Factors Influencing Individuals' Preferences in Acquiring Personal Lines Insurance Products in Metro Manila, Philippines

Ryan C. Roque and Mark Anecito R. Perlas

Journal of Management World, 2025, vol. 2025, issue 3, 84-90

Abstract: Personal line insurance helps reduce financial strain during unexpected events such as death, accidents, or property loss. Selecting the right insurance requires careful consideration to maximize its benefits and avoid future disappointments. This study aims to identify and analyze the factors influencing the purchase of personal line insurance products and assess their significance based on respondents’ profiles. Key factors examined include Knowledge and Trust, Investment Preferences, Product Attributes, and Purchase Intention. Using a descriptive research approach, data were collected from 394 randomly selected participants in Metro Manila through an online survey. The majority of respondents were aged 25 and below, female, single, held a bachelor’s degree, were rank-and-file employees earning PHP 20,000 or less monthly, had 1–3 dependents, and owned one insurance policy. Statistical analysis using ANOVA revealed that Knowledge and Trust significantly differed by sex, educational attainment, and number of policies, while Investment Preferences varied by sex, job position, income, dependents, and policies. Product Attributes showed no significant differences, while Purchase Intention differed by age. The researchers recommend enhancing public awareness and confidence through activities promoting literacy on insurance products. Educated decisions can foster trust, reduce uncertainties, and encourage broader adoption of personal line insurance.

Keywords: Investment preference; Knowledge and trust; Personal lines insurance; Product attributes; Purchase intention; Working individuals (search for similar items in EconPapers)
Date: 2025
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