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Eliciting Demand for Flood Insurance under Climate Change: A Choice Experiment Approach

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  • Lyu, Ya-Pin
  • Chang, Ching-Cheng
  • Chen, Shu-Ling

Abstract

The purpose of this study is to unveil the nature of individual’s preference for PPP flood insurance alternatives under climate change using the choice experiment method and a case study in Tainan City in Taiwan. Our estimates shows that respondents who perceived increasingly higher risks in agriculture and fishery industry were less likely to buy flood insurance. Several reasons could account for their inactiveness in insurance purchase, including insufficient knowledge and financial capacity, over-reliance on government relief, and the lack of diverse insurance alternatives to meet local industrial needs. The simulated market penetration under different climate scenarios also reveals the market potentials do exist and will grow in the future while climate conditions get worse.

Suggested Citation

  • Lyu, Ya-Pin & Chang, Ching-Cheng & Chen, Shu-Ling, 2016. "Eliciting Demand for Flood Insurance under Climate Change: A Choice Experiment Approach," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235983, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea16:235983
    DOI: 10.22004/ag.econ.235983
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    Keywords

    Demand and Price Analysis; Financial Economics; Institutional and Behavioral Economics; Risk and Uncertainty;
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