Reports Outline Crop Insurance Study Results from Babes-Bolyai University (Machine Learning Models for Predicting Romanian Farmers’ Purchase of Crop Insurance): Agriculture – Crop Insurance

2022 OCT 28 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Investigators publish new report on crop insurance. According to news reporting originating from Cluj Napoca, Romania, by NewsRx correspondents, research stated, “Considering the large size of the agricultural sector in Romania, increasing the crop insurance adoption rate and identifying the factors that drive adoption can present a real interest in the Romanian market.”

Financial supporters for this research include Unitatea Executiva Pentru Finantarea Invatamantului Superior A Cercetarii Dezvoltarii Si Inovarii.

The news editors obtained a quote from the research from Babes-Bolyai University: “The main objective of this research was to identify the performance of machine learning (ML) models in predicting Romanian farmers’ purchase of crop insurance based on crop-level and farmer-level characteristics. The data set used contains 721 responses to a survey administered to Romanian farmers in September 2021, and includes both characteristics related to the crop as well as farmer-level socio-demographic attributes, perception about risk, perception about insurers and knowledge about agricultural insurance. Various ML algorithms have been implemented, and among the approaches developed, the Multi-Layer Perceptron Classifier (MLP) and the Linear Support Vector Classifier (SVC) outperform the other algorithms in terms of overall accuracy. Tree-based ensembles were used to identify the most prominent features, which included the farmer’s general perception of risk, their likelihood of engaging in risky behaviour, as well as their level of knowledge about crop insurance.”

According to the news editors, the research concluded: “The models implemented in this study could be a useful tool for insurers and policymakers for predicting potential crop insurance ownership.”

For more information on this research see: Machine Learning Models for Predicting Romanian Farmers’ Purchase of Crop Insurance. Mathematics, 2022,10(3625):3625. (Mathematics - http://www.mdpi.com/journal/mathematics). The publisher for Mathematics is MDPI AG.

A free version of this journal article is available at https://doi.org/10.3390/math10193625.

Our news journalists report that additional information may be obtained by contacting Codruta Mare, Department of Statistics-Forecasts-Mathematics, Faculty of Economics and Business Administration and The Interdisciplinary Centre for Data Science, Babes-Bolyai University, 400591 Cluj-Napoca, Romania. Additional authors for this research include Daniela Manate, Gabriela-Mihaela Muresan, Simona Laura Dragos, Cristian Mihai Dragos, Alexandra-Anca Purcel.

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