Journal
JOURNAL OF RISK AND INSURANCE
Volume 84, Issue 3, Pages 819-850Publisher
WILEY
DOI: 10.1111/jori.12106
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Funding
- Zurich Insurance Foundation
- Center for Risk and Economic Analysis of Terrorism Events (CREATE) at the University of Southern California (U.S. Department of Homeland Security's Center of Excellence)
- National Science Foundation [SES-1062039/1061882]
- Travelers-Wharton Partnership for Risk Management Fund
- Wharton Risk Management and Decision Processes Center
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We undertake the first large-scale analysis of flood insurance claims in the United States, analyzing over 1 million claims from the federally managed National Flood Insurance Program (NFIP) over the period 1978-2012. Using fixed effects regressions and other statistical analyses, we test several hypotheses about the nature and drivers of flood claims (e.g., the impact of flood zone, characteristics of the house, individual and collective mitigation, and repetitive loss properties), as well as uncover quantitative relationships on the determinants of claims payments. We also examine how claims are distributed across time and space. Our findings, several surprising, provide a quantitative basis for exploring the challenges associated with low insurance demand and also can contribute to more informed policy decisions regarding reform of the NFIP, as well as flood insurance markets around the world.
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