selected diseases. Results: PMNHP district comparisons showed no significant difference among districts except Normal Delivery (NVD) at Rahim Yar Khan had lowest cost (mean=10111.11). For Diabetes Mellitus, Muzaffarabad had lowest (mean=1733.33), and Quetta had highest (mean=5300). Average price paid to healthcare providers by various insurance companies are on higher side as compared to PMMHP. Price differences were significant among PMNHP, Public Out of Pocket Spending (OOPS) and Private For NVD, [F(2, 27)=3364, p=0.000] with PMNHP (mean=15.000, SD=0.000) Public (OOPS) (mean=2.127, SD=0.221) and Private (mean=14.702, SD=0.658) For caesarian section [F(2,27)=2850, p=0.000], and Cholecystectomy, [F(2, 28)=221, p=0.000]. While in comparison with Private, PMNHP were cost beneficial for caesarian section (mean=32.016, SD=1.31) and Cholecystectomy (m=43.133, SD=6.648). Conclusion: PMNHP district wise packages are almost same among and for all the districts. Program is fairly and competitively priced against public and private healthcare providers, and private health insurance healthcare provider payments. PMNHP design features may be used to extend program in other districts.

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Burdine, Kenneth H., Yoko Kusunose, Leigh J. Maynard, Don P. Blayney, and Roberto Mosheim. "Livestock Gross Margin–Dairy: An Assessment of Its Effectiveness as a Risk Management Tool and Its Potential to Induce Supply Expansion." Journal of Agricultural and Applied Economics 46, no. 2 (May 2014): 245–56. http://dx.doi.org/10.1017/s1074070800000766.

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An evaluation of the risk-reducing effectiveness of the Livestock Gross Margin–Dairy (LGM-Dairy) insurance program, using historical futures price data, predicts economically significant reductions in downside margin risk (24–41%) across multiple regions. Supply analysis based on the estimated risk reduction shows a small supply response, assuming minimal subsidization. A decomposition of the simulated indemnities into milk price and feed price components shows comovements in futures prices moderating the frequency and levels of indemnities.

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Liesivaara, Petri, and Sami Myyrä. "Willingness to pay for agricultural crop insurance in the northern EU." Agricultural Finance Review 74, no. 4 (October 28, 2014): 539–54. http://dx.doi.org/10.1108/afr-06-2014-0018.

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Purpose – The purpose of this paper is to investigate the demand for crop insurance. Moreover, farmer willingness to pay (WTP) for crop insurance was derived. Factors affecting the demand were also examined in a country where crop insurance products are not currently available. Sensitivity analysis was conducted by studying the price-anchoring effect. Design/methodology/approach – Data from a choice experiment (CE) were analyzed with mixed logit models and the distribution of farmer WTP for crop insurance was derived. A split sample approach with varying premium vectors was used to analyze the price-anchoring effect. Findings – Demand was revealed for crop insurance products in Finland. The demand was higher among younger farmers and farms with more arable land. WTP for crop insurance products was very sensitive to the premium interval presented in the CE design. Research limitations/implications – The price-anchoring effect may disrupt the market development of crop insurance products, because insurance companies may take advantage of the lack of awareness among farmers of crop insurance pricing. Practical implications – The insurance product expected indemnity was a more important factor than the deductible in determining farmer WTP for crop insurance. Therefore, the 30 percent deductible level set for subsidized crop insurance products is not an obstacle for the development of such products in the EU. Originality/value – The study applied a well-known method (CE) to crop insurance in a country where these products are non-existent. The split sample approach was used to examine the price-anchoring effect on crop insurance.

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Olanrewaju, OWOLABI Adenike, and AGBOOLA Omoniyi Oladipupo. "Insurance Purchase: Price, Product, Promotion and Consumers Attitude Perspectives." Business and Management Horizons 6, no. 1 (April 3, 2018): 44. http://dx.doi.org/10.5296/bmh.v6i1.12944.

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This paper describes the impact of consumer’s attitude on the purchase of insurance product in Nigeria. The attitudes, most often negative, are mirrored through low patronage of insurance services. Data were collected through the use of self-structured closed questionnaire. The research adopted a descriptive survey design. One hundred and fifty (150) questionnaires were administered, however only one hundred and thirty two (132) were properly filled and good enough for data analysis. The Pearson Product Moment Correlation and Regression Analysis were used to test the hypotheses generated for the study at 0.05 alpha levels. The result of the study showed that there is a significant relationship between customer’s attitude and insurance product. Findings also revealed that there is a significant relationship between product awareness and price. Findings from the survey further revealed that promotion of insurance products have significant influence on consumers buying behavior. Insurance companies are advised to guarantee that their services are dependable and reliable, in that the services should not require an excessive amount of bureaucratic procedure of their customers in taking an insurance policy or getting their claim. Other feasible measures to boost patronage of insurance products were recommended for insurance firms and policy-makers.

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Hyde, Charles E. "CROP INSURANCE: THE RELATIONSHIP BETWEEN INDEMNITY PRICE AND EXPECTED OUTPUT PRICE." Journal of Agricultural Economics 47, no. 1-4 (January 1996): 236–46. http://dx.doi.org/10.1111/j.1477-9552.1996.tb00687.x.

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41

Ulbinaitė, Aurelija, and Marija Kučinskienė. "INSURANCE SERVICE PURCHASE DECISION-MAKING RATIONALE: EXPERT-BASED EVIDENCE FROM LITHUANIA." Ekonomika 92, no. 2 (January 1, 2013): 137–55. http://dx.doi.org/10.15388/ekon.2013.0.1409.

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Abstract. This paper deals with the examination of the rationale for insurance service purchase decision making with a focus on Lithuania and its possible implications for both Lithuania and other developing insurance markets. This work proposes a model that reflects the several stages of the insurance service purchase decision making process, including the time dimension. This model is constructed on the basis of three hypotheses; these hypotheses are tested based on data collected by means of an insurance expert survey. The results confirm the existence of two stages of insurance service purchase decision making, where one’s intellect and income determine the inclination towards insurance and where the price and quality of an insurance service determine its purchase decision. The research reveals a relatively equivalent impact of both consumers’ intellect and income on their inclination towards insurance in general; however, it strongly indicates the consumers’ strong focus on the price of the service as opposed to its quality when deciding to purchase an insurance service. The research also discloses the higher complexity of the decision making process when purchasing life insurance services as compared to non-life insurance services.Key words: insurance consumer behaviour rationale, insurance service purchase inclination and decision stages, intellect vs. income, price vs. quality, complicated vs. trivial process

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MacMinn, R. D., P. L. Brockett, and J. A. Raeburn. "Health Insurance, Genetic Testing and Adverse Selection." Annals of Actuarial Science 2, no. 2 (September 2007): 327–47. http://dx.doi.org/10.1017/s1748499500000385.

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ABSTRACTThe implications of genetic testing information availability for society, medicine, employment, and individual privacy rights have generated much political debate, legislation and academic research. Part of this debate centres on the ethical and economic considerations resultant from this expanded knowledge, particularly for insurance practices. Within insurance economics, the possibility of adverse selection has been debated and the potential for a ban on an insurer's use of genetic testing has been studied with respect to whether or not such a ban might actually result in insurance market failure due to this adverse selection. Studies have examined the issue using expected loss cost (actuarial or ‘fair’) pricing models, and have not considered either equilibrium (supply and demand) price setting as is present in markets, or the potentially swamping effect of background health care risks facing the insured, having nothing to do with any particular genetic mutation. Here we construct a supply and demand function with both high and low risk individuals in the presence of background health care cost risks, and derive an equilibrium price and market composition to determine whether, if genetic information is allowed for individuals, but this same information is not shared with insurers: (1) is market failure inevitable? (it is not if the background risk is sufficiently high relative to potential genetic risk costs); (2) will equilibrium prices result in all low risk insured exiting the market? (not in the presence of significant background risk); and (3) how much would prices increase and market sales decrease if insurers do not have the same genetic information as the insured? (prices will increase, but not necessarily very much in the presence of background risk, and not as much as that previously estimated in the insurance literature).

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Jensen, Gail A., and Michael A. Morrisey. "Group Health Insurance: A Hedonic Price Approach." Review of Economics and Statistics 72, no. 1 (February 1990): 38. http://dx.doi.org/10.2307/2109737.

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44

Dahlby, Bev, and Douglas S. West. "Price Dispersion in an Automobile Insurance Market." Journal of Political Economy 94, no. 2 (April 1986): 418–38. http://dx.doi.org/10.1086/261380.

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45

Hun Seog, S. "Equilibrium Price Dispersion in the Insurance Market." Journal of Risk & Insurance 69, no. 4 (December 2002): 517–36. http://dx.doi.org/10.1111/1539-6975.00036.

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Jain, Adishwar K., and Raymond A. K. Cox. "Airfare price insurance: a real option model." Journal of Risk Finance 12, no. 1 (January 4, 2011): 5–14. http://dx.doi.org/10.1108/15265941111100030.

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47

Barros, Pedro P. "Competition Effects of Price Liberalization in Insurance." Journal of Industrial Economics 44, no. 3 (September 1996): 267. http://dx.doi.org/10.2307/2950497.

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48

Barigozzi, Francesca. "Price vs. quantity in health insurance reimbursement." International Journal of Health Care Finance and Economics 6, no. 3 (October 7, 2006): 191–213. http://dx.doi.org/10.1007/s10754-006-9001-8.

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van Dijk, Machiel, Marc Pomp, Rudy Douven, Trea Laske-Aldershof, Erik Schut, Willem de Boer, and Anne de Boo. "Consumer price sensitivity in Dutch health insurance." International Journal of Health Care Finance and Economics 8, no. 4 (August 17, 2008): 225–44. http://dx.doi.org/10.1007/s10754-008-9038-y.

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Cheung, Ron, Cassandra R. Cole, David A. Macpherson, Kathleen A. McCullough, and Charles Nyce. "Demographic Factors and Price Distortions in Insurance." Risk Management and Insurance Review 18, no. 1 (March 2015): 1–28. http://dx.doi.org/10.1111/rmir.12027.

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