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Three Essays on the Transformation of Homeowner Insurance Markets in Hurricane-Prone Coastal States in the U.S
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| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Three Essays on the Transformation of Homeowner Insurance Markets in Hurricane-Prone Coastal States in the U.S. |
| 개인저자 | Ubert, Emanuel A. |
| 단체저자명 | The University of Wisconsin - Madison. Sociology - LS. |
| 발행사항 | [S.l.]: The University of Wisconsin - Madison., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 211 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-03B. Dissertation Abstract International |
| ISBN | 9781085674263 |
| 학위논문주기 | Thesis (Ph.D.)--The University of Wisconsin - Madison, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-03, Section: B.
Advisor: Freeland, Robert F. |
| 이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
| 요약 | How do mature capitalist markets adapt to intensifying weather shocks? The three stand-alone papers that make up this dissertation explore two processes, government market interventions and organizational learning, that contribute to such adaptation. The markets in question are homeowner insurance markets along the U.S. Gulf and Atlantic coast between 1991 and 2013. The extreme weather shocks are hurricane wind property damage. The main protagonists are state policymakers and private insurance firms. The data the papers draw on consists of an original panel dataset that comprises the entire population of homeowner insurers, all hurricane wind property damage, and relevant state characteristics and policy outcomes over the period as well as rich complementary qualitative data. The first stand-alone paper traces the contrasting policy responses to comparable wind property damage in Florida and Louisiana following the 2004 and 2005 record hurricane seasons. Faced with insurance market instability, Florida implemented laws that expanded state-coordinated homeowner insurance provision and restricted private insurer flexibility. Louisiana responded in exactly the opposite manner. A qualitative comparison of the policy processes in the two states shows that the broader damage distribution in Florida mobilized homeowners into taking advantage of timely state elections and pressuring policymakers to adapt policies that broke with institutionalized free-market solutions. The more concentrated hurricane impact in Louisiana did not translate into similar political pressure. Louisiana's policymakers instead were free to continue to pursue institutionalized policies favoring private insurance provision. While both policy responses helped stabilize state insurance supply, the logic of the policy responses depended on the scope of the shocks and the electoral pressures it triggered.The second paper investigates the effect of two forms of organizational learning on homeowner insurers' coastal underwriting and risk-taking behavior. Aggregate firm behavior is the principal driver of homeowner insurance market change over time. In relatively predictable environments, firms learn from performance feedback to guide their risk-taking. Rare environmental shocks complicate such learning. Random intercept models demonstrate that faced with such complications, insurers additionally learned from their local as well as from firm-wide hurricane experiences, independent of any losses they might have suffered from them. Such learning not only directly altered coastal underwriting behavior but also the interpretation and effect of local performance feedback. Corporate-level learning from firm-wide hurricane experiences attenuated the impact of myopic local learning. The third paper uses stratified frailty survival models to investigate how changes in shared industry-level knowledge about coastal market risks altered insurers' risk of entry into those markets. Besides incumbent firms and state insurers, new entrants are a critical source of homeowner insurance supply and market resilience. The findings suggest that firms' pre-existing direct and indirect knowledge of a focal market only substantially increased their entry risk in a period in which industry-wide understanding of coastal market risks was disrupted and at its most ambiguous. Subsequent industry-wide learning and the restoration of industry-wide understanding of coastal market risks crowded out or reversed the impact of individual firms' pre-entry knowledge. In equilibrium, industry-wide knowledge about mature market risks reduces the likelihood of entry by experienced firms. |
| 일반주제명 | Sociology. Organization theory. Home economics. Climate change. |
| 언어 | 영어 |
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