Articles | Volume 19, issue 8
https://doi.org/10.5194/nhess-19-1909-2019
https://doi.org/10.5194/nhess-19-1909-2019
Research article
 | 
29 Aug 2019
Research article |  | 29 Aug 2019

California earthquake insurance unpopularity: the issue is the price, not the risk perception

Adrien Pothon, Philippe Gueguen, Sylvain Buisine, and Pierre-Yves Bard

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Cited articles

Allen, T. I., Wald, D. J., Earle, P. S., Marano, K. D., Hotovec, A. J., Lin, K., and Hearne, M. G.: An Atlas of ShakeMaps and population exposure catalog for earthquake loss modeling, Bull. Earthquake Eng., 7, 701–718, 2009. 
Arrow, K. J.: Aspects of the Theory of Risk Bearing, in: The Theory of Risk Aversion, Yrjo Jahnssonin Saatio, Helsinki, 1965. 
Asprone, D., Jalayer, F., Simonelli, S., Acconcia, A., Prota, A., and Manfredi, G.: Seismic insurance model for the Italian residential building stock, Struct. Saf., 44, 70–79, 2013. 
Born, P. H. and Klimaszewski-Blettner, B. K.: Should I Stay or Should I Go? The Impact of Natural Disasters and Regulation on U.S. Property Insurers' Supply Decisions, J. Risk. Insur., 80, 1–36, 2019. 
Buffinton, P.: Earthquake Insurance In The United States – A Reappraisal, Bull. Seismol. Soc. Am., 51, 315–329, 1961. 
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Short summary
Despite California being a region highly prone to seismic activity, most homeowners are not covered against this risk. This study analyses the reasons for homeowners to purchase insurance to cover earthquake losses, with application in California. Results suggest that only two extreme situations would lead all owners to cover their home with insurance: (1) a widespread belief that a devastating earthquake is imminent; (2) a massive decrease in the average premium amount by a factor exceeding 6.
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