Factors influencing investor's intention to purchase health insurance : a quantitative study

Abstract

This study focuses on the main determinants of intention to buy health insurance. Based on behavioural, financial, and socio-demographic perspectives, factors to be considered include perceived usefulness, risk protection, social influence, income level, education, awareness, and affordability. Quantitative survey methods were used to collect data from 250 respondents of urban and semi-urban areas. It has been found that financial preparedness, insurance literacy, trust in insurers, and social influence are the factors that increase the probability of buying health insurance, while high premiums, limited coverage, and past adverse experience hinder buying health insurance. In this paper, the importance of targeted awareness campaigns, easy access to policy design, and socio-economic tailored interventions to increase insurance uptake has been identified. These findings offer empirical guidance to policymakers, insurers, and public health advocates interested in increasing health insurance and reducing financial vulnerability among vulnerable populations.