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Impact of Hail Events on the Interest in Hail Insurance
Hailstorms can cause substantial losses across various businesses and private properties. Insurance is one key management strategy to manage the financial exposure to hail risk. This thesis investigates major drivers of the interest in hail insurance with a particular emphasis on past exposure.
Methods:
1) Literature Review
2) Data preparation (Hail events, data on the interest in hail insurance)
3) Regression analysis to estimate the impact of hail events on the interest in hail insurance
Literature
Kunreuther, H., Sanderson, W., & Vetschera, R. (1985). A behavioral model of the adoption of protective activities. Journal of Economic Behavior & Organization, 6(1), 1-15.
Browne, M. J., & Hoyt, R. E. (2000). The demand for flood insurance: empirical evidence. Journal of risk and uncertainty, 20(3), 291-306.
Cole, S., Stein, D., & Tobacman, J. (2014). Dynamics of demand for index insurance: Evidence from a long-run field experiment. The American Economic Review, 104(5), 284-290.
Methods: 1) Literature Review 2) Data preparation (Hail events, data on the interest in hail insurance) 3) Regression analysis to estimate the impact of hail events on the interest in hail insurance
Literature Kunreuther, H., Sanderson, W., & Vetschera, R. (1985). A behavioral model of the adoption of protective activities. Journal of Economic Behavior & Organization, 6(1), 1-15. Browne, M. J., & Hoyt, R. E. (2000). The demand for flood insurance: empirical evidence. Journal of risk and uncertainty, 20(3), 291-306. Cole, S., Stein, D., & Tobacman, J. (2014). Dynamics of demand for index insurance: Evidence from a long-run field experiment. The American Economic Review, 104(5), 284-290.
This thesis combines insights from economics, psychology (availability heuristics) and novel big data sources on hail occurrence and demand to improve our understanding of insurance demand. The results should reveal important insights for insurance industry but also future research focusing on potential insurance demand changes due to e.g. climate change induced changes in the occurrence of hailstorms.
This thesis combines insights from economics, psychology (availability heuristics) and novel big data sources on hail occurrence and demand to improve our understanding of insurance demand. The results should reveal important insights for insurance industry but also future research focusing on potential insurance demand changes due to e.g. climate change induced changes in the occurrence of hailstorms.