Investigators at Florida International University Describe Findings in Risk Management (Understanding Household Preferences for Hurricane Risk Mitigation Information: Evidence from Survey Responses)
By a News Reporter-Staff News Editor at Insurance Weekly News -- New research on Risk Management is the subject of a report. According to news reporting out of Miami, Florida, by VerticalNews editors, research stated, "Risk information is critical to adopting mitigation measures, and seeking risk information is influenced by a variety of factors. An essential component of the recently adopted My Safe Florida Home (MSFH) program by the State of Florida is to provide homeowners with pertinent risk information to facilitate hurricane risk mitigation activities."
Our news journalists obtained a quote from the research from Florida International University, "We develop an analytical framework to understand household preferences for hurricane risk mitigation information through allowing an intensive home inspection. An empirical analysis is used to identify major drivers of household preferences to receive personalized information regarding recommended hurricane risk mitigation measures. A variety of empirical specifications show that households with home insurance, prior experience with damages, and with a higher sense of vulnerability to be affected by hurricanes are more likely to allow inspection to seek information. However, households with more members living in the home and households who live in manufactured/mobile homes are less likely to allow inspection."
According to the news editors, the research concluded: "While findings imply MSFH program's ability to link incentives offered by private and public agencies in promoting mitigation, households that face a disproportionately higher level of risk can get priority to make the program more effective."
For more information on this research see: Understanding Household Preferences for Hurricane Risk Mitigation Information: Evidence from Survey Responses. Risk Analysis, 2014;34(6):984-996. Risk Analysis can be contacted at: Wiley-Blackwell, 111 River St, Hoboken 07030-5774, NJ, USA. (Wiley-Blackwell - www.wiley.com/; Risk Analysis - onlinelibrary.wiley.com/journal/10.1111/(ISSN)1539-6924)
Our news journalists report that additional information may be obtained by contacting C. Chatterjee, Florida International University, Dept. of Econ, Miami, FL 33199, United States.
Keywords for this news article include: Miami, Florida, United States, North and Central America, Risk Management
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