Research On The Design Of Weather-index Insurance Products

Agricultural insurance,an important financial instrument in the developed countries to improve the level of agricultural development and farmers income level has played an important role.However,the development of agricultural insurance in China is relatively slow and slow compared with the overall development of the insurance industry,which does not match the basic position of agriculture in the national economy.One of the important reasons for restricting the rapid and steady development of agricultural insurance is that there are many problems in traditional insurance,such as adverse selection,moral hazard and high transaction costs.Research and development of new agricultural insurance is one of the methods to solve these problems,this paper takes Liaoning Province as the study area,and focus on the design of weather index agricultural insurance in the new insurance,provide a reference for solving the problems of agricultural insurance at the present stage,has the strong practical significance.Liaoning Province is located in the famous northeastern "golden corn belt",in the four major food crops,corn production and acreage are in the first place.Corn has become the most important food crop in Liaoning Province.However,maize growth process often encountered drought,floods,high temperature heat damage and hail and other meteorological disasters,resulting in substantial fluctuations in production,seriously affecting the farmers' economic income and planting enthusiasm.Policy-oriented agricultural insurance is committed to providing a certain degree of protection for farmers,but due to the existence of traditional agricultural insurance,market failure,adverse selection and claims cost is too high,widely used in the international weather index insurance to solve the above problems new direction.This paper selects Liaoning Province as the object of insurance corn weather index,based on the precipitation of this single meteorological factors,using 20 years of corn growth stage and the key water requirement period precipitation data structure of maize drought index,according to the analysis of correlation between maize drought index and corn yield reduction rate of linear regression,then according to the expectation the loss of maize drought index method to determine the premium rate,and on the basis of the corresponding regression design trigger maize drought index insurance value,calculatedthe relative value of compensation,to complete the design of Liaoning province maize drought index insurance scheme.Secondly,based on the meteorological factors,the yield of Maize in Liaoning Province 14 city(hereinafter referred to as the yield per unit area)as the dependent variable,the annual mean temperature,annual precipitation,annual sunshine time and three square as independent variables,panel data model of Maize Yield and weather index,fitting weather index yield,this based on the design of Liaoning province corn weather index insurance to benchmark yield for the payment standard,and then to the historical meteorological data of Shenyang city as the foundation,through a large number of independent repetitions trials to know the probability distribution for yield,developed including temperature,precipitation and sunshine and other weather factors affecting corn weather index insurance contract.These designs can provide some reference for the follow-up research work in the field and the practice of agricultural insurance market.