Abstract
A major problem facing livestock producers is animal mortality risk. Livestock mortality insurance is still at the initial stages, and premium computation approaches are still relatively new and will require more research. This study seeks to provide a first step for developing a better understanding of livestock insurance as a solution to mortality risk, as it explores improved methods for livestock mortality insurance modeling procedures, and premium computation, using credibility analysis. The purpose of this study is to develop improved estimates for livestock mortality insurance premiums for Canada under a credibility framework. We illustrate our approach through one example using livestock data from 1999 to 2007.
Keywords: Livestock insurance, Mortality Risk, Credibility Analysis, Estimates
Volume
Vol. 82, Issue 2
Page
341-357
Year
2014
Categories
Actuarial Applications and Methodologies
Reserving
Management Best Estimate
Financial and Statistical Methods
Credibility
Publications
Journal of Risk and Insurance, The
Prizes
American Risk and Insurance Association Prize