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  • The likelihood of having flood insurance increases with social expectations

    Author(s)
    Lo, Alex
    Griffith University Author(s)
    Lo, Alex
    Year published
    2013
    Metadata
    Show full item record
    Abstract
    Flood insurance can reduce potentially disastrous economic losses to households. As climatic uncertainties grow, governments have increasingly found the social costs of non-insurance prohibitive. Attempts to improve insurance coverage could benefit from a characterisation of the insured and uninsured households. The dominant view holds that the insured household is more risk aware and more likely to consider the costs of insurance to be affordable. In a survey of residents of Brisbane, Australia, however, the risk and income effects were found to be not significant. Instead, perception of social response predicted ...
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    Flood insurance can reduce potentially disastrous economic losses to households. As climatic uncertainties grow, governments have increasingly found the social costs of non-insurance prohibitive. Attempts to improve insurance coverage could benefit from a characterisation of the insured and uninsured households. The dominant view holds that the insured household is more risk aware and more likely to consider the costs of insurance to be affordable. In a survey of residents of Brisbane, Australia, however, the risk and income effects were found to be not significant. Instead, perception of social response predicted insurance status. The likelihood of insuring against flooding increases if individuals expect the same action from other people or affirmation from family members or friends. Adoption of flood insurance is associated with perceived social expectations. Flood managers, policymakers and insurers should address these social determinants head-on in order to improve insurance coverage.
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    Journal Title
    Area
    Volume
    45
    Issue
    1
    DOI
    https://doi.org/10.1111/area.12002
    Subject
    Urban and Regional Studies (excl. Planning)
    Physical Geography and Environmental Geoscience
    Human Geography
    Publication URI
    http://hdl.handle.net/10072/54270
    Collection
    • Journal articles

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