Analysis

RECOMMENDATIONS:

Based on the provided data, I recommend approving the insurance application with a premium rate of 12% above the standard rate for rice crops. This is due to the relatively high coverage level of 70% and the high market price per tonne of $367.00, which indicates a higher risk exposure.

ANALYSIS:

1. Crop details: The crop is rice, planted on 2024-08-12 and expected to be harvested on 2024-09-07.
2. Yield and density: The farmer expects to harvest 12000 plants per hectare, with an expected yield of 35 tonnes per hectare. This indicates a moderate to high yield potential.
3. Input costs: The input cost per hectare is $300.00, which is relatively low compared to other crops.
4. Coverage level: The farmer has opted for a high coverage level of 70%, which indicates a higher risk exposure for the insurer.
5. Market price: The market price per tonne is $367.00, which is relatively high and increases the risk exposure for the insurer.

Overall, while the crop details and input costs appear moderate, the high coverage level and market price per tonne increase the risk exposure for the insurer. Therefore, a premium rate of 12% above the standard rate is recommended to account for this increased risk.