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<p>The impact of historical natural disasters continues to resonate in the present day. This paper investigates how natural disasters during China’s Ming and Qing dynasties have shaped modern household participation in commercial insurance. Our findings indicate that regions with a higher frequency of historical natural disasters tend to exhibit a greater propensity for purchasing commercial insurance, which can be related to enduring differences in individuals’ risk tolerance, risk perception, and external risk-sharing patterns. To further assess potential bias, we use climate seasonality as instrumental variables to test the robustness of the observed associations. These findings highlight the lasting influence of historical shocks on contemporary decision-making, illustrating the intersection of behavioral and institutional legacies in shaping conservative risk management practices today.</p>

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From calamity to coverage: How historical natural disasters shape modern household commercial insurance participation through risk dynamics

  • 期刊论文

  • 发表日期：

    2026年4月6日

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  • Weihua Yu,
  • Jinfei Niu

摘要

The impact of historical natural disasters continues to resonate in the present day. This paper investigates how natural disasters during China’s Ming and Qing dynasties have shaped modern household participation in commercial insurance. Our findings indicate that regions with a higher frequency of historical natural disasters tend to exhibit a greater propensity for purchasing commercial insurance, which can be related to enduring differences in individuals’ risk tolerance, risk perception, and external risk-sharing patterns. To further assess potential bias, we use climate seasonality as instrumental variables to test the robustness of the observed associations. These findings highlight the lasting influence of historical shocks on contemporary decision-making, illustrating the intersection of behavioral and institutional legacies in shaping conservative risk management practices today.