Income insurance in sugar beet production with weather derivatives

Abstract

In the past, farmers have bought insurance for protection against fluctuations in crop yields caused by weather risks. Relatively new tools for risk management in plant production are weather derivatives. Although weather derivatives show many advantages over traditional, the market for these products is still relatively limited. Therefore, it is necessary to quantify the effect of risk reduction that can be achieved by using weather derivatives on the example of selected farm in north-eastern part of Srem, Serbia. If the field of production is close to the meteorological station, and if a high correlation between weather indices and yield of sugar beet is assumed, then the effect of risk reduction is significant (up to 37,18 %).

U prošlosti su poljoprivrednici kupovinom osiguranja pokušali da se zaštite od kolebanja prinosa useva i plodova uslovljenih vremenskim rizicima. Relativno nov instrument za upravljanje rizikom u biljnoj proizvodnji predstavljaju vremenski derivati. Iako vremenski derivati pokazuju brojne prednosti u odnosu na klasično osiguranje, tržište ovih proizvoda još uvek je relativno malo. Zbog toga je potrebno na primeru šećerne repe na izabranom individualnom gazdinstvu u severoistočnom Sremu kvantifikovati efekat smanjenja rizika koji se postiže upotrebom vremenskih derivata. Ukoliko je mesto proizvodnje u neposrednoj blizini meteorološke stanice i ako je pretpostavljena visoka korelacija između količine padavina i prinosa šećerne repe, onda je značajna efikasnost smanjenja rizika (do 37,18%).