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The demand for homeowners insurance with bundled catastrophe coverages : Wharton project on managing catastrophic risks
- In this paper, we estimate the demand for homeowner insurance in Florida. Since we are interested in a number of factors influencing demand, we approach the problem from two directions. We first estimate two hedonic equations representing the premium per contract and the price mark-up. We analyze how the contracts are bundled and how contract provisions, insurer characteristics and insured risk characteristics and demographics influence the premium per contract and the price mark-up. Second, we estimate the demand for homeowners insurance using two-stage least squares regression. We employ ISO's indicated loss costs as our proxy for real insurance services demanded. We assume that the demand for coverage is essentially a joint demand and thus we can estimate the demand for catastrophe coverage separately from the demand for noncatastrophe coverage. We determine that price elasticities are less elastic for catastrophic coverage than for non-catastrophic coverage. Further estimated income elasticities suggest that homeowners insurance is an inferior good. Finally, we conclude based on the results of a selection model that our sample of ISO reporting companies well represents the demand for insurance in the Florida market as a whole.
Verfasserangaben: | Martin F. Grace, Robert W. Klein, Paul R. Kleindorfer |
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URN: | urn:nbn:de:hebis:30-18467 |
Titel des übergeordneten Werkes (Englisch): | Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 69 |
Schriftenreihe (Bandnummer): | Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting (69) |
Verlag: | Univ., Fachbereich Wirtschaftswiss. |
Verlagsort: | Frankfurt am Main |
Dokumentart: | Arbeitspapier |
Sprache: | Englisch |
Jahr der Fertigstellung: | 2001 |
Jahr der Erstveröffentlichung: | 2001 |
Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Datum der Freischaltung: | 11.10.2005 |
GND-Schlagwort: | Florida; Hausratversicherung; Sachversicherung; Elementarschadenversicherung; Hagelversicherung; Sturmversicherung; Nachfrage; Versicherungswissenschaft; Verbraucherverhalten; Preiselastizität; Einkommenselastizität; Schätzung |
Ausgabe / Heft: | March 2001 |
Seitenzahl: | 42 |
Quelle: | Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting ; 69 |
HeBIS-PPN: | 200276468 |
Institute: | Wirtschaftswissenschaften / Wirtschaftswissenschaften |
DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
Lizenz (Deutsch): | Deutsches Urheberrecht |