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Agriculture is inherently risky. Drought is a particularly troublesome hazard that has a documented adverse impact on agricultural development. A long history of decision-support tools have been developed to try and help farmers or policy makers manage risk. We offer site-specific drought insurance methodology as a significant addition to this process. Drought insurance works by encapsulating the best available scientific estimate of drought probability and severity at a site within a single number- the insurance premium, which is offered by insurers to insurable parties in a transparent risk-sharing agreement. The proposed method is demonstrated in a case study for dry beans in Nicaragua.

Citation

Jacqueline Díaz Nieto, Myles Fisher, Simon Cook, Peter Läderach, Mark Lundy. Weather indices for designing micro-insurance products for small-holder farmers in the tropics. PloS one. 2012;7(6):e38281

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PMID: 22737210

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