The likelihood of having flood insurance increases with social expectations
File version
Author(s)
Griffith University Author(s)
Primary Supervisor
Other Supervisors
Editor(s)
Date
Size
File type(s)
Location
License
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 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.
Journal Title
Area
Conference Title
Book Title
Edition
Volume
45
Issue
1
Thesis Type
Degree Program
School
Publisher link
Patent number
Funder(s)
Grant identifier(s)
Rights Statement
Rights Statement
Item Access Status
Note
Access the data
Related item(s)
Subject
Physical geography and environmental geoscience
Human geography