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

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

Authors
Zong Lin Ch’ng1, *
1Faculty of Business and Finance, Universiti Tunku Abdul Rahman, Jalan Universiti, Bandar Barat, 31900, Kampar, Perak, Malaysia
*Corresponding author.
Corresponding Author
Zong Lin Ch’ng
Available Online 4 February 2023.
DOI
10.2991/978-2-494069-99-2_2How to use a DOI?
Keywords
Penetration rate; Rate of Urbanizations; Purchase Intention
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.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 10th International Conference on Business, Accounting, Finance and Economics (BAFE 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
4 February 2023
ISBN
978-2-494069-99-2
ISSN
2352-5428
DOI
10.2991/978-2-494069-99-2_2How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Zong Lin Ch’ng
PY  - 2023
DA  - 2023/02/04
TI  - Factors Influencing Purchase Intention on Life Insurance in Low Rate of Urbanization States in Malaysia
BT  - Proceedings of the 10th International Conference on Business, Accounting, Finance and Economics (BAFE 2022)
PB  - Atlantis Press
SP  - 3
EP  - 13
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-2-494069-99-2_2
DO  - 10.2991/978-2-494069-99-2_2
ID  - Ch’ng2023
ER  -