Protecting against disaster risks: Why insurance and prevention may be complements
Abstract
We examine mechanisms as to why insurance and individual risk reduction activities are complements instead of substitutes. We use data on flood risk reduction activities and flood insurance purchases by surveying more than 1000 homeowners in New York City after they experienced Hurricane Sandy. Insurance is a complement to loss reduction measures undertaken well before the threat of suffering a loss, which is the opposite of a moral hazard...
Paper Details
Title
Protecting against disaster risks: Why insurance and prevention may be complements
Published Date
Oct 1, 2019
Volume
59
Issue
2
Pages
151 - 169
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