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1.
Flood costs are escalating due to climate change and increased development in hazardous areas. Flood insurance plays a critical role in financial recovery, but there is very little research on how well consumers understand flood insurance policies. Poor insurance literacy could lead to suboptimal risk management decisions. This paper presents some of the first evidence on homeowner flood insurance literacy from a survey of residents in Portland, Oregon. We find that while a basic understanding of general insurance terms is widespread, details about flood insurance policies are not well-understood and many respondents do not know the specific terms of their policy. Residents of the 100-year floodplain are more likely to know that their homeowners’ insurance does not cover flooding, but do not have substantially better understanding or knowledge of specifics about their policy than those outside the floodplain. We also find that the majority of survey respondents did not learn about their flood risk or the cost of flood insurance until after making an offer on their property.  相似文献   

2.
Flood risk insurance can be an effective tool in assisting the restoration of damaged property after a flood event and sustaining communities through difficult times. It can also form part of a wider flood risk management strategy. In the light of recent flood events in the UK and in the context of changing property insurance markets, the universal cover previously enjoyed by floodplain residents has been called into question. Conflicting media and industry views leave the floodplain resident and the wider community in confusion. A survey of floodplain residents in England regarding their experience with flooding and flood insurance in England has been undertaken. The results reveal that some floodplain residents do indeed encounter difficulties when seeking insurance for their homes. However, despite the risk‐averse policies of some insurers, availability of insurance is still strong in both at‐risk and previously flooded locations. Success in gaining insurance may lead to complacency among residents who see no advantage in pursuing other, more costly, damage mitigation actions. As a tool in risk management, therefore, the market is prevented from realising its potential by competition, which results in a lack of a consistent approach, rewards homeowners' search strategies and reduces information flow.  相似文献   

3.
Houses are the primary asset for Chinese rural families. However, dramatically increasing frequency and severity of floods have caused significant loss in rural houses recently, and there is generally no insurance available. In this article, we investigate the rural residents’ willingness to buy insurance according to a national survey. The results show that there exists a strong need for flood insurance in rural China, and the influencing factors in the insurance demand include the recent frequency of floods, income, and past experience with lack of flood insurance. Policy suggestions for flood insurance are provided for the insurance industry and Chinese government.  相似文献   

4.
In light of increasing flood damage, private flood mitigation gains more relevance. We investigate empirically whether the uptake of private flood mitigation measures in Germany is affected by (a) the perceived flood insurance coverage, and (b) public information campaigns focussing on flood hazards. We use a novel longitudinal dataset of more than 3200 households and employ a difference-in-differences estimation approach. The results show that households who state a change in their insurance status and report themselves as being insured mitigate more, not less. This contradicts the expectation of moral hazard and suggests that insurance and mitigation are rather seen as complements than substitutes. Moreover, the survey data suggest that many households falsely expect being flood-insured. Public information campaigns show no measurable effect on the flood mitigation behaviour of households, which poses questions about the effectiveness of large-scale information campaigns. In tendency, our results support the idea of compulsory flood insurance.  相似文献   

5.
This article examines the impact of flood risk and mandatory flood insurance on property values. Using a large data set of almost 2,000 homes sold in the New Orleans, Louisiana, area from 1971 through 1986, the analysis confirms the finding of earlier studies that location in a floodplain does reduce property values. The present study, using spline variables to adjust for locational variation in the data and an improved measure of insurance cost, reveals that much of this reduction can be attributed to mandatory flood insurance coverage. Moreover, while unexpected flooding does increase the insurance cost capitalization, repeated flooding does not seem to reduce property values further.  相似文献   

6.
通过对呼和浩特市6所高校的学生访谈和问卷调查,分析得出:将大学生纳入城镇居民基本医疗保险试点范围的政策,初步实现了与公费医疗的制度转换,但还有不少问题,需要进一步的改进和完善。笔者认为,要根据大学生的生理特点、经济承受能力以及对医疗保险的需求意愿,坚持分责制的建制理念,以“重预防、保大病”为重点,建立一种以疾病预防保健为基础,基本医疗保险为核心,大额医疗保险为应急和商业保险为辅助的大学生医疗保障模式。  相似文献   

7.
通过对湖南省112户农村居民的调查,运用 Probit 模型对农村居民购买商业养老保险意愿的影响因素进行实证分析,结果表明:目前我国有超半数以上的农村居民不愿意购买商业养老保险,商业养老保险在农村地区还未充分发挥其保障作用。农村居民年龄、受教育程度、家庭年纯收入、对商业养老保险的了解程度、对养儿防老的态度、政府宣传商业养老保险的影响程度等对农村居民购买商业养老保险的意愿有显著影响。  相似文献   

8.
The main objective of this article is to model the losses caused by frost events and use it to price frost insurance. Since the data on frost events are either unavailable or rarely available, we have chosen to obtain a model for frost losses based on temperature by using some fundamental agricultural engineering findings on frost damage. The main challenges in modeling frost loss variables are, first, the nonlinearity of the frost losses with respect to the temperature and, second, the fruit resistance to the first few hours of low temperature. We address both issues when introducing our frost loss variable. Then after finding the loss model, we use it to price frost insurance for a general family of insurance contracts that do not generate any risk of moral hazard. In particular, we will find the premiums of stop-loss policies for losses to citrus fruits using Value at Risk, Conditional Value at Risk, and Wang's premium based on temperature data from San Joaquin Drainage in California.  相似文献   

9.
We explore determinants of flood insurance demand in the coastal zone using micro‐data for nine Southeastern counties. Overall estimates indicate price inelastic demand, though subsidized policyholders have greater coverage and are more price sensitive. Mortgage borrowers exhibit no greater coverage; only 12 percent in 100‐year flood zone indicate flood insurance was required by their lender. Flood insurance demand is increasing in the levels of flood and erosion risk. We find a positive correlation between household income and coverage, but the effect is not monotonic. Community‐level erosion hazard mitigation projects influence flood insurance coverage, with beach replenishment acting as a complement.  相似文献   

10.
This paper reports results from an experimental study that investigates insurance behaviors in low-probability, high-loss risk situations. The study reveals that insurance behaviors may depend on the length of the commitment period of insurance policies, namely the period during which individuals commit themselves to maintain the same insurance decision. The results of this study also seem to support the predictions of the Dual Theory concerning the demand for co-insurance policies, that is to say the preference of individuals for extreme (null or full) levels of insurance coverage. This study also suggests that prior risk occurrences influence subsequent insurance choices. The paper provides a new possible explanation about the puzzling fact that people usually fail to obtain insurance against disaster-type risks such as natural disasters, even when premiums are close to actuarially fair levels.  相似文献   

11.
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.  相似文献   

12.
Testing for Adverse Selection in Insurance Markets   总被引:1,自引:1,他引:0  
This article reviews and evaluates the empirical literature on adverse selection in insurance markets. We focus on empirical work that seeks to test the basic coverage–risk prediction of adverse selection theory—that is, that policyholders who purchase more insurance coverage tend to be riskier. The analysis of this body of work, we argue, indicates that whether such a correlation exists varies across insurance markets and pools of insurance policies. We discuss various reasons why a coverage–risk correlation may not be found in some pools of insurance policies. The presence of a coverage–risk correlation can be explained either by moral hazard or adverse selection, and we discuss methods for distinguishing between them. Finally, we review the evidence on learning by policyholders and insurers.  相似文献   

13.
文章基于对广东省34地农户稻作保险购买行为的调研,采用开放的二分选择式条件估价法获取1772户农户水稻保险支付意愿(Willingness To Pay,WTP)数据,运用Tobit模型针对稻作风险、农户风险意识、风险管理替代工具和农户家庭特征四类二十个因素进行了检验和讨论。研究表明,产量变异系数、风险损失频率等七个因素对支付意愿的影响最为显著性,家庭纯收入、对农业保险的认同等四个因素对支付意愿的影响较为显著,保险免赔率、生产总成本等六个因素对支付意愿有一定影响,而稻作面积、是否参与过其他保险等三个因素的影响甚微,文章最后根据测算结果提出了发展广东省农业保险的政策建议。  相似文献   

14.
Abstract

Here we describe the implementation of an experimental research tool called the Decision Game that we used to collect data on household flood risk management decisions. Participants using this tool play an interactive game that involves making household decisions about place of residence and a variety of household expenditures, including spending on flood insurance and private flood risk mitigation. Participants also answer survey questions before and after playing the game; the pre-game survey collected demographic information, and the post-game survey collected information about participant experiences with flooding and flood mitigation. Online and face-to-face participants showed similar engagement with the experiment, and most participants appeared to have made deliberate and considered decisions about risk mitigation. Online study participants had similar responses to those who participated in person, although face-to-face participants seemed slightly more likely to mitigate against risk. Overall, participants in this research were younger, more educated and more likely to rent a home than the average Canadian. Serious games may be useful for augmenting existing data gathering strategies used in understanding environmental decision making, particularly for rare catastrophic events for which stated preference surveys may be less informative. Serious games allow for sharing a mixture of information with study participants, including maps, video clips, text and even immersive 3D experiences, and can be administered online to increase participation levels. Future research will consider longer duration online experiments and more immersive interaction frameworks.  相似文献   

15.
Under certain cost conditions the optimal insurance policy offers full coverage above a deductible, as Arrow and others have shown. However, many insurance policies currently provide coverage against several losses although the possibilities for the insured to affect the loss probabilities by several prevention activities (multiple moral hazard) are substantially different. This article shows that optimal contracts under multiple moral hazard generally call for complex reimbursement schedules. It also examines the conditions under which different types of risks can optimally be covered by a single insurance policy and argues that the case for umbrella policies under multiple moral hazard is limited in practice.  相似文献   

16.
本研究调查怀化市城镇居民基本医疗保险对居民"看病难看病贵"问题的缓解情况,调查结果表明,城镇居民医保对"看病难"问题改观不大,"看病贵"相对减轻,并存在城镇居民医保认知度高,参保意愿不强的情况。本文对此分析原因并有针对性地提出了四项建议:完善城镇居民医保政策,增强制度吸引力;调整医疗资源配置思路,发挥各类医疗机构作用;探索建立新型人才流动模式,提高基层医院医疗水平;强化政府责任,加大政府投入力度。  相似文献   

17.
构建混合利他动机和交换动机下的世代交叠模型,研究个人最优消费决策,测算商业养老保险与代际转移对老年收入水平的影响。结果发现:代际转移支付比例提高会减少商业养老保险的购买,进而降低老年收入水平,与其他因素相比,保险价格变动对保险需求的影响最明显。鉴于此,应丰富居民投资结构,建设高质量的教育体系,发挥家庭养老除代际转移支付之外的多样化功能,同时通过供给侧降费推动居民参与商业养老保险。  相似文献   

18.
在"强县扩权"背景下,2009年3月神木县启动"全民免费医疗"政策,实现了基本医疗服务的城乡一体化。这一制度与其在教育、就业、养老等方面的新政一样,不断探索着资源型城市实现基本公共服务均等化的新思路。本文通过对神木县"全民免费医疗"实施以来的居民满意度及制度运行状况的调研,指出神木医改中存在的主要问题:(1)神木县农村三级卫生服务网络不健全,乡镇卫生院作用发挥有限,医疗资源浪费与短缺并存;(2)为解决过度医疗问题而出台的控制医疗费用的细则在实际运行中效果欠佳。基于此,我们建议实行"守门人"制度,引入强制首诊和双向转诊制度,并设计出双向转诊和费用报销的程序及其配套制度,以期为神木医改出现的问题提供解决方案,同时为其它地区实现基本公共卫生服务均等化目标,提供一个有益的借鉴。  相似文献   

19.
We extend behavioural research in investment and retirement savings to insurance, by investigating factors that may influence individuals’ insurance decision making. These factors include financial literacy, specialist insurance education and some behavioural biases. Based on a definition of insurance literacy that requires both having, and applying insurance knowledge, we find from a survey of postgraduate students that financial literacy does not necessarily translate to insurance literacy, whereas more specialised education can improve insurance literacy. Results also indicate specialist education potentially reduces susceptibility to anchoring effects.  相似文献   

20.
Whether directors’ and officers’ (D&O) insurance improves firm value is a controversial issue. We perform a literature review about the effect of D&O insurance and find mixed results. The proponents of D&O insurance believe it enhances corporate monitoring and improves firm value, while the opponents of D&O insurance argue that it creates a moral hazard problem and diminishes firm value. Against this backdrop, we argue that the trade‐off between the monitoring and moral hazard effects depends on the information acquired by the outside directors. Using a sample of listed Canadian firms, we find that (1) a change in D&O insurance coverage has no net effect on a firm's subsequent value when we ignore the information acquired by outside directors, (2) an increase in D&O insurance coverage improves a firm's subsequent value when the outside directors are well informed, and (3) an increase in D&O insurance coverage reduces a firm's subsequent value when the outside directors are poorly informed. Our findings are robust to endogeneity checks and have important implications for the regulation of D&O insurance.  相似文献   

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