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Catastrophes and the Demand for Life Insurance

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  • Stephen G. Fier
  • James M. Carson

Abstract

Prior research suggests that catastrophes may lead to increases in risk mitigation, risk perception, and the demand for insurance. Given the extensive damage inflicted by major natural disasters, such a phenomenon is intuitive for property risk. However, theory and prior empirical evidence also suggest a broader behavioral perspective and we therefore examine the possible link between catastrophes and subsequent demand for insurance against mortality risk. Based on U.S. state-level data, we provide evidence of a significant positive relation between catastrophes and several measures of life insurance demand.

Suggested Citation

  • Stephen G. Fier & James M. Carson, 2015. "Catastrophes and the Demand for Life Insurance," Journal of Insurance Issues, Western Risk and Insurance Association, vol. 38(2), pages 125-156.
    • Handle: RePEc:wri:journl:v:38:y:2015:i:2:p:125-156
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    Cited by:

    1. Nicolò Barbieri & Massimiliano Mazzanti & Anna Montini & Andrea Rampa, 2022. "Risk Attitudes to Catastrophic Events: VSL and WTP for Insurance Against Earthquakes," Economics of Disasters and Climate Change, Springer, vol. 6(2), pages 317-337, July.
    2. Aloysius Gunadi Brata & Henri L. F. de Groot & Piet Rietveld & Budy P. Resosudarmo & Wouter Zant, 2021. "Resilience toward Volcanic Eruptions: Risk Perception and Disaster Microinsurance in Yogyakarta, Indonesia," Sustainability, MDPI, vol. 13(16), pages 1-16, August.
    3. Dietrich, Alexander M. & Müller, Gernot J. & Schoenle, Raphael, 2023. "Big news: Climate change and the business cycle," University of Tübingen Working Papers in Business and Economics 158, University of Tuebingen, Faculty of Economics and Social Sciences, School of Business and Economics.

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