Valuing insurance services emerging from a gene bank: The case of the Greek Gene Bank

We develop a conceptual framework for determining insurance values associated with a gene bank and we apply the methodology to the Greek Gene Bank (GGB), the largest ex situ conservation program in Greece. To evaluate the insurance value generated by the holdings of the GGB genetic resources, the current study examined scenarios for alternative arrival probabilities of an adverse event that would negatively affect production of seven major staple crops held at the GGB within the next 100 years. Within the range of our estimates, it is indicated that insurance values considerably exceed the current operating costs of maintaining the GGB.