Improving mariculture insurance premium rate calculation using an information diffusion model

Zhang, Qian

doi:10.1371/journal.pone.0261323

Cited by 3 publications

(2 citation statements)

References 50 publications

(70 reference statements)

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“…It can be seen that the current rate standards adopted by insurance institutions are prone to high compensation and high expenses. In other words, applying the same rate on a large scale may cause unfairness [ 34 ]. It is suggested that insurance institutions and local governments should actively promote the risk assessment work in coastal county-level areas to lays the foundation for more accurate premium rates.…”

Section: Discussionmentioning

confidence: 99%

Research on the insurance of swimming crab temperature and salinity index insurance based on Copula function

Shi

Zhao

et al. 2022

PLoS ONE

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Under climate change, the sea surface temperature and salinity change greatly, which poses a considerable threat to sustainable food security. Sea surface temperature and salinity (SST/SSS) are selected to examine the annual output of swimming crab in 24 cities along the eastern China. The Copula-based function was used to construct the probability distribution model of the swimming crab yield with SST and SSS. The pure premium rate of the swimming crab production in these 24 cities are also examined. The results show that 1) There is significant positive correlations between the yield of swimming crab with temperature and salinity over the study area. The only exception is that the correlation between yield of swimming crab and salinity is not significant in the south of study area. 2) The span of the pure insurance premium rate of swimming crab in 24 cities increases rapidly with the increase of the protection level, the maximum span up to 2.04%, and the minimum span is only 1.6%. 3) The distribution of the swimming crab insurance premium rate is various in space. The insurance premium rate of 8 cities in the south of Taizhou is low with the highest premium rate at 5.6%. The insurance premium rate of 16 cities in north of Taizhou is relatively high with the rate between 6%-22%. The research can provide a theoretical basis for the pricing of insurance products for swimming crab in 24 cities in the typical aquaculture areas in eastern China.

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Section: Discussionmentioning

confidence: 99%

Research on the insurance of swimming crab temperature and salinity index insurance based on Copula function

Shi

Zhao

et al. 2022

PLoS ONE

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“…Aquaculture Insurance: Developmental Perspective The evolution of insurance for aquaculture stocks began in 1974, when the first policy was designed for aquacultural risks in the Lloyd's of London and the London Insurance Market (Secretan, 2008 as cited in Zhang, 2021). Aquaculture insurance is seen as a policy designed to safeguard most often aquaculture farms including activities enclosed bays, as well as open ocean farms situated several kilometers offshore (Anrooy et al, 2022a;Zheng et al, 2018).…”

Section: 1mentioning

confidence: 99%

Demand for Aquaculture Insurance and Barriers’ Effects Among Fish Farmers in Lagos, Nigeria

JIMOH,

AJEMUNIGBOHUN

2023

GUJEDS

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Boosting aquaculture insurance, as a financial instrument, can assist the sustenance of aquatic food demand in order to cushion fish farmers’ income, and ensure adequate farm property safety in Nigeria. This study examined the barriers affecting aquaculture insurance and its related demand determinants, with empirical evidence drawn from fish farmers in Lagos State. The study employed a survey approach cum multiphase sampling technique. A descriptive statistic and Friedman’s rank test were adopted in the data analysis. This study contributes immensely with the tabular and graphical models that explain the barriers affecting aquaculture insurance and demand determinants for aquaculture insurance in Lagos State, Nigeria. While a major barrier, from the findings, to demand for aquaculture insurance was recorded due to high cost of insurance premium, poor access to the policy, and the likes; low awareness, poor insurance regulation, poor claims settlement and low financial literacy, among fish farmers, were recorded for demand determinants for aquaculture insurance. The study recommended that aquaculture underwriters should enhance and expand their value-chain processes in a bid to bolster fish farmers’ production capacities. However, the government should expand the subsidy net for more fish farmers to have access. With the simplicity of insurance contract design, aquaculture underwriters will gain attraction from farmers, which will, in turn, generate improved premium and their potential profitability.

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Actuarial premium calculation for beekeeping insurance in Turkiye

Hamurkaroğlu,

Sezer Kaplan

2024

Geneva Pap Risk Insur Issues Pract

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Improving mariculture insurance premium rate calculation using an information diffusion model

Cited by 3 publications

References 50 publications

Research on the insurance of swimming crab temperature and salinity index insurance based on Copula function

Research on the insurance of swimming crab temperature and salinity index insurance based on Copula function

Demand for Aquaculture Insurance and Barriers’ Effects Among Fish Farmers in Lagos, Nigeria

Actuarial premium calculation for beekeeping insurance in Turkiye

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