The demand for life insurance: a quantitative study among “generation y” in the Klang Valley, Malaysia

Chung, Jee Fenn

doi:10.46652/rgn.v5i25.662

Cited by 2 publications

(1 citation statement)

References 23 publications

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“…People with high financial literacy are more likely to buy insurance. Another study by Chung (2020) states that a significant and positive relationship exists between income levels, insurance knowledge, and risk attitudes toward insurance demand. The findings show that risk attitudes, income levels, life insurance knowledge, and income protection dominate insurance demand.…”

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confidence: 99%

The Influence of Financial Literacy, Risk Aversion, and Persuasion on Insurance Demand

Proceedings of the International Conference on Industrial Engineering and Operations Management

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This study examines the influence of financial literacy, risk aversion, mediating effect of persuasion on insurance demand in Indonesia. A survey questionnaire was conducted among 240 respondents in the productive age range, around 18 to 45 years old. The result of hypothesis testing was conducted by Smart PLS 3.0. The result shows that financial literacy and risk aversion were directly and significantly related to persuasion. Financial literacy and risk aversion have positive influence towards insurance demand. Persuasion significantly mediates the relationship between insurance demand, financial literacy, and risk aversion. Financial literacy is directly proportional to the increasing of insurance demand. People tend to buy insurance to avoid risk when they are prone to accidents, have health issues, or to protect their wealth. Since insurance provides non-direct benefit where people will get the benefit through some conditions, consumer is needed to be educated, convinced, motivated, and advised to enroll in an insurance policy. Further research can be explored in more factors such as different age groups like Gen X, Gen Y, Millennials to see the influence of age group on insurance demand. Since this research only focus on Indonesian people, respondents from other country or region may lead to other findings. Political situation, pandemics and geographic factors also can be used to provide more explanation on what factors that influence insurance demand completely.

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Section: Introductionmentioning

confidence: 99%

The Influence of Financial Literacy, Risk Aversion, and Persuasion on Insurance Demand

Proceedings of the International Conference on Industrial Engineering and Operations Management

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The Antecedent of Life Insurance Penetration in Malaysia

Ramli,

Setapa,

Yusoff

et al. 2024

IMBR

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A slower rate of economic growth is indicated by a low degree of market penetration for insurance. In contrast to other Asian countries, Malaysia has a comparatively low life insurance penetration rate of 54% throughout the five years before 2020. If Malaysia has a less advantageous rate of life insurance coverage, its citizens will be more financially vulnerable. The observation suggests that people are generally skeptical when discussing insurance-related topics. People's perceptions of insurance are often unfavorable. Now, most people think that getting insurance or being an agent is fraudulent. This is a result of a general lack of understanding about insurance. This study aims to identify or determine the possible causes of Malaysia's low life insurance penetration. Age, awareness, and service quality are the variables linked to life insurance's low uptake. We used a questionnaire to gather primary data, and all the results were evaluated. In Temerloh, Pahang, Malaysia, the researchers distributed the questionnaire to a sample of 150 respondents. To ascertain the research outcome, SPSS was used to analyze the collected data. The outcome of this study revealed that there is a substantial correlation between low life insurance penetration in Malaysia and age, awareness, and service quality.

show abstract

The demand for life insurance: a quantitative study among “generation y” in the Klang Valley, Malaysia

Cited by 2 publications

References 23 publications

The Influence of Financial Literacy, Risk Aversion, and Persuasion on Insurance Demand

The Influence of Financial Literacy, Risk Aversion, and Persuasion on Insurance Demand

The Antecedent of Life Insurance Penetration in Malaysia

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