The Impact of Religion on Insurance Purchasing Behavior: A Dual Perspective with Economic Factors

Abstract

Rising income levels and increased consumer awareness have led to a more positive attitude towards insurance, resulting in market expansion and heightened competition. However, businesses must consider factors that could negatively impact insurance demand. One significant factor identified in this study is religion. While some religious texts and teachings advocate for collective mutual assistance, certain religious beliefs view insurance negatively for various reasons. Consequently, this research seeks to explore two critical questions: “How do religious beliefs influence the insurance demands and purchasing behaviors of individuals and societies?” and “What are the potential impacts of economic indices on insurance policy purchases?” Answering these questions requires navigating a complex interplay of economic and cultural factors. To address these objectives, the study utilized data such as per capita insurance expenditures, 66 market totals, and national insurance market shares. The analysis also considered the percentage of the total population covered by national health services, as this coverage might reduce the likelihood of acquiring insurance policies. Statistical analyses were employed to assess the influence of religious beliefs on insurance purchasing behavior and to evaluate the effects of economic indices on insurance policy purchases. The research results revealed that individuals who did not adhere to any specific religious doctrine exhibited the highest rate of insurance purchases. Additionally, the influence of economic indices on insurance purchasing behaviors produced significant and undeniable results. In conclusion, this study highlights the considerable impact of religious beliefs on insurance policy purchasing behavior. The findings contribute valuable insights to the existing literature and offer a contemporary perspective for future research in this field.