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In undertaking what we believe is the first national-scale study of its kind, we provide methodologically transparent, statistically robust insights into associations and potential unfolding effects of house and contents under-insurance. We identify new dimensions in the complex relationship between householders and insurance, including the salience of interpersonal – and likely institutional – trust. Under-insurance is (re)produced along socio-economic and geographical lines, with those of lower socio-economic status or living in cities more likely to be under-insured. Should a disaster strike, such communities are likely to suffer further disadvantage, especially if governments continue to shift the responsibility for risk onto households. Our findings support the observation that insurance can contribute to increasing socio-economic urban polarisation in light of natural disasters. We conclude by considering how under-insurance may contribute to growing urban social stratification, as well as how it may produce situated ethical and political responses that exceed neoliberal aspirations.
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Abstract As losses from extreme weather events grow, many governments are looking to privatize the financing and incentivization of climate adaptation through insurance markets. In a pure market approach to insurance for extreme weather events, individuals become responsible for ensuring they are adequately covered for risks to their own properties, and governments no longer contribute funds to post‐disaster recovery. Theoretically, insurance premiums signal the level of risk faced by each household, and incentivize homeowners to invest in adaptive action, such as retrofitting, or drainage work, to reduce premiums. Where risk is considered too high by insurance markets, housing is devalued, in theory leading to retreat from risky areas. In this review article, we evaluate the suitability of private insurance as a mechanism for climate adaptation at a household and community level. We find a mismatch between social understandings of responsibility for climate risks, and the technocratic, market‐based home insurance products offered by private insurance markets. We suggest that by constructing increasingly individualized, technical, and calculative evaluations of risk, market‐based models of insurance for extreme weather events erode the solidaristic and collective discourses and practices that support adaptive behavior. This article is categorized under: Vulnerability and Adaptation to Climate Change > Institutions for Adaptation