The assessment of risk to civil infrastructure has two components: probability of a potentially damaging event and consequence of damage, measured in terms of financial or human losses. Deci-sion models that have been developed and implemented during the past three decades take into account the probabilistic aspect rationally, but address decision-maker attitudes toward risk only to a limited degree. The application of such models to decisions involving low-probability, high-consequence events affecting civil infrastructure requires a fundamental understanding of risk acceptance attitudes and how they affect individual and group choices. The phenomenon of risk aversion may be a significant factor in decisions for civil infrastructure exposed to low-probability events with high consequences, such as earthquakes, hurricanes or floods. This paper utilizes cumulative prospect theory to investigate characteristics of risk-aversion that can be inferred from risk pricing techniques in the insurance industry and explores the role of risk-aversion in assurance of structural safety.