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Rural Homeowners’ Willingness to Buy Flood Insurance

Author

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  • Jinzheng Ren
  • H. Holly Wang

Abstract

Houses are the primary asset for Chinese rural families. However, dramatically increasing frequency and severity of floods have caused significant loss in rural houses recently, and there is generally no insurance available. In this article, we investigate the rural residents’ willingness to buy insurance according to a national survey. The results show that there exists a strong need for flood insurance in rural China, and the influencing factors in the insurance demand include the recent frequency of floods, income, and past experience with lack of flood insurance. Policy suggestions for flood insurance are provided for the insurance industry and Chinese government.

Suggested Citation

  • Jinzheng Ren & H. Holly Wang, 2016. "Rural Homeowners’ Willingness to Buy Flood Insurance," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 52(5), pages 1156-1166, May.
    • Handle: RePEc:mes:emfitr:v:52:y:2016:i:5:p:1156-1166
    DOI: 10.1080/1540496X.2015.1134867
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    Cited by:

    1. Arnaud Reynaud & Manh-Hung Nguyen & Cécile Aubert, 2022. "Correction to: Is there a demand for flood insurance in Vietnam? Results from a choice experiment," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 24(2), pages 305-305, April.
    2. Yingmei Tang & Huifang Cai & Rongmao Liu, 2022. "Will marketing strategies affect farmers’ preferences and willingness to pay for catastrophe insurance? Evidence from a choice experiment in China," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 24(1), pages 1376-1389, January.
    3. Chloe H. Lucas & Kate I. Booth & Carolina Garcia, 2021. "Insuring homes against extreme weather events: a systematic review of the research," Climatic Change, Springer, vol. 165(3), pages 1-21, April.
    4. Arnaud Reynaud & Manh-Hung Nguyen & Cécile Aubert, 2018. "Is there a demand for flood insurance in Vietnam? Results from a choice experiment," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 20(3), pages 593-617, July.
    5. Simon Wagner & Sophie Thiam & Nadège I. P. Dossoumou & David Daou, 2024. "What Influences the Demand for a Potential Flood Insurance Product in an Area with Low Previous Exposure to Insurance? – A Case Study in the West African Lower Mono River Basin (LMRB)," Economics of Disasters and Climate Change, Springer, vol. 8(1), pages 1-32, March.
    6. Yuyun Hidayat & Sukono & Betty Subartini & Nida Khairunnisa & Aceng Sambas & Titi Purwandari, 2022. "An Estimated Analysis of Willingness to Wait Time to Pay Rice Agricultural Insurance Premiums Using Cox’s Proportional Hazards Model," Mathematics, MDPI, vol. 10(21), pages 1-16, October.
    7. J. Connor Darlington & Niko Yiannakoulias & Amin Elshorbagy, 2022. "Changes in social vulnerability to flooding: a quasi-experimental analysis," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 111(3), pages 2487-2509, April.

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