Participation in the National Flood Insurance Program: An Empirical Analysis for Coastal Properties

A perennial question about the National Flood Insurance Program is: how can participation be increased? An empirical analysis of individual‐level data reveals that in a sample of coastal areas the participation rate is 49 percent of eligible properties. Participation responsiveness to price is inelastic, but it has been increased by the mandatory purchase requirements for mortgage borrowers. Easing conditions for participation in the program would probably not reduce flood control measures, such as seawalls, which may degrade beach conditions and coastal ecosystems.     

Flood Hazards, Insurance Rates, and Amenities: Evidence From the Coastal Housing Market

This study employs the hedonic property price method to examine the effects of flood hazard on coastal property values. We utilize Geographic Information System data on National Flood Insurance Program flood zones and residential property sales from Carteret County, North Carolina. Our results indicate that location within a flood zone lowers property value. Price differentials for flood risk and the capitalized value of flood insurance premiums are roughly equivalent—both exhibiting a nonlinear relationship in flood probability. Our results support the conclusion that flood zone designation and insurance premiums convey risk information to potential buyers in the coastal housing market.     

Homeowners Insurance With Bundled Catastrophe Coverage

We estimate the demand for homeowners insurance in Florida and New York with indicated loss costs as our proxy for the quantity of real insurance services demanded. We decompose the demand into the demand for coverage of catastrophe perils and the demand for noncatastrophe coverage and estimate these demand functions separately. Our results are relatively consistent in New York and Florida, including evidence that catastrophe demand is more price elastic than noncatastrophe demand. We also find evidence that consumers value options that expand coverage, buy more insurance when it is subsidized through regulatory price constraints, and consider state guaranty fund provisions when purchasing insurance.     

基本养老保险覆盖全民问题研究

“十三五”末,我国已基本建成覆盖全民的基本养老保险制度,较好地实现了“制度全覆盖”和“人群全覆盖”的目标.“十四五”期间,“全覆盖”仍面临诸多问题和挑战,突出表现为大量在城镇就业人群未进入职工保险体系.城职保方面,新增参保人数持续下降,特殊群体参保比例低,断缴短缴呈上升趋势,社保关系跨地区衔接不畅,不依法合规参保现象普遍.城居保方面,低待遇影响积极性,参数设计激励不足,低收入人群缴费能力不足,基层经办能力薄弱.此外,新业态的快速发展对传统的社会保险制度模式提出挑战,尤其影响参保率.为促进“依法合规全覆盖”,关键是提高就业人群职工保险参保率,完善“三新”就业等重点人群参保政策,适当提升制度激励性,加大征缴执法监管力度,提升经办机构管理服务能力,以橄榄型补贴机制提升财政支出效用.     

Medical Insurance Coverage and Health Production Efficiency

Conventional economic theory predicts that medical insurance coverage causes an inefficient production of health because of  ex ante  and  ex post  moral hazard effects. However, no research has empirically examined the magnitude of the inefficiency. This study empirically examines the impact of medical insurance on the technical efficiency of health production at the metropolitan level. The underlying health production function allows for preventive care, curative care, and behavioral factors. Data envelopment analysis determines relative technical efficiency. The multiple regression results indicate that insurance coverage generates inefficiency but the efficiency loss appears to be relatively small on the extensive margin.     

Evidence of Asymmetric Information in the Automobile Insurance Market: Dichotomous Versus Multinomial Measurement of Insurance Coverage

In the empirical analysis of information asymmetry in automobile insurance markets, prior research used a dichotomous measurement approach that induces excessive bundling in coverage measurements and sample selection biases. To improve on the conditional correlation method for testing information asymmetry, we propose a multinomial measurement approach that constructs coverage categories at ordered multinomial levels. With this approach, we find robust evidence of information asymmetry in both coverage area and coverage amount choices, which we could not find with the dichotomous measurement approach. It thus demonstrates the sensitivity of the empirical findings to the method used to measure insurance coverage.     

The Aggregate Demand for Private Health Insurance Coverage in the United States

This article estimates the aggregate demand for private health insurance coverage in the United States using an error correction model for the period 1966–1999. Both short- and long-run price and income elasticities of demand are estimated. The empirical findings indicate that both private insurance enrollment and the completeness of insurance are relatively inelastic with respect to changes in price and income in the short and long run. Moreover, the results suggest that an increase in the number cyclically and frictionally uninsured generates less welfare loss than an increase in the number of structurally uninsured.     

A Study of the Interaction of Insurance and Financial Markets: Efficiency and Full Insurance Coverage

The first contribution of this article is to provide a framework, a model together with a corresponding equilibrium notion, suitable for the study of the interaction between insurance and dynamic financial markets. Our central result is that in equilibrium risk‐averse agents purchase full insurance coverage, despite unfair insurance prices. We identify three conditions that explain this result: (1) insurance contracts are priced competitively, (2) financial prices include a risk premium only for undiversifiable risk, and (3) financial markets are effectively complete. An implication is that in this model disasters can be insured by fully assessable stock insurance companies.     

The Demand for Insurance With an Upper Limit on Coverage

The demand for insurance is examined when the indemnity schedule is subject to an upper limit. The optimal contract is shown to display full insurance above a deductible up to the cap. Some results derived in the standard model with no upper limit on coverage turn out to be invalid; the optimal deductible of an actuarially fair policy is positive and insurance may be a normal good under decreasing absolute risk aversion. An increase in the upper limit would induce the policyholder with constant absolute risk aversion to reduce his or her optimal deductible and therefore this would increase the demand for insurance against small losses.     

Overcoming Barriers to Life Insurance Coverage: A Behavioral Approach

While life insurance purchase decisions have long been studied, we still do not know how people decide if they need insurance or how much they need. Using in‐depth interviews, we peer into the black box of employee decision making to learn what people know about this employee benefit, and how they decide if it is of value for them. We find that individuals understand the need for life insurance, but find many behavioral economic barriers to getting adequate coverage, including mental accounting, money illusion, and a strong role of defaults. We then conduct an online experiment of the hypothetical employee‐benefit purchase scenario, and find a few, simple interventions could help individuals better decide their life insurance needs.     

基于DFA方法的中国洪水保险定价研究

对洪水保险进行精确有效的定价十分困难.动态财务分析模型(DFA)能够有效的将多种因素综合在一起进行分析,弥补了以往洪水保险定价方法以单一时点统计数据作为定价基础的缺陷;再保险安排是洪水保险计划中的一个重要组成部分,购买60%比例再保险是最适当的;购买再保险能够极大的降低洪水保险计划的破产概率.     

Come Rain or Shine: Evidence on Flood Insurance Purchases in Florida

This article provides a detailed analysis of the operation of the National Flood Insurance Program (NFIP) in Florida, which accounts for 40 percent of the NFIP portfolio. We study the demand for flood insurance with a data set of more than 7.5 million NFIP policies‐in‐force (the largest ever studied) for the years 2000–2005, as well as all NFIP claims filed in Florida. We answer four questions: What are the characteristics of the buyers of flood insurance? What types of contracts (deductibles and coverage levels) are purchased? What are the determinants of claims payments? How are prices determined and how much does NFIP insurance cost?     

美国洪水保险计划的运营启示

在我国,洪水灾害是主要的自然灾害之一。然而,洪水保险制度却迟迟未能建立。本文搜集和分析有关美国洪水保险计划(NFIP)的最新文献,对以NFIP为代表的政府主导洪水保险运营模式进行了历史脉络的梳理,研究了其法制发展、运营现状、模式特色以及出现的问题,最后对洪水保险的政府运营模式进行了启发式的总结和建议。     

广西北部湾经济区保险服务体系构建研究

广西北部湾经济区的开放开发,为经济区保险业又好又快发展带来巨大机遇,也对保险业如何更好地服务经济社会发展提出了更高要求.课题组在全面分析北部湾保险业发展现状基础上,借鉴深圳保险创新试验区的成功经验,提出了构建北部湾国际区域保险服务中心的长远发展战略定位及战略措施.     

基于居民支付意愿的洪水保险定价研究

洪水保险的合理定价是制约洪水保险建立和推广的瓶颈之一,以往的洪水保险定价研究都是从供给的角度考虑的,而供给与需求之间存在差异。为了探索居民对于洪水保险的需求价格,从居民的洪水保险支付意愿出发,运用条件价值评估法(CVM法),借助调查问卷,实证分析得出:我国居民洪水保险支付意愿价格为81元,并分析了对于支付意愿的影响因素。