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RETRACTED ARTICLE: Premium rate making of jujube revenue insurance in Xinjiang Aksu Region based on the mixed Copula-stochastic optimization model

Author

Listed:
  • Li-Mei Qi

    (Tarim University)

  • Hao-Jie Zhu

    (Tarim University)

  • Xiao-Zhe Geng

    (Weifang Vocational College)

  • Lei Fang

    (Tarim University)

Abstract

Scientific and reasonable premium rate is the premise to guarantee the high-quality development of agricultural insurance, while unscientific premium rate is the important reason for adverse selection and insufficient use of financial funds in the development of agricultural insurance. Using the method of leading indicators and cluster analysis, this paper have regionalized the planting risk of jujube at the county level in Aksu Region of Xinjiang, China. The mixed Copula-stochastic optimization model have been used to determine the premium rate of jujube revenue insurance in different planting risk areas. Under the 100% guarantee level, the amount of revenue insurance for jujube in low, medium, higher and highest risk areas are 28,026.72 yuan/ha, 25,969.49 yuan/ha, 29,149.02 yuan/ha and 12,256.68 yuan/ha, respectively. The gross rate are 12.79%, 15.17%, 47.99% and 12.65% respectively, and the premium are 3585.93 yuan/ha, 3939.84 yuan/ha, 13,988.87 yuan/ha and 1550.44 yuan/ha respectively. In addition to the highest-risk area due to low insurance amount resulting in lower rates and premiums, the rates and premiums of the other three risk areas are consistent with the effect of their risk levels. In this paper, we propose a new pricing method of crop revenue insurance, which has a good theoretical significance for improving the credibility of crop revenue insurance pricing results, and has an important practical significance for changing the "unified" mode of current policy insurance reward and subsidy scheme of forestry and fruit industry in Xinjiang.

Suggested Citation

  • Li-Mei Qi & Hao-Jie Zhu & Xiao-Zhe Geng & Lei Fang, 2023. "RETRACTED ARTICLE: Premium rate making of jujube revenue insurance in Xinjiang Aksu Region based on the mixed Copula-stochastic optimization model," Journal of Combinatorial Optimization, Springer, vol. 45(3), pages 1-22, April.
    • Handle: RePEc:spr:jcomop:v:45:y:2023:i:3:d:10.1007_s10878-023-01015-8
    DOI: 10.1007/s10878-023-01015-8
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    References listed on IDEAS

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    1. Jia-Bao Liu & Yan Bao & Wu-Ting Zheng & Sakander Hayat, 2021. "NETWORK COHERENCE ANALYSIS ON A FAMILY OF NESTED WEIGHTED n-POLYGON NETWORKS," FRACTALS (fractals), World Scientific Publishing Co. Pte. Ltd., vol. 29(08), pages 1-15, December.
    2. Calum G. Turvey & Vincent Amanor-Boadu, 1989. "Evaluating Premiums for a Farm Income Insurance Policy," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 37(2), pages 233-247, July.
    3. H. A. Rusyda & L. Noviyanti & A. Z. Soleh & A. Chadidjah & F. Indrayatna, 2021. "The design of multiple crop insurance in Indonesia based on revenue risk using the copula model approach," Journal of Applied Statistics, Taylor & Francis Journals, vol. 48(13-15), pages 2920-2930, November.
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