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Perceived risk and the earthquake insurance purchase decision: a commentary on a paper by Lennart Sjöberg

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  • Risa Palm

Abstract

Sjöberg in his 1994 report entitled 'Perceived risk vs. demand for risk reduction' has argued that 'risk perception' involves two separable components: the probability that an event will occur and the consequences of this event. Based on three empirical studies, Sjöberg concluded that one of these two factors is far more important than the other: that the perceived severity of consequences is a better predictor of demand for mitigation than the perceived probability of harm or risk. This paper focuses on the second of the three reported studies involving the adoption of home insurance in Sweden. The empirical analysis reported here, based on survey research in California, supports the conclusion that perceived probability of occurrence continues to be an important factor in the decision to purchase voluntary hazards insurance.

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  • Risa Palm, 1999. "Perceived risk and the earthquake insurance purchase decision: a commentary on a paper by Lennart Sjöberg," Journal of Risk Research, Taylor & Francis Journals, vol. 2(4), pages 289-294, October.
    • Handle: RePEc:taf:jriskr:v:2:y:1999:i:4:p:289-294
    DOI: 10.1080/136698799376736
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    Cited by:

    1. Yudi Zhang & Lei He, 2022. "Research on the Characteristics and Influencing Factors of Community Residents’ Night Evacuation Behavior Based on Structural Equation Model," Sustainability, MDPI, vol. 14(19), pages 1-21, October.
    2. Kazuya Nakayachi & Branden B. Johnson & Kazuki Koketsu, 2018. "Effects of Acknowledging Uncertainty about Earthquake Risk Estimates on San Francisco Bay Area Residents’ Beliefs, Attitudes, and Intentions," Risk Analysis, John Wiley & Sons, vol. 38(4), pages 666-679, April.
    3. Amanda Savitt, 2017. "Insurance as a tool for hazard risk management? An evaluation of the literature," 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. 86(2), pages 583-599, March.

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