Wind Insurance and Mitigation in the Coastal Zone

Petrolia, Daniel R.; Hwang, Joonghyun; Landry, Craig E.; Coble, Keith H.

doi:10.3368/le.91.2.272

Cited by 51 publications

(21 citation statements)

References 58 publications

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“…The results indicate that risk averse farmers are willing to pay less for each of the cowpea attributes relative to the risk-loving farmers. This is consistent with theoretical predictions where risk preferences and perceptions influence individual choice when faced with uncertainty (Krah et al, 2018;Petrolia et al, 2015). Risk-loving farmers have tendency of engaging in risky ventures because of the higher probability of anticipated benefits.…”

Section: Regional Differences In Preferences For Cowpea Attributessupporting

confidence: 89%

Farmers’ preferences for climate-smart cowpea varieties: implications for crop breeding programmes

Martey

Etwire

Adogoba

et al. 2021

Climate and Development

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Despite sustained efforts to promote climate-smart technologies in Sub-Saharan Africa (SSA), adoption remains low. At the same time, the downside risks associated with climate change and food insecurity are becoming acute. Improved cowpea varieties are climate-smart and contribute to food and nutrition security. Limited evidence exists, however, regarding how cowpea attributes influence adoption. We use a discrete choice experiment to investigate farmers' preferences and mean willingness to pay (WTP) for cowpea variety attributes. Our results show that farmers' decision to adopt improved cowpea varieties increases in response to the following attributes: higher yields, early maturity, and white seed coat colour. The results indicate that 86% of the sampled farmers prefer climate-smart cowpea. Secondly, while we observe a wide dispersion of WTP among female cowpea farmers relative to male cowpea farmers, participation in cowpea training reduces the dispersion of WTP for both men and women. Moreover, controlling for farmer risk aversion further decreases the dispersion of WTP for all respondents. Our experiment reemphasizes the need for crop breeding programmes to be participatory. Moreover, such programmes would do well to satisfy the demands of different segments of the population based on risk, gender, and geographical characteristics.

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Section: Regional Differences In Preferences For Cowpea Attributessupporting

confidence: 89%

Farmers’ preferences for climate-smart cowpea varieties: implications for crop breeding programmes

Martey

Etwire

Adogoba

et al. 2021

Climate and Development

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“…Acquisition refers to the purchase of property (land and/or structure) by the government or relocation of structures from floodplains to zones with lower flood risk (Handmer ). It is one of a host of potential risk mitigation measures that homeowners could pursue for natural disasters (Petrolia et al ). The HMGP is a flood risk reduction program under the Hazard Mitigation Assistance (HMA) grant program and is authorized by Section 404 of the Stanford Act, 42 U. S. C. 5170c (FEMA ).…”

Section: Government Acquisition Of Flood‐prone Propertiesmentioning

confidence: 99%

Measuring Heterogeneous Price Effects for Home Acquisition Programs in At‐Risk Regions

Frimpong¹,

Kruse²,

Howard³

et al. 2019

Southern Economic Journal

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Any entity offering flood insurance, whether it is private or government‐administered such as the National Flood Insurance Program (NFIP), faces the challenge of solvency. This is especially true for the NFIP, where homeowner affordability criteria limit the opportunity to charge fully risk‐based premiums. One solution is to remove the highest flood risk properties from the insurer's book of business. Acquisition (buyout) of flood‐prone structures is a potentially permanent solution that eliminates the highest risk properties while providing homeowners with financial assistance to relocate in a less risky location. To encourage participation, homeowners are offered a preflood fair market value of their damaged (or at risk of damage) structures. Although many factors have been shown to affect a homeowner's decision to accept an acquisition offer, very little research has been devoted to the influence of price or monetary incentive offered on homeowners' willingness to participate in acquisition programs. We estimate a pooled probit model and employ a bootstrap methodology to determine the effects of hypothetical home price offers on homeowners' acquisition decisions. We do so while controlling for environmental factors, property characteristics, and homeowner sociodemographic characteristics. Results show that price indeed has a positive effect on likelihood of accepting an acquisition contract. Furthermore, estimated homeowner supply curves differ significantly based on the damage status of the acquisition offer, as well as homeowner and property characteristics.

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“…Efficient development choices (i.e., those that make accurate assessment of costs and benefits) in close proximity to hazards also reduce the need for ex post disaster assistance and cross‐subsidization of insurance premiums (Filatova ). Further, when insurance premiums are tied to mitigation measures, accurate insurance rates can encourage policyholders to invest in risk‐reduction activities (Kunreuther and Michel‐Kerjan ; Petrolia et al ), such as flood proofing of buildings, retrofitting, or elevation of structures.…”

Section: Flood Risk Managementmentioning

confidence: 99%

Flood Insurance and Risk Reduction: Market Penetration, Coverage, and Mitigation in Coastal North Carolina

Ahmadiani¹,

Ferreira²,

Landry³

2019

Southern Economic Journal

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This article provides an overview of flood risk management in the United States, focusing on the National Flood Insurance Program and the Community Ratings System (CRS), which is designed to promote flood hazard mitigation. We review the empirical literature that examines market penetration and demand for flood insurance, as well as factors that influence community participation in CRS. Combining data from separate (but similar) surveys conducted in Dare County, North Carolina in 1998 and 2008, we examine trends in flood insurance holdings and explore the extensive (binary participation) and intensive (coverage level) margins using regression analysis. We explore trends in CRS mitigation activities in Dare County and discuss potential difficulties in analyzing these data. Finally, we highlight avenues for future research.

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Wind Insurance and Mitigation in the Coastal Zone

Cited by 51 publications

References 58 publications

Farmers’ preferences for climate-smart cowpea varieties: implications for crop breeding programmes

Farmers’ preferences for climate-smart cowpea varieties: implications for crop breeding programmes

Measuring Heterogeneous Price Effects for Home Acquisition Programs in At‐Risk Regions

Flood Insurance and Risk Reduction: Market Penetration, Coverage, and Mitigation in Coastal North Carolina

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