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Strengthening local credit markets through lender-level index insurance

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<title>Strengthening local credit markets through lender-level index insurance</title>
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<dateIssued encoding="marc">2020</dateIssued>
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<abstract displayLabel="Summary">This article considers lender-level index insurance as a means of expanding access to credit in disaster-prone communities. In this approach, the lender transfers the disaster risk of loans in its portfolio by contracting on an observable measure of the catastrophe. I develop and calibrate a dynamic, stochastic model using data from a community lender in Peru that is vulnerable to El Niñorelated flooding. The modeled lender can insure against El Niño using an index-based product that is available for purchase by financial intermediaries in Peru. I examine how premium rates, basis risk, and background risk may influence the lender's insurance decision and credit supply. Overall, the results suggest that lender-level index insurance holds promise for reducing disaster-related credit supply shocks and expanding credit access in vulnerable communities.</abstract>
<note type="statement of responsibility">Benjamin L. Collier</note>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080582586">
<topic>Seguro de crédito</topic>
</subject>
<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080612429">
<topic>Riesgos extraordinarios</topic>
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<topic>Transferencia de riesgos</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080586447">
<topic>Modelo estocástico</topic>
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<subject xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080562922">
<topic>Inundaciones</topic>
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<classification authority="">6</classification>
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<title>The Journal of risk and insurance</title>
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<publisher>Nueva York : The American Risk and Insurance Association, 1964-</publisher>
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<identifier type="issn">0022-4367</identifier>
<identifier type="local">MAP20077000727</identifier>
<part>
<text>01/06/2020 Volumen 87 Número 2 - junio 2020 , p. 319-349</text>
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<recordCreationDate encoding="marc">200508</recordCreationDate>
<recordChangeDate encoding="iso8601">20200508140922.0</recordChangeDate>
<recordIdentifier source="MAP">MAP20200015826</recordIdentifier>
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<languageTerm type="code" authority="iso639-2b">spa</languageTerm>
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