Applying a mixed logit model approach to analyze china’s travel insurance decision-making behavior

Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19

“…Earlier studies have shown mixed effects of demographics on risk perception and insurance purchase. In this study, the respondents' age presented an inverted "U"shaped effect on travel insurance purchase, and this result is consistent with those of Chou and Yao (2011), (Lo et al 2011), andZalech (2020). Moreover, the result showed that middle-aged respondents were more intent on purchasing travel insurance than their younger and older counterparts.…”

“…Moreover, the result showed that middle-aged respondents were more intent on purchasing travel insurance than their younger and older counterparts. Education level was also found to be related to purchasing travel insurance, thus confirming the findings of Sonmez and Graefe (1998b), Karl (2018), and Chou and Yao (2011). Meanwhile, monthly income and gender did not show a significant effect.…”

“…Zalech (2020) found that age and the level of monthly income are significant factors in determining travel insurance purchase; gender and education were not identified as such factors. Chou and Yao (2011) showed differences in the effects of monthly income, education, and age on the likelihood of purchasing travel insurance, but they did not observe any effect of gender. Meanwhile, Chou and Yao (2011), Lo et al (2011), andZalech (2020) found an inverted U-shaped relationship between age and the intention to purchase travel insurance (i.e., middle-aged groups are more likely than young and old travelers to purchase travel insurance).…”

“…Chou and Yao (2011) showed differences in the effects of monthly income, education, and age on the likelihood of purchasing travel insurance, but they did not observe any effect of gender. Meanwhile, Chou and Yao (2011), Lo et al (2011), andZalech (2020) found an inverted U-shaped relationship between age and the intention to purchase travel insurance (i.e., middle-aged groups are more likely than young and old travelers to purchase travel insurance). Considering these mixed results, this study intends to investigate the effects of demographic factors (i.e., age, gender, monthly income, and education) on travelers' intention to purchase travel insurance following the outbreak of COVID-19.…”

“…More recently, Sarman et al (2016) found that risk perception and risk categories greatly affect the likelihood of young tourists to accept life-threatening hazards. Chou and Yao (2011) also reported that travelers visiting China tend to purchase travel insurance if they have a high level of risk perception and are willing to pay a premium. Thus, a high-risk perception level due to COVID-19 will likely lead to an increased intention to purchase travel insurance.…”