English, Article, Journal or magazine article edition: Demand for rainfall-index based insurance: a case study from Morocco Nancy McCarthy

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Bookmark: http://trove.nla.gov.au/version/12761
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Demand for rainfall-index based insurance: a case study from Morocco
Author
  • Nancy McCarthy
Physical Description
  • preprint
Notes
  • In this paper, we derive estimates for willingness to pay for rainfall-index based insurance contracts. Surveys were undertaken in four regions in Morocco, representing different mean and variability of rainfall conditions. Results indicate that respondents in the high variability regions preferred contracts that paid out more often (had higher rainfall trigger levels), and which were more costly. In fact, a strong majority of respondents indicated they would purchase these contracts at the fair-value price; the estimated median willingness to pay for such contracts was between 12-20 percent above the fair value contract. However, in the lower rainfall variability regions, the cheaper contracts with lower trigger values were the only contracts for which the estimated median willingness to pay was greater than the fair-value of the contract. Finally, estimated coefficients for explanatory variables such as human and physical assets, debt levels, etc. did not have consistent impacts, either across or within regions.
  • RePEc:fpr:eptddp:106
Language
  • English
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