This study examines the effect of smallholder farmers' access to a formal climate risk transfer mechanism on their risk …-purchaser farmers. Similarly, non-purchasers would have attained a significant reduction in their risk-aversion if they had taken up the … insurance product. We also find that WICI has a positive and statistically significant effect on farmers' real-life risk …

such insurance lines, securitizationis rapidly emerging as an alternative form of risk transfer. The ultimatesuccess of … separate components, one of which is atype of systemic risk that is highly correlated amongst insureds. Such acorrelated …, which illustrate ourmethodology in several types of insurance markets subject to systemic risk. …

literature that, when there is (only) risk type uncertainty, the optimal GR contract with renewal price set at the actuarially … fair price for low risk types provides full insurance against reclassification risk. We develop a model that includes … unpredictable (and unobservable) fluctuations in demand for life insurance as well as changes in risk type (observable) over …

) the comparison of the degree of risk aversion for consumption and for LTC expenditures, and (iii) the income level of …