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Fear or money? Decisions on insuring oneself against flood

Author

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  • Zaleskiewicz, Tomasz
  • Piskorz, Zbigniew
  • Borkowska, Anna

Abstract

In 1999 a research program was started with the goal of finding the main reasons that influence people's decisions to insure themselves against losses caused by flood. In a field study a questionnaire that measured perception of the flood risk and motives for insuring or not insuring against the consequences of this disaster was used. The data were collected on a group of 66 households that were hit by flood in 1997. As expected, the results showed that the insurance decisions were related to a few basic psychological factors of flood-risk perception. The most important finding was that people who reported greater fear while thinking about flood bought insurance more often after the flood had occurred than people who did not report fear. Another factor of flood-risk perception, knowledge about flood, was not related to any aspect of insurance decisions. The practical implications of these findings are discussed.

Suggested Citation

  • Zaleskiewicz, Tomasz & Piskorz, Zbigniew & Borkowska, Anna, 2002. "Fear or money? Decisions on insuring oneself against flood," Risk, Decision and Policy, Cambridge University Press, vol. 7(3), pages 221-233, December.
    • Handle: RePEc:cup:rdepol:v:7:y:2002:i:03:p:221-233_00
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    Cited by:

    1. Benyong Wei & Guiwu Su & Fenggui Liu, 2013. "Public response to earthquake disaster: a case study in Yushu Tibetan Autonomous Prefecture," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 69(1), pages 441-458, October.
    2. Oz, Seda, 2024. "The impact of terrorist attacks and mass shootings on earnings management," The British Accounting Review, Elsevier, vol. 56(3).
    3. Ranyard, Rob & McHugh, Sandie, 2012. "Defusing the risk of borrowing: The psychology of payment protection insurance decisions," Journal of Economic Psychology, Elsevier, vol. 33(4), pages 738-748.
    4. Michael Siegrist & Heinz Gutscher, 2006. "Flooding Risks: A Comparison of Lay People's Perceptions and Expert's Assessments in Switzerland," Risk Analysis, John Wiley & Sons, vol. 26(4), pages 971-979, August.
    5. Michael Siegrist & Heinz Gutscher, 2008. "Natural Hazards and Motivation for Mitigation Behavior: People Cannot Predict the Affect Evoked by a Severe Flood," Risk Analysis, John Wiley & Sons, vol. 28(3), pages 771-778, June.
    6. Cristóbal De La Maza & Alex Davis & Cleotilde Gonzalez & Inês Azevedo, 2019. "Understanding Cumulative Risk Perception from Judgments and Choices: An Application to Flood Risks," Risk Analysis, John Wiley & Sons, vol. 39(2), pages 488-504, February.
    7. Alex Y. Lo, 2013. "Household Preference and Financial Commitment to Flood Insurance in South-East Queensland," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 46(2), pages 160-175, June.
    8. Ruth Dittrich & Anita Wreford & Adam Butler & Dominic Moran, 2016. "The impact of flood action groups on the uptake of flood management measures," Climatic Change, Springer, vol. 138(3), pages 471-489, October.
    9. Pavel Raška, 2015. "Flood risk perception in Central-Eastern European members states of the EU: a review," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 79(3), pages 2163-2179, December.
    10. Chou, Wan-Jung & Huang, Yu-Chia & Chang, Ching-Cheng, 2015. "Precautionary Intentions and Risk Perceptions: Empirical Evidence from the Victims of Typhoon Morakot," 2015 AAEA & WAEA Joint Annual Meeting, July 26-28, San Francisco, California 205549, Agricultural and Applied Economics Association.
    11. Michael K. Lindell & Seong Nam Hwang, 2008. "Households' Perceived Personal Risk and Responses in a Multihazard Environment," Risk Analysis, John Wiley & Sons, vol. 28(2), pages 539-556, April.
    12. Peng Cheng & Jiuchang Wei & Yue Ge, 2017. "Who should be blamed? The attribution of responsibility for a city smog event in China," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 85(2), pages 669-689, January.
    13. Michal Titko & Jozef Ristvej & Zenon Zamiar, 2021. "Population Preparedness for Disasters and Extreme Weather Events as a Predictor of Building a Resilient Society: The Slovak Republic," IJERPH, MDPI, vol. 18(5), pages 1-24, February.
    14. P. Bubeck & W. J. W. Botzen & J. C. J. H. Aerts, 2012. "A Review of Risk Perceptions and Other Factors that Influence Flood Mitigation Behavior," Risk Analysis, John Wiley & Sons, vol. 32(9), pages 1481-1495, September.
    15. Carmen Keller & Michael Siegrist & Heinz Gutscher, 2006. "The Role of the Affect and Availability Heuristics in Risk Communication," Risk Analysis, John Wiley & Sons, vol. 26(3), pages 631-639, June.

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