PSYCHOLOGICAL FACTORS OF RISK PERCEPTION INFLUENCING PURCHASE INTENTION TOWARD RESIDENTIAL INSURANCE AMONG CONSUMERS IN BANGKOK

Abstract

This study aimed to examine the levels of perceived risk and purchase intention, compare purchase intention among consumers with different personal and housing characteristics, and analyze the influence of psychological factors of perceived risk on purchase intention toward residential insurance. The sample consisted of 400 consumers in Bangkok who were selected using convenience sampling. Participants were at least 20 years old, had a monthly income of at least 15,000 baht, and had a role in planning or making decisions about purchasing residential insurance. Data were collected using a questionnaire and analyzed using descriptive statistics, a t-test, one-way analysis of variance, and multiple regression analysis. The results showed that the overall levels of perceived risk and purchase intention toward residential insurance were high, with financial risk receiving the highest mean score. Purchase intention differed significantly according to gender, education level, and monthly income, but did not differ significantly according to age, occupation, housing type, or housing ownership status. The five dimensions of perceived risk jointly explained 80.0% of the variance in purchase intention. Social risk had the strongest positive influence, followed by time risk, psychological risk, and financial risk, respectively, whereas performance risk did not have a statistically significant influence. In this study, social risk included perceived impacts on family members and the opinions of close persons. The findings highlight the multidimensional role of perceived risk in purchase intention among the sample studied and provide useful implications for insurance businesses in communicating coverage clearly, reducing process complexity, and presenting value in ways that are appropriate for consumers.