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, Youngjoon Choi

Research output: Contribution to journalArticlepeer-review

2 Scopus citations

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.

Original languageEnglish
Pages (from-to)445-467
Number of pages23
JournalService Business
Volume16
Issue number3
DOIs
StatePublished - Sep 2022

Keywords

  • COVID-19
  • Risk perception
  • Risk reduction behavior
  • Travel insurance
  • Willingness to pay

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