FROM AWARENESS TO ACTION: THE JOURNEY OF NON-INSURANCE POLICYHOLDERS IN MALAYSIA

Authors

  • NADIA IZZATI KAMESSAN School of Distance Education, Universiti Sains Malaysia, Penang, Malaysia.
  • ZAINIL HANIM SAIDIN School of Distance Education, Universiti Sains Malaysia, Penang, Malaysia. https://orcid.org/0000-0003-2924-9208
  • ZARINA MD NOR School of Distance Education, Universiti Sains Malaysia, Penang, Malaysia.

DOI:

https://doi.org/10.55197/qjssh.v5i5.442

Keywords:

insurance, insurance premiums, pandemic risk, ownership rates

Abstract

The purpose of this study was to investigate the factors influencing the level of life insurance ownership among non-life insurance policyholders. Malaysia faces the challenge of low insurance penetration, with only 40.4% of the population covered by insurance as of 2022, which underscores the need for greater insurance ownership. A sample population of 450 respondents, who were non-life insurance policyholders, was targeted. 398 non-life insurance policyholders (88.4% of the sample) met the inclusion criteria and took part in the study. SPSS Version 27.0 was used to process the survey data. Various statistical data analyses and procedures were used. The study results indicate that the premium factor of insurance had the most significant impact, with the risk factor related to pandemics closely following, in influencing the level of life insurance ownership in Malaysia. These findings give useful insights for life insurance practitioners and researchers, as well as recommendations for future research.

Author Biographies

NADIA IZZATI KAMESSAN, School of Distance Education, Universiti Sains Malaysia, Penang, Malaysia.

Nadia is a master student in Arts at School of Distance Education, Universiti Sains Malaysia. She is currently writing papers related to research on insurance purchase intention with guidance from her supervisor.

ZAINIL HANIM SAIDIN, School of Distance Education, Universiti Sains Malaysia, Penang, Malaysia.

Dr. Zainil Hanim, a senior lecturer at the School of Distance Education, Universiti Sains Malaysia (USM), holds a PhD in marketing from Universiti Utara Malaysia. With 13 years of prior experience in prominent automotive and banking sectors, she is dedicated to sharing her wealth of knowledge in sales and operations for the benefit of students, the university, and the community. Her research expertise lies in service quality and relationship marketing, with a focus on after-sales service and electronic word of mouth marketing. Additionally, she explores poverty eradication through Zakat distribution. Actively mentoring Masters and Ph.D. students in Marketing and Management, Dr. Zainil welcomes inquiries via email at zainilhanimsaidin@usm.my or in person at the School of Distance Education, Universiti Sains Malaysia, 11800 Penang, MALAYSIA.

ZARINA MD NOR, School of Distance Education, Universiti Sains Malaysia, Penang, Malaysia.

Dr. Zarina Md Nor, a senior lecturer at the School of Distance Education, Universiti Sains Malaysia (USM). She is dedicated to sharing her wealth of knowledge in economics for the benefit of students, the university, and the community. Her research expertise lies in economics and finance. Additionally, she explores poverty eradication through Zakat distribution. Actively mentoring Masters and Ph.D. students in economics and finance, Dr. Zarina welcomes inquiries via email at zarina.nor@usm.my or in person at the School of Distance Education, Universiti Sains Malaysia, 11800 Penang, MALAYSIA

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Published

2024-10-30

How to Cite

KAMESSAN, N. I., SAIDIN, Z. H., & NOR, Z. M. (2024). FROM AWARENESS TO ACTION: THE JOURNEY OF NON-INSURANCE POLICYHOLDERS IN MALAYSIA. Quantum Journal of Social Sciences and Humanities, 5(5), 128–139. https://doi.org/10.55197/qjssh.v5i5.442

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