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Insurance, Public Assistance, and Household Flood Risk Reduction: A Comparative Study of Austria, England, and
Susanne Hanger1,2, Joanne Linnerooth-Bayer1, Swenja Surminski3
1Risk and Resilience Program, International Institute for Applied Systems Analysis, Laxenburg, Austria.
Summary
Insurance and public aid encourage household flood risk reduction. However, large flood defenses may reduce preparedness, highlighting the need for better public and private policies.
Area of Science:
- Environmental Science
- Risk Management
- Behavioral Economics
Background:
- Rising flood losses necessitate effective household risk reduction strategies.
- Understanding the influence of insurance and public assistance on private risk reduction is crucial for policy development.
Purpose of the Study:
- To investigate household-level flood risk-reduction behavior in three EU Member States.
- To determine the impact of insurance and public assistance schemes on private risk-reduction actions.
Main Methods:
- Telephone survey of 1,849 household decision-makers in flood-prone areas.
- Analysis of insurance and public compensation schemes across different EU Member States.
Main Results:
- Insurance is positively associated with private flood risk-reduction behavior, potentially due to incentives like discounts and information provision.
- Public incentives, especially information, financial aid, and in-kind support, also enhance household risk reduction.
- Public compensation did not show a negative association with risk reduction, possibly due to mitigating factors not analyzed.
Conclusions:
- Insurance and public assistance can effectively promote household flood risk reduction measures.
- Large-scale flood protection infrastructure may inadvertently decrease household preparedness.
- Policy improvements are needed to optimize incentives for effective household-level flood risk reduction.
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