TY  - JOUR
AB  - Purpose– The purpose of this paper is to explore how psychological variables are related to real-life insurance consumption. Specifically, the authors focus on whether emotions and psychological traits can improve the predictability of insurance demand, taking traditional socioeconomic variables under control. Design/methodology/approach– The approach used was in-person survey, based on a traditional questionnaire, the Barratt Impulsiveness Scale and a psycho-physiological task (Iowa Gambling Task (IGT)). Findings– A selective role of emotions and psychological traits has been proven to exist when comparing different insurance policies. Life and casualty insurance are affected by emotional arousal to losses; indemnity insurance by fear of the unknown, whereas health insurance by impulsivity. Research limitations/implications– The findings indicate that individual insurance consumption may be amplified by not cognitive components. Future research should concentrate on testing the effect of further psychological traits related to pure risk coverage. Practical implications– The results may be of interest for insurers in order to know what drives insurance demand with respect to different kinds of pure risks. Social implications– For policymakers, it is important to understand how psychological factors affect consumer behavior in order to incorporate such perspective into modern insurance policy measures. An analysis of such factors may also increase the self-consciousness of insurance consumers and enrich consumer self-protection. Originality/value– The authors propose an interdisciplinary approach to analyze insurance demand and test different kinds of insurance coverage, suggesting not homogenous hedging behaviors in relation to specific ambiguous events.
VL  - 6
IS  - 2
SN  - 1940-5979
DO  - 10.1108/RBF-04-2014-0027
UR  - https://doi.org/10.1108/RBF-04-2014-0027
AU  - Brighetti Gianni
AU  - Lucarelli Caterina
AU  - Marinelli Nicoletta
PY  - 2014
Y1  - 2014/01/01
TI  - Do emotions affect insurance demand?
T2  - Review of Behavioral Finance
PB  - Emerald Group Publishing Limited
SP  - 136
EP  - 154
Y2  - 2024/09/22
ER  -