Emotions and under-insurance 165
Conclusion
As Holmes (2010, p. 141) argues, our modern lives are increasingly punctuated by ‘uncertainty’ making ‘rational choices based on the probability
of certain outcomes unfeasible.’ The modern age requires individuals to
become reflexive, consistently judging between choices and weighing up
decisions according to the multiple information sources made available to
them (Giddens 1990). The difficulty in this framing is that the ‘reflexive self
is formed by emotional relations to others and thus emotions play a more
complex part in deliberations’ (Holmes 2010, p. 142). In this chapter, I have
attempted to show how emotions play a role in the positioning of the reflexive self with insurance in the context of cyclone risks.
In particular, the ongoing configuration of the individual in relation to
their decision to insure is punctuated by emotions. These feelings are fed
by distrust of insurers along with a desire to insure in the first place. As
shown above, those who feel a social and moral obligation to insure have
little choice but to do so (Tranter & Booth 2019). This relationship is one best
understood regarding emotions, not simply rational, cognitive framings. At
times this is deep distrust that the insurer will meet their obligations. At
other times, the desire for peace of mind counters any decision to cancel
insurance or not insure. Furthermore, feelings of optimism and confidence
based on past experiences with natural disasters or major life-disrupting
events, especially for renters, can convince individuals that they do not need
insurance.
To conclude it is worthwhile noting that Holmes (2015, p. 64) herself has
argued that studying emotional reflexivity empirically can be quite difficult.
As shown above, there are traces of emotionality invested into the narratives of these participants, but these are perhaps tenuous. The interview
with Cass (above), however, exemplifies how emotions play a role in a decision to insure or not. In future research, it appears worthwhile drawing
these out further by exploring specific events where participants are invited
to reflect on different scenarios, as Cass did in her own mind. In doing so, we
might be able to tap into the emotions that guide and even underline different reflexive positions that people adopt into their everyday lives.
Notes
1 The 2017 interviews formed part of an internally funded project to James
Cook University entitled ‘Understanding under/non-insurance in the Cairns
Northern Beaches.’ The 2020 interviews formed part of a consultancy undertaken for the Cairns Regional Council entitled ‘Building community economic capacity through understanding insurance levels.’
2 All respondents have been given pseudonyms to protect their identities.
3 Reinsurance is the practice of insuring insurers. Reinsurers provide cover to
protect insurance companies from becoming insolvent due to a large-scale
event that drains the resources of the insurer.
Conclusion
As Holmes (2010, p. 141) argues, our modern lives are increasingly punctuated by ‘uncertainty’ making ‘rational choices based on the probability
of certain outcomes unfeasible.’ The modern age requires individuals to
become reflexive, consistently judging between choices and weighing up
decisions according to the multiple information sources made available to
them (Giddens 1990). The difficulty in this framing is that the ‘reflexive self
is formed by emotional relations to others and thus emotions play a more
complex part in deliberations’ (Holmes 2010, p. 142). In this chapter, I have
attempted to show how emotions play a role in the positioning of the reflexive self with insurance in the context of cyclone risks.
In particular, the ongoing configuration of the individual in relation to
their decision to insure is punctuated by emotions. These feelings are fed
by distrust of insurers along with a desire to insure in the first place. As
shown above, those who feel a social and moral obligation to insure have
little choice but to do so (Tranter & Booth 2019). This relationship is one best
understood regarding emotions, not simply rational, cognitive framings. At
times this is deep distrust that the insurer will meet their obligations. At
other times, the desire for peace of mind counters any decision to cancel
insurance or not insure. Furthermore, feelings of optimism and confidence
based on past experiences with natural disasters or major life-disrupting
events, especially for renters, can convince individuals that they do not need
insurance.
To conclude it is worthwhile noting that Holmes (2015, p. 64) herself has
argued that studying emotional reflexivity empirically can be quite difficult.
As shown above, there are traces of emotionality invested into the narratives of these participants, but these are perhaps tenuous. The interview
with Cass (above), however, exemplifies how emotions play a role in a decision to insure or not. In future research, it appears worthwhile drawing
these out further by exploring specific events where participants are invited
to reflect on different scenarios, as Cass did in her own mind. In doing so, we
might be able to tap into the emotions that guide and even underline different reflexive positions that people adopt into their everyday lives.
Notes
1 The 2017 interviews formed part of an internally funded project to James
Cook University entitled ‘Understanding under/non-insurance in the Cairns
Northern Beaches.’ The 2020 interviews formed part of a consultancy undertaken for the Cairns Regional Council entitled ‘Building community economic capacity through understanding insurance levels.’
2 All respondents have been given pseudonyms to protect their identities.
3 Reinsurance is the practice of insuring insurers. Reinsurers provide cover to
protect insurance companies from becoming insolvent due to a large-scale
event that drains the resources of the insurer.