An analysis on determination of land area claim prediction for rice farmers insurance business in Indonesia using nonparametric bayesian method

The Government of Indonesia has issued a Rice Farming Insurance program which is known as Asuransi Usaha Tani Padi (AUTP). It is a form of protection against crop failure losses faced by farmers by providing benefit insurance as the next planting capital. This study aims to estimate the Bayes premiu...

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Bibliographic Details
Published in:Journal of physics. Conference series 2021-02, Vol.1796 (1), p.12006
Main Authors: Maulidi, I, Syahrini, I, Oktavia, R, Ihsan, M, Emha, R
Format: Article
Language:English
Subjects:
Bayesian analysis
Ceilings
Insurance
Parameter estimation
Physics
Planting
Random variables
Rounding
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Summary:The Government of Indonesia has issued a Rice Farming Insurance program which is known as Asuransi Usaha Tani Padi (AUTP). It is a form of protection against crop failure losses faced by farmers by providing benefit insurance as the next planting capital. This study aims to estimate the Bayes premium parameters and Bayes premium estimates for the next period with 2 planting periods-claim data using a nonparametric approach. The results of this study were obtained by assuming a maximum area of crop failure or claims that occurred were 4 hectares for each group of farmers. Also, the analysis has been done by assuming the area of claimed land as a discrete random variable so that rounding of the data was required. Rounding data used in this study are those that are rounded to the nearest integers using the regular, flooring, and ceiling rounding method.
ISSN:1742-6588
1742-6596
DOI:10.1088/1742-6596/1796/1/012006