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Factors Influencing Purchase Intention on Life Insurance in Low Rate of Urbanization States in Malaysia

In: Proceedings of the 10th International Conference on Business, Accounting, Finance and Economics (BAFE 2022)

Author

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  • Zong Lin Ch’ng

    (Universiti Tunku Abdul Rahman, Faculty of Business and Finance)

Abstract

In the past five years of 2020, Malaysia’s life insurance penetration rate was 54% only and an unfavourable life insurance coverage rate in Malaysia will increase the exposure of financial risk to Malaysians. Some studies suggest a positive relationship between the penetration rate and rate of urbanization which contributes to the rationality for this paper. This paper intends to determine the possible factors that will influence the life insurance’s purchase intention of Malaysians in the low rate of urbanization states. This paper used quantitative research with 250 respondents as the sample of study. The results showed that attitudes towards the benefits of life insurance, perceptions from social interaction, benefits relative to the annual premium of life insurance, and assurance of reliability in service quality of life insurance agents have significant positive correlation with life insurance’s purchase intention. The findings of this paper are expected to contribute to policy makers and life insurance companies to strategize their planning in future to enhance the penetration rate in Malaysia.

Suggested Citation

  • Zong Lin Ch’ng, 2023. "Factors Influencing Purchase Intention on Life Insurance in Low Rate of Urbanization States in Malaysia," Advances in Economics, Business and Management Research, in: Fanyu Chen & Keng Soon William Choo & Voon Hsien Lee & Chooi Yi Wei (ed.), Proceedings of the 10th International Conference on Business, Accounting, Finance and Economics (BAFE 2022), pages 3-13, Springer.
    • Handle: RePEc:spr:advbcp:978-2-494069-99-2_2
    DOI: 10.2991/978-2-494069-99-2_2
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