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Azahra, Astrid Sulistya
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Journal : Operations Research: International Conference Series

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Determination of Micro-Insurance Premium Price for Fisheries Using Poisson-Exponential Aggregate Distribution Approach Fadhilah, Dila Nur; Syahla, Raynita; Azahra, Astrid Sulistya
Operations Research: International Conference Series Vol. 5 No. 2 (2024): Operations Research International Conference Series (ORICS), June 2024
Publisher : Indonesian Operations Research Association (IORA)

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.47194/orics.v5i2.315

Abstract

Engaging in pond aquaculture is currently an attractive option amid the high demand for fish in the market. Entrepreneurial opportunities in the pond fish farming sector are increasingly open, although the risk of crop failure remains, both due to weather factors and the livestock process. Crop failure can have a significant financial impact on pond aquaculture cultivators. Therefore, it is necessary to have special insurance to protect against financial losses due to risks that can occur, namely Fisheries Micro Insurance. Microinsurance is a type of insurance product that is specifically designed for low-income people, offering simple, accessible, economically priced features and administration, and a fast compensation settlement process. The focus of this research is to calculate premium prices by applying an aggregate risk model approach. The data used is the number of incidents and the amount of losses due to crop failure in shrimp pond cultivation in Pandeglang Regency in the period of January 1, 2019-January 1, 2021. Data on the number of events follows the Poisson distribution, while data on the magnitude of losses follows the Exponential distribution. Furthermore, the Maximum Likelihood Estimation (MLE) method is used to calculate the parameter estimation. The average and variance estimates of the aggregate risk are used to determine the amount of premiums. The result of the premium selection in this study is IDR 42,005,600. The amount of premium reflects the collective premium resulting from the calculation based on the standard deviation principle.
Co-Authors Agung Prabowo Ahmad Riyansyah, Ahmad Apriva, Rizki binti Abdullah Suhaimi, Nurnisaa Fadhilah, Dila Nur Hasan, Mohammad Tanzil Hidayana, Rizki Apriva Ibrahim, Riza Andrian Irman, Dede kalfin Kalfin Kalfin, Kalfin Kristina Wijayanti Laksito, Grida Saktian Munahefi, Detalia Noriza Pirdaus, Dede Irman Saefullah, Rifki Sandi, Renda Saputra, Jumadil Saputra, Renda Sandi Sidiq, Fahmi Suhaimi, Nurnisaa binti Abdullah Syahla, Raynita Ulyana, Yaza Azzahara Wahid, Alim Jaizul Yasmin, Arla Aglia Yuningsih, Siti Hadiaty