Understanding the insurance decision-making behavior through an analysis of factors influencing the conclusion of an insurance policy offers companies a wide range of starting points. The present article focuses on fundamental personality traits and factors of individual risk management as relevant influencing factors. As part of an empirical study, data on personality traits, risk attitudes, risk awareness, risk perception and the conclusion of some insurance products are collected and evaluated. Accordingly, the personality trait extraversion influences the conclusion of occupational disability and pension insurance, the number of insurance policies taken out and the perceived probability of certain risks occurring. An influence on the conclusion of an accident and legal protection insurance as well as on the risk attitude is identified for the personality trait compatibility. For the quality of conscientiousness, the random sample data can be used to demonstrate an influence on the conclusion of legal protection and accident insurance as well as on the perceived extent of damage if certain risks occur.
CITATION STYLE
Stiefel, S., & Jeske, K. J. (2022). Factors influencing the purchase of insurance—an analysis of the relationship between personality traits and individual risk management. Zeitschrift Fur Die Gesamte Versicherungswissenschaft, 111(4), 433–463. https://doi.org/10.1007/s12297-022-00538-z
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