Agricultural Insurance: Theory and Practice and Application by P. K. Ray

By P. K. Ray

This e-book, which offers comprehensively with agricultural coverage, is the second one variation of a publication that used to be released in 1967. The booklet first bargains with the character of agricultural hazards and their insurability. the second one half describes the rules and practices of the most varieties of coverage presently utilized to agriculture in several international locations. The 3rd and final half is a severe exam of the applicability of the strategies of crop and cattle coverage up to now advanced in built nations to constructing nations, and likewise the chances of foreign reinsurance of nationwide crop coverage structures.

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Hail, for instance, in a year may become so violent that it breaks the average of its past records for a number of years. The same may happen with windstorm or any other natural hazard. 11 Such occasional losses of a catastrophic nature are indeed unavoidable in agriculture. In spite of the above difficulties in measuring risks to crop production and to livestock raising, crops have been insured in Europe and America against specific hazards, particularly hail, for over a century. 12 These have been possible because, behind the apparently inexplicable inconsistencies of nature, man has been able to discover certain elements of uniformity.

18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 22 Data not available ♦Counties arranged in the increasing order of annual average incidence. **Data represent average numberof hail days per year for months April-September inclusive. Source: Norwich Union Fire Insurance Society, Norwich, England. 31 Actuarial Consideration of Agricultural Risks FREQUENCY AND INTENSITY OF HAIL IN THE UNITED STATES In the United States and Canada considerable studies have been made both in connection with the insurance of crops against hail and independently as to the frequency and intensity of hail storms in different parts of each county.

13. 3 However, the determination of the degree of uncertainty by individual farms involves serious practical difficulties, the foremost of which is the maintenance of reliable records of yields as well as of an account of loss or damage caused by the particular natural hazard. The average farmer often lacks the knowledge and technical ability required for the purpose. An insurance office, on the other hand, may have at its disposal the necessary technical skill and ability; but for it to maintain direct and continuous contact with each and every farm would involve considerable additional expenses and thereby would raise the premium rates.

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