Article

Microinsurance: A Case Study of the Indian Rainfall Index Insurance Market

Xavier Giné, Lev Menand, Robert W. Townsend and James Vickery

in The Oxford Handbook of the Indian Economy

Published in print March 2012 | ISBN: 9780199734580
Published online November 2012 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199734580.013.0006

Series: Oxford Handbooks

 Microinsurance: A Case Study of the Indian Rainfall Index Insurance Market

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Efforts have been made in India and other countries in recent years to develop formal insurance markets to improve diversification of weather-related income shocks. This article aims to survey the features of one of these markets, the Indian rainfall index insurance market. “Index insurance” refers to a contract whose payouts are linked to a publicly observable index; in this case, the index is cumulative rainfall recorded on a local rain gauge during different phases of the monsoon season. This form of insurance is now available at a retail level in many parts of India, although these markets are still in their relative infancy in terms of product design and distribution.

Keywords: microinsurance; Indian rainfall index insurance market; index insurance; retail level; product design; product distribution

Article.  11030 words. 

Subjects: Economics ; Economic Development and Growth ; International Economics

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