Microinsurance : a case study of the Indian rainfall index insurance market, Vol. 1 of 1

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Microinsurance : a case study of the Indian rainfall index insurance market

Author:	Gine, Xavier; Menand, Lev; Townsend, Robert; Vickery, James;	Collection Title:	Policy Research working paper ; no. WPS 5459
Country:	India;	Date Stored:	2011/11/16
Document Date:	2010/10/01	Document Type:	Policy Research Working Paper
Language:	English	Region:	South Asia
Report Number:	WPS5459	SubTopics:	Financial Literacy; Climate Change Economics; Debt Markets; Insurance & Risk Mitigation; Insurance Law
Volume No:	1 of 1

Summary: Rainfall index insurance provides a payout based on measured local rainfall during key phases of the agricultural season, and in principle can help rural households diversify a key source of idiosyncratic risk. This paper describes basic features of rainfall insurance contracts offered in India since 2003, and documents stylized facts about market demand and the distribution of payouts. The authors summarize the results of previous research on this market, which provides evidence that price, liquidity constraints, and trust all present significant barriers to increased take-up. They also discuss potential future prospects for rainfall insurance and other index insurance products.


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