Catastrophes and the Demand for Life Insurance

Stephen G. Fier and James M. Carson

Journal of Insurance Issues, 2015, vol. 38, issue 2, 125-156

Abstract: Prior research suggests that catastrophes may lead to increases in risk mitigation, risk perception, and the demand for insurance. Given the extensive damage inflicted by major natural disasters, such a phenomenon is intuitive for property risk. However, theory and prior empirical evidence also suggest a broader behavioral perspective and we therefore examine the possible link between catastrophes and subsequent demand for insurance against mortality risk. Based on U.S. state-level data, we provide evidence of a significant positive relation between catastrophes and several measures of life insurance demand.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:wri:journl:v:38:y:2015:i:2:p:125-156

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