Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19

This study aims to identify the effects of health-related risk perception and sociodemographic characteristics on the willingness to pay (WTP) for travel insurance as a risk reduction behavior following the outbreak of COVID-19. Through the application of a double-bounded dichotomous choice continge...

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Detalles Bibliográficos
Autores principales: Choe, Yeongbae, Kim, Hyesun, Choi, Youngjoon
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Springer Berlin Heidelberg 2022
Materias:
Empirical Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8794043/
http://dx.doi.org/10.1007/s11628-022-00479-8
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author Choe, Yeongbae
Kim, Hyesun
Choi, Youngjoon
author_facet Choe, Yeongbae
Kim, Hyesun
Choi, Youngjoon
author_sort Choe, Yeongbae
collection PubMed
description This study aims to identify the effects of health-related risk perception and sociodemographic characteristics on the willingness to pay (WTP) for travel insurance as a risk reduction behavior following the outbreak of COVID-19. Through the application of a double-bounded dichotomous choice contingent valuation method, this study found several determinants for travel insurance price (i.e., risk perception toward traveling, perception about the influence of COVID-19, past travel insurance purchase experience, age, and education). The mean WTP was estimated to be approximately KRW 11,700 (USD 10.23). Several theoretical and managerial implications regarding risk perception and travel insurance are discussed.
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spelling pubmed-87940432022-01-28 Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19 Choe, Yeongbae Kim, Hyesun Choi, Youngjoon Serv Bus Empirical Article This study aims to identify the effects of health-related risk perception and sociodemographic characteristics on the willingness to pay (WTP) for travel insurance as a risk reduction behavior following the outbreak of COVID-19. Through the application of a double-bounded dichotomous choice contingent valuation method, this study found several determinants for travel insurance price (i.e., risk perception toward traveling, perception about the influence of COVID-19, past travel insurance purchase experience, age, and education). The mean WTP was estimated to be approximately KRW 11,700 (USD 10.23). Several theoretical and managerial implications regarding risk perception and travel insurance are discussed. Springer Berlin Heidelberg 2022-01-27 2022 /pmc/articles/PMC8794043/ http://dx.doi.org/10.1007/s11628-022-00479-8 Text en © The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2022 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.
spellingShingle Empirical Article
Choe, Yeongbae
Kim, Hyesun
Choi, Youngjoon
Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19
title Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19
title_full Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19
title_fullStr Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19
title_full_unstemmed Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19
title_short Willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of COVID-19
title_sort willingness to pay for travel insurance as a risk reduction behavior: health-related risk perception after the outbreak of covid-19
topic Empirical Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8794043/
http://dx.doi.org/10.1007/s11628-022-00479-8
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AT kimhyesun willingnesstopayfortravelinsuranceasariskreductionbehaviorhealthrelatedriskperceptionaftertheoutbreakofcovid19
AT choiyoungjoon willingnesstopayfortravelinsuranceasariskreductionbehaviorhealthrelatedriskperceptionaftertheoutbreakofcovid19

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