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Article: The likelihood of having flood insurance increases with social expectations

TitleThe likelihood of having flood insurance increases with social expectations
Authors
KeywordsRisk perception
Flood insurance
Australia
Affordability
Social survey
Social influence
Issue Date2013
Citation
Area, 2013, v. 45, n. 1, p. 70-76 How to Cite?
AbstractFlood 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. © 2013 The Author. Area © 2013 Royal Geographical Society (with the Institute of British Geographers).
Persistent Identifierhttp://hdl.handle.net/10722/210110
ISSN
2015 Impact Factor: 1.349
2015 SCImago Journal Rankings: 0.938

 

DC FieldValueLanguage
dc.contributor.authorLo, Alex Y.-
dc.date.accessioned2015-05-22T06:06:40Z-
dc.date.available2015-05-22T06:06:40Z-
dc.date.issued2013-
dc.identifier.citationArea, 2013, v. 45, n. 1, p. 70-76-
dc.identifier.issn0004-0894-
dc.identifier.urihttp://hdl.handle.net/10722/210110-
dc.description.abstractFlood 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. © 2013 The Author. Area © 2013 Royal Geographical Society (with the Institute of British Geographers).-
dc.languageeng-
dc.relation.ispartofArea-
dc.subjectRisk perception-
dc.subjectFlood insurance-
dc.subjectAustralia-
dc.subjectAffordability-
dc.subjectSocial survey-
dc.subjectSocial influence-
dc.titleThe likelihood of having flood insurance increases with social expectations-
dc.typeArticle-
dc.description.natureLink_to_subscribed_fulltext-
dc.identifier.doi10.1111/area.12002-
dc.identifier.scopuseid_2-s2.0-84873138506-
dc.identifier.volume45-
dc.identifier.issue1-
dc.identifier.spage70-
dc.identifier.epage76-
dc.identifier.eissn1475-4762-

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