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All Journal Operations Research: International Conference Series International Journal of Global Operations Research
Nugraha, Dwita Safira
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Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Engineering Mathematics

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Journal : Operations Research: International Conference Series

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Determination of North Sulawesi Agricultural Insurance Premiums Based on Rainfall Index Using the Black-Scholes Model Novianti, Saqila; Nugraha, Dwita Safira; Wiliya, Wiliya
Operations Research: International Conference Series Vol. 2 No. 1 (2021): Operations Research International Conference Series (ORICS), March 2021
Publisher : Indonesian Operations Research Association (IORA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47194/orics.v2i1.156

Abstract

This article discusses the use of the Black Scholes model to calculate insurance premium prices based on the rainfall index. The Black Scholes model is one of the models used to determine option prices. The research method used is to study the material through mathematics journals and collect data. The data used in this study are rainfall data and rice production data in North Sulawesi from 2018 to 2020. Based on the results and discussion, the quarterly rainfall data that has a strong correlation is the third quarter rainfall. At the 5th percentile, the third quarter rainfall data is 450.22 mm. For the latest rainfall data size (450.22 mm) the premium obtained is IDR 231,912.09. From the calculation results, the higher the value for both sizes, the greater.
Co-Authors Dwi Susanti Novianti, Saqila Sukono Sukono Wiliya, Wiliya