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Review of Economics

Jahrbuch für Wirtschaftswissenschaften

Editor-in-Chief: Berlemann, Michael

Ed. by Haucap, Justus / Thum, Marcel

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Why Do Few Homeowners Insure Against Natural Catastrophe Losses?

Benjamin Addai Antwi-Boasiako
  • Dresden Leibniz Graduate School (DLGS), Leibniz Institute of Ecological and Regional Development (IOER), Faculty of Environmental Studies, Technische Universität Dresden, Germany
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Published Online: 2016-02-11 | DOI: https://doi.org/10.1515/roe-2014-0302


Insurance has been suggested as a policy instrument that can help in managing the rising economic cost of natural catastrophes. Evidence, however, shows that many homeowners do not insure their homes against natural catastrophes and tend to depend on (unreliable) disaster aid. This paper surveys the economics, insurance and psychology literature to explain why few homeowners insure against natural catastrophes. The paper covers the relevant theoretical approaches as well as the available empirical evidence and possible policy measures.

Keywords: Insurance; natural catastrophes; government intervention; uncertainty

About the article

Published Online: 2016-02-11

Published in Print: 2014-12-01

Citation Information: Review of Economics, Volume 65, Issue 3, Pages 217–240, ISSN (Online) 2366-035X, ISSN (Print) 0948-5139, DOI: https://doi.org/10.1515/roe-2014-0302.

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© 2014 by Lucius & Lucius, Stuttgart.

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Benjamin A. Antwi-Boasiako
International Journal of Disaster Risk Reduction, 2017, Volume 22, Page 297

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