The Impact of COVID-19 on Perceived Risk and Insurance Purchase Demands of People in Trang Province
Keywords:Perception of Risk, Purchase Demands, Life Insurance, Personal Accident Insurance, Health Insurance
Insurance is an important part of people life enabling stability and warranty in several ways through for example, life insurance, personal accident insurance, and health insurance especially during Covid-19 pandemic which caused a high loss of people life. This research was undertaken to study the impacts of the Covid-19 pandemic on perceived risk and purchase demands in personal insurance. A questionnaire survey was employed to collect data from 400 people in Muang Trang District, Trang Province using quota sampling method. Descriptive statistics and Multiple linear regression were used to analyze the data. The research results found that perceived risk significantly influenced purchase demands for life insurance, personal accident insurance, and health insurance. Moreover, the impacts of the Covid-19 pandemic had the influence on the relationship between perceived risk for life insurance and health insurance. In terms of recommendation, promoting people’s awareness on risk is crucial element for increasing insurance purchase demands. The insurance can in turn create warranty of people life and safety.
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