Willingness to Pay for COVID-19 Insurance Premiums after the COVID-19 Pandemic

Abstract

This study on willingness to pay for COVID-19 insurance premiums after the COVID-19 Pandemic aims to examine the level of willingness to pay and factors influencing consumers' decisions. Data were collected through online questionnaires validated using the IOC and Cronbach's alpha coefficients. A purposive sampling method was used to target individuals aged 18 and over, resulting in a total sample of 449. This research employed the Contingent Valuation Method (CVM) to analyze the level of willingness to pay, and regression equations was used to identify the factors influencing consumers' willingness to pay for COVID-19 insurance premiums in the post-pandemic period.

The analysis revealed that the average level of willingness to pay COVID-19 insurance premiums was approximately 3,181.58 baht per year, while the median of the willingness to pay was approximately 1,923.32 baht per year. Among those willing to purchase COVID-19 insurance, the primary reason cited was to reduce the burden of medical expenses in case of infection. On the other hand, those unwilling to purchase COVID-19 insurance mainly stated that it was because COVID-19 had been declared an endemic disease. Regarding the factors influencing willingness to pay, income level, annual health insurance expenses, and the level of adherence to government health guidelines were positively associated with willingness to pay. In contrast, education level, efforts to seek knowledge about illness prevention and control, and age were negatively associated with willingness to pay.