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Correction to: Is there a demand for flood insurance in Vietnam? Results from a choice experiment

Author

Listed:
  • Arnaud Reynaud

    (Toulouse School of Economics, INRA, University of Toulouse Capitole)

  • Manh-Hung Nguyen

    (Toulouse School of Economics, INRA, University of Toulouse Capitole
    University of Economics and Law)

  • Cécile Aubert

    (Toulouse School of Economics, INRA, University of Toulouse Capitole
    Gretha, University of Bordeaux)

Abstract

Vietnam is one of the countries most affected by floods. Despite high exposure to this risk and repeated calls from international organizations, the penetration rate of flood insurance remains surprisingly low in Vietnam. We investigate if there is a demand for flood insurance by Vietnamese households using a choice experiment. We compute households’ willingness to pay (WTP) for various flood insurance programs and we identify the relationships between WTP and the different attributes of insurance schemes (type of risk covered, level of coverage, insurance provider, billing frequency, insurance premium). We first show that Vietnamese households exhibit a strong preference for the status quo option (no insurance). We do, however, document significant and positive WTP for some flood insurance policies, especially those covering health expenses. We show that household trust in institutions providing flood insurance policies may help understand the currently low adoption rate. Finally, we stress the high degree of heterogeneity in household preferences for flood insurance policies: past experience with flooding, individual risk preferences and subjective flood risk perception matter to understand WTP for flood insurance. These results call for a very careful design of flood insurance mechanisms in Vietnam, and more generally in developing countries subject to high risks of natural disasters.
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Suggested Citation

  • 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.
  • Handle: RePEc:spr:envpol:v:24:y:2022:i:2:d:10.1007_s10018-022-00340-2
    DOI: 10.1007/s10018-022-00340-2
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    JEL classification:

    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
    • Q25 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Water

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