Policy Tenure Under the U.S. National Flood Insurance Program (NFIP)

Risk Analysis

Volumn 32, Issue 4, 2012, Pages 644-658

  Michel Kerjan, Erwann ^a   Lemoyne de Forges, Sabine ^b   Kunreuther, Howard ^a  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

^b AGROPARISTECH   (France)

Author keywords

Catastrophes; Flood insurance; Individual decision making; Multiyear insurance; NFIP

Indexed keywords

CATASTROPHES; COVERAGE STABILITY; FLOOD HAZARDS; INDIVIDUAL DECISION MAKING; INLAND FLOODING; INSURANCE CONTRACTS; INSURANCE POLICIES; NATIONAL FLOOD INSURANCE PROGRAMS; NFIP; RISK REDUCTIONS; STORM SURGES;

FLOOD CONTROL; HAZARDS;

FLOOD INSURANCE;

DECISION MAKING; FLOODING; GOVERNANCE APPROACH; HAZARD MANAGEMENT; HURRICANE; INSURANCE SYSTEM; RISK FACTOR; STORM SURGE;

UNITED STATES;

EID: 84859851251     PISSN: 02724332     EISSN: 15396924     Source Type: Journal    
DOI: 10.1111/j.1539-6924.2011.01671.x     Document Type: Article

References (32)

1. Munich Re. Topics Geo. Natural Catastrophes 2009. Munich: Munich Re. Accessed on June 15, 2011.
2. Kunreuther H, Michel-Kerjan E. At War with the Weather: Managing Large-Scale Risks in a New Era of Catastrophes. Cambridge, MA: MIT Press, 2009.
3. Pielke R Jr, Gratz J, Landsea C, Collins D, Saunders M, Musulin R. Normalized hurricane damage in the United States: 1900-2005. Natural Hazards Review, 2008; 9(1):29-42.
4. Tobin R, Calfee C. The National Flood Insurance Program's Mandatory Purchase Requirement: Policies, Processes, and Stakeholders. Washington, DC: American Institutes for Research, 2005.
5. Bayot J. Payouts hinge on the cause of damage. New York Times, August 31, 2005.
6. Emergency Supplemental Appropriations for Hurricane Katrina Relief. Washington, DC: U.S. Congressional Research Service, August 22, 2006.
7. Hazards & Vulnerability Research Institute. The Spatial Hazard Events and Losses Database for the United States, Version 7.0 [Online Database]. Columbia, SC: University of South Carolina, 2009. Available at.
8. O'Connor JE, Costa JE. Large floods in the United States: Where they happen and why. U.S. Geological Survey Circular 2003; 1245 p. 13.
9. Grossman DA. Flood insurance: Can a feasible program be created? Land Economics, 1958; 34(4):352-357.
10. Kunreuther H, Ginsberg R, Miller L, Sagi P, Slovic P, Borkan B, Katz N. Disaster Insurance Protection: Public Policy Lessons. New York: Wiley, 1978.
11. Michel-Kerjan E. Catastrophe economics: The National Flood Insurance Program. Journal of Economic Perspectives, 2010; 24(4):165-86.
12. Pasterick E. The National Flood Insurance Program. Pp. 125-154 in Kunreuther H and Roth R, Sr. (eds). Paying the Price: The Status and Role of Insurance Against Natural Disasters in the United States. Washington, DC: Joseph Henry Press, 1998.
13. Dixon L, Clancy N, Seabury SA, Overton A. The National Flood Insurance Program's Market Penetration Rate: Estimates and Policy Implications. Santa Monica, CA: RAND Corporation, 2006.
14. Michel-Kerjan E, Kousky C. Come rain or shine: Evidence for flood insurance purchases in Florida. Journal of Risk and Insurance, 2010; 77(2): 369-398.
15. Walker DM. Federal Emergency Management Agency, Challenges for the National Flood Insurance Program. Washington, DC: U.S. Government Accountability Office. GAO-06-335T, January 25, 2006.
16. Kunreuther H, Michel-Kerjan E. Market and government failure in insuring U.S. natural catastrophes: How long-term contracts can help. Pp. 115-142 in Brown J (ed). Public Insurance and Private Markets. Washington, DC: American Enterprise Institute Press, 2010.
17. Flood Insurance. Extent of Noncompliance with Purchase Requirements is Unknown. Washington, DC: U.S. Government Accountability Office. GAO-02-396, Pp. 4-5, 2002.
18. Kousky C, Michel-Kerjan E, Raschky P. The demand for flood insurance: Uncovering the effects of damage, news, and governmental relief over time and space. Wharton Risk Center, The Wharton School, University of Pennsylvania. In preparation.
19. Tversky A, Kahneman D. Judgment under uncertainty: Heuristics and biases. Science, News Series, 1974; 185(4157), 1124-1131.
20. Magat W, Viscusi KW, Huber J. Risk-dollar tradeoffs, risk perceptions, and consumer behavior. Pp. 83-97 in Viscusi W, Magat W (eds). Learning About Risk. Cambridge, MA: Harvard University Press, 1987.
21. Camerer C, Kunreuther H. Decision processes for low probability events: Policy implications. Journal of Policy Analysis and Management, 1989; 8:565-592.
22. Kunreuther H, Meyer RJ, Michel-Kerjan E. Strategies for better protection against catastrophic risks. in Shafir E (ed). Behavioral Foundations of Policy. Princeton NJ: Princeton University Press. Forthcoming 2012.
23. Huber O, Wider R, Huber O. Active information search and complete information presentation in naturalistic risky decision tasks. Acta Psychologica, 1997; 95:15-29.
24. Hogarth R, Kunreuther H. Decision making under ignorance: Arguing with yourself. Journal of Risk and Uncertainty, 1995; 10:15-36.
25. Burby R. Hurricane Katrina and the paradoxes of government disaster policy: Bringing about wise governmental decisions for hazardous areas. Annals of the American Academy of Political and Social Science 2006; 604:171-191.
26. McClelland G, Schulze W, Coursey D. Insurance for low-probability hazards: A bimodal response to unlikely events. Journal of Risk and Uncertainty, 1993; 7:95-116.
27. Fischetti M. Drowning New Orleans. Scientific American. October, 2001.
28. Bourne J Jr. Gone with the water. National Geographic, October. 2004.
29. Kunreuther H. Reducing losses from catastrophic risks through long-term insurance and mitigation. Social Research, 2008; 75(3):905-930.
30. Jaffee D, Kunreuther H, Michel-Kerjan E. Long term property insurance. Journal of Insurance Regulation. 2010; 29(7):167-187.
31. Aerts JCJH, Botzen WJW. Climate change impacts on pricing long-term flood insurance: A comprehensive study for the Netherlands. Global Environmental Change 2011; 21(3): 1045-1060.
32. Michel-Kerjan E, Kunreuther H. Redesigning flood insurance. Science, 2011; 333: 408-409.