Study of factors influencing home insurance buying behaviour in India

Meena Bhatia

International Journal of Indian Culture and Business Management, 2024, vol. 33, issue 2, 262-284

Abstract: The study bridges the gap in the extant literature about the buying disinclination of home insurance (HI) in an emerging economy. It investigates how socio-economic variables impact homeowners' awareness and purchase decisions; it also ascertains the most popular channels of buying HI and identifies the factors that are responsible for the lack of HI culture in India. The data was collected through a questionnaire filled out by 429 homeowners in National Capital Region Data were analysed using frequency distribution, Pearson Chi-square test, Phi and Cramer's V test, and factor analysis. The majority of homeowners are aware of HI, but still, only 30% have insured their properties. The reasons for not buying insurance were segregated into seller-side and demand-side factors. The findings are critical for the insurance industry to help them identify issues, strategise ways to overcome impediments and develop products to meet customers' needs and thereby grow as an industry.

Keywords: home insurance; real estate; socio economic variables; perception; consumer behaviour; India. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijicbm:v:33:y:2024:i:2:p:262-284

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