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Default Options and Insurance Demand

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  • Peter John Robinson
  • W.J. Wouter Botzen
  • Howard Kunreuther
  • Shereen J. Chaudhry

Abstract

Default options may provide a low-cost way of influencing behaviour without modifying incentives and constraining choices between alternatives. We study whether defaults can be used to increase insurance coverage against low-probability/high-impact risks, like floods, and whether past flood insurance purchases and flooding experience moderate the effect of defaults. Our study uses a naturally occurring difference in experience, comparing the surveyed flood insurance choices of 1,187 homeowners, half of whom are in the Netherlands, where flood insurance penetration rates are low and recent flooding caused minor losses, and the other half of whom are in the United Kingdom (UK), where the opposite is true. We find defaults are effective among homeowners with little to no flood-related experience: in the Netherlands defaults increase the likelihood of insuring by between 17 and 18 percentage points. Although there is no overall effect of defaults in the UK, defaults increase flood insurance coverage for risk averse individuals, and those who have no reported previous flood experience and have not purchased flood insurance. Anticipated regret about not having insurance coverage in the event of a flood, and perceptions about the insurance cost explain between 34 and 37 percent of the relationship between the default and flood insurance demand. We discuss policy implications of our findings.

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  • Peter John Robinson & W.J. Wouter Botzen & Howard Kunreuther & Shereen J. Chaudhry, 2020. "Default Options and Insurance Demand," NBER Working Papers 27381, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:27381
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    Cited by:

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    5. Hwang, In Do, 2024. "Behavioral aspects of household portfolio choice: Effects of loss aversion on life insurance uptake and savings," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1029-1053.
    6. Eberhard Feess & Cathrin Jordan & Ilan Noy, 2022. "Insurance for Catastrophes - Indemnity vs. Parametric Insurance with Imperfect Information," CESifo Working Paper Series 9631, CESifo.
    7. Osberghaus, Daniel & Botzen, Wouter & Kesternich, Martin & Iurkova, Ekaterina, 2022. "The Intention-Behavior Gap in Climate Change Adaptation," VfS Annual Conference 2022 (Basel): Big Data in Economics 264073, Verein für Socialpolitik / German Economic Association.
    8. Lynn Conell‐Price & Carolyn Kousky & Howard Kunreuther, 2022. "Encouraging resiliency through autoenrollment in supplemental flood insurance coverage," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 89(4), pages 1109-1137, December.
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    10. Peter John Robinson & W. J. Wouter Botzen, 2023. "Can we nudge insurance demand by bundling natural disaster risks with other risks?," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 7(2), pages 39-46, December.

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