Homeowner purchase of insurance for hurricane-induced wind and flood damage
Homeowner purchase of insurance for hurricane-induced wind and flood damage
复制标题
房主购买飓风引起的风灾和洪水灾害保险
DOI：
10.1007/s11069-017-2863-x
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发表时间：
2017
期刊：
影响因子：
3.7
通讯作者：
Jamie B. Kruse
中科院分区：
文献类型：
--
作者：
Dong Wang;R. Davidson;J. Trainor;L. Nozick;Jamie B. Kruse
了解房主在什么情况下会购买保险，对于创建一个有效的飓风和洪水损失保险市场至关重要。本文通过对北卡罗来纳州房主的调查数据的分析，对这一主题的实证文献做出了贡献。我们分别建立了洪水保险和风险购买决策的混合Logit模型。该分析使用关于保费和免赔额影响的既定偏好数据，以解决揭示的偏好数据的一些局限性，在这些限制中，很难完全分离保费、免赔额、风险和覆盖范围限制以及强制性购买要求的影响。洪水保险和风力保险的结果是相似的。我们发现有证据表明，以下因素都很重要，并与更高的购买保险概率相关--较低的保费、较低的免赔额、最近的飓风经历、位于泛滥平原或更靠近海岸的位置、较高的收入和较年轻的房主。然而，在保费和免赔额方面，需求相对缺乏弹性，而且愿意为免赔额减少1美元而支付的意愿在整个人口中各不相同，一些人愿意支付1美元以上，这是一种行为异常。上一次飓风经历的近期对经历过破坏的房主的影响比对没有遭受破坏的房主更有影响力。结果表明，保险购买和房屋翻新是互补的，而不是替代的。最后，本文提出了可用于预测不同保费水平下地区保险渗透率的统计模型。
Understanding the circumstances under which homeowners will purchase insurance is critical to creating an effective insurance market for hurricane wind and flood loss. This paper contributes to the empirical literature on the subject through an analysis of survey data for homeowners in North Carolina. We develop separate mixed logit models for flood insurance and wind insurance purchasing decisions. The analysis uses stated preference data on the influence of premium and deductible to address some limitations of revealed preference data in which it is difficult to fully decouple effects of premium, deductible, risk, and coverage limit, and mandatory purchase requirements. The results for flood insurance and wind insurance are similar. We find evidence that the following are all significant and associated with higher probability of purchasing insurance—lower premium, lower deductible, more recent previous hurricane experience, location in a floodplain or closer to the coast, higher income, and younger homeowners. However, demand is relatively inelastic with respect to premium and deductible, and the willingness to pay for a $1 reduction in deductible varies throughout the population with some willing to pay more than $1, a behavioral anomaly. The recency of the last hurricane experience is more influential for homeowners who experienced damage than for homeowners who did not. Results suggest that insurance purchase and home retrofits are complements, not substitutes. Finally, the paper presents statistical models that can be used to predict insurance penetration rates for a region under different premium levels.