Insurance is one of the most important players in the financial system. Consumer behavior is the study of when, why, how, and where consumers purchase or do not purchase goods and/or services. This chapter examines consumer insurance behavior and the factors that influence it. Insurance businesses assist in mobilizing savings, and this money is invested in several ways that contribute significantly to economic growth. The chapter is a review of a set of studies, where age, gender, awareness, prior experiences, demography, pricing, promotion, and service quality were identified as factors linked with insurance behavior. The chapter shows how these factors influence consumer insurance behavior and provides evidence for the development of relevant theories that will forecast future consumer behavior. The future of consumer insurance behavior will be more reliant on technology. The chapter provides insights to the insurance companies to streamline their approach for increasing penetration and building consumer trust.

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