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

Yeongbae Choe (), Hyesun Kim () and Youngjoon Choi ()
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Yeongbae Choe: Gachon University
Hyesun Kim: Woosong University
Youngjoon Choi: Ewha Womans University

Service Business, 2022, vol. 16, issue 3, No 3, 445-467

Abstract: Abstract 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.

Keywords: Risk perception; Travel insurance; COVID-19; Risk reduction behavior; Willingness to pay (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11628-022-00479-8

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