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- Title
Morbidity and Mortality Analysis for Risk-based Pricing in Cattle Insurance.
- Authors
Doss, Steward; Pathak Tiwari, Shalini
- Abstract
Keywords: cattle; livestock; mortality; GLM; risk based pricing EN cattle livestock mortality GLM risk based pricing 219 243 25 08/26/22 20220701 NES 220701 1 Introduction The agriculture sector plays a key role in developing economies. More importantly, as climate change is exuberating cattle mortality and morbidity, it is therefore essential that insurers explore developing index-based livestock insurance and alternative risk transfer mechanism like CAT-Bonds as well as parametric insurance by utilizing satellite images, the Internet of things (IoT) and sensor-based data on the risk characteristics of the animals, as well as weather-related parameters. Furthermore, these authors report that better animal rearing methods, such as maintaining regular cleanliness of cattle shelter facilities, adequate and balanced nutrition, and timely cattle-health management, significantly reduce cattle mortality. Because we want to estimate the probability of cattle mortality for each risk factor, and the cattle mortality data has a binary response (0/1), the binomial distribution was chosen to model the expected mortality rate.
- Subjects
FARMERS; CATTLE prices; DAIRY farmers; ANIMAL welfare; LOSS ratios (Insurance)
- Publication
Asia-Pacific Journal of Risk & Insurance, 2022, Vol 16, Issue 2, p219
- ISSN
1793-2157
- Publication type
Article
- DOI
10.1515/apjri-2020-0033