Customers’ Attitude towards General Insurance - A Factor Analysis Approach

Abstract

With over a billion people, India is fast becoming a global economic power. With a relatively youthful population, India will become an attractive insurance market over the next decades. This paper examines the customer attitude towards the General Insurance. A study has been conducted at Erode district with the sample of 750 respondents to find out the influencing factor of the policy holders in the study area. In this context, the respondents' opinion on the various related statements were collected with a 5 point scaling. Factor analysis, an important multivariate technique has used to reduce the large number of factors in a small group of factors. 25 factors which are considered to be the different type of policy holders conscious. This study helps to find out the various customers which are having different expectation from the General Insurance Companies in the study area.