The Cat Insurance Puzzle: Why People insure their Cellphone but not their Home
A Workshop by Annette Hofmann
Robert F. Corroon Chair in Risk,
Maurice R. Greenberg School of Risk Management at St. John's University
About this workshop
The cat insurance puzzle refers to the low or missing demand for high-severity-low-probability events, which is surprising given the high demand for low-value insurance products such as cell phone insurance policies. While the loss of a cellphone is usually an event of no or low consequence, the loss of a home to a family or a large property loss to a business owner can potentially be fatal. This talk will evaluate and discuss underlying reasons for this puzzle and suggest solutions for practice.
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