Verisk Multiple Peril Crop Insurance Model for the United States

Enhancements to the Verisk Multiple Peril Crop Insurance (MPCI) Model for the United States.

Scope

Significant new model features and improvements as well as updates to model premiums and policies.

General model updates

Hazard
  • Event descriptions updated to include
    • Pasture, range-land, and forage (PRF) national loss fraction.
    • To help with loss timing for XOL treaties, each event is assigned a day corresponding to some peak loss impact.
    • Each year is assigned a multivariate ENSO Index for climate variability filtering.
Catalogs and event sets
  • Stochastic catalog(s)
    • Updates to all four volatility catalogs
      • Historical events
        • Two new events (2022 and 2023)
        • 50 historical events total (1974-2023)
      • Scenario filtering updated to include two more parameters (in addition to the existing yield and price ratios for five key crops)
        • PRF national loss fraction
        • Multivariate ENSO Index
    • All event IDs are new.
Industry Exposure Database
  • Updated to 2023 (RMA industry premiums)
  • Policy terms and conditions updated to 2023 policy mix with new Tropical Storm (TS) option for Hurricane Insurance Protection-Wind Index (HIP-WI) policies

The following updates are now available:

  • Industry exposure and policy distribution updates.
  • Updates to all four volatility catalogs.
  • New Applies to Events filter parameters: PRF National Loss Fraction, ENSO Index.
  • Added new Historical Years (2022, 2023) to US MPCI Report Historical Recast.
  • Day-of-year of peak loss assigned to each simulation year in loss results and exports.