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 language | English |
|---|---|
| Pages (from-to) | 445-467 |
| Number of pages | 23 |
| Journal | Service Business |
| Volume | 16 |
| Issue number | 3 |
| DOIs | |
| State | Published - Sep 2022 |
Bibliographical note
Publisher Copyright:© 2022, The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.
Keywords
- COVID-19
- Risk perception
- Risk reduction behavior
- Travel insurance
- Willingness to pay