The Effects of Trust in Insurers, Media Exposure, and Psychological Factors on Purchase Intention of Accident Coverage

LEE CHAN HEE; Hoil Kim

doi:10.23842/jif.2018.29.1.001

This study empirically analyzed the effects of psychological factors, media exposure, and financial literacy on purchasing intention of accident insurance covering traffic accidents using structural equation model. The study showed that trust in insurers is found to be the most influential factor in the purchase intention. In the case of non-subscribers of accident coverage, media exposure had a positive effect on the new purchase intention of accident coverage as partial mediation of risk sentiment(fear and worry) on traffic accidents. The optimism bias and accident probability positively influenced the new purchase intention of accident coverage as full mediation of risk sentiment for traffic accidents. In addition, trust in government has a direct impact on the purchase intention of new accident coverage in a negative way. On the other hand, for the people who already joined accident coverage, trust in insurers and financial literacy influenced the additional purchase intention of accident coverage in positive and negative way respectively. The findings suggest that insurers, insurance industry, and financial authorities need to continue their efforts to improve the trust of insurance consumers for the sales of accident coverage. Furthermore, it is implied that there is a possibility of adverse selection in accident insurance market as the higher the perceived probability of traffic accident, the higher the purchase intention of accident coverage.

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