Suchergebnisse

The rapid development of life insurance and its dissemination throughout the world, and the emergence of new types of life insurance products, in order to meet the needs of citizens, raises the question of proper legal arrangement of these issues. This article refers to the life insurance products linked to investment funds (unit-linked life insurance products) as a new type of life insurance products, especially in developing countries. The purpose of this article is to explain the meaning and the types of unit-linked life insurance products offered by insurance companies; to provide the available statistical data regarding these types of insurance products; to analyze the legal framework of unit-linked life insurance products in the European Union and in some Southeast European countries, one member of EU and two candidates for EU membership. The conclusion of the article provides the reasons for additional legal regulation of the unit-linked life insurance products.

PurposeThis study examines the relationship between policyholders' psychographic characteristics and demand decisions for life insurance products in Uganda.Design/methodology/approachThe study is based on a cross-sectional survey. Using a purposive sampling method, 389 questionnaires were administered to life insurance policyholders in the four geographical regions of Uganda. Partial least squares structural equation modeling (PLS-SEM) was employed to analyze the primary data, specifically to test the relationships between the dependent and independent variables.FindingsThe findings indicate a positive and significant influence of psychographic characteristics on demand decisions for life insurance products. In addition, the analysis indicates that the two first-order constructs of psychographic characteristics, namely price consciousness and consumer innovativeness, are positive and significant predictors of demand decisions for life insurance products. In contrast, the third first-order construct religious salience, exhibits a negative and nonsignificant effect on demand decisions for life insurance products.Practical implicationsFor insurance practitioners, to influence demand decisions, they should emphasize premium-related appeals in their marketing messages (price consciousness) ignore product decisions based on religious beliefs and norms (religious salience). They should also ensure that insurance products are highly trustable and experiential (consumer innovativeness). For insurance policymakers, it offers an in-depth understanding of customer psychographic characteristics, which can be used to identify exploitative information embedded in certain marketing campaigns targeting specific psychographic characteristics, for better regulation.Originality/valueThe study provides a basis for understanding lifestyle and personality characteristics (psychographics), which may influence demand decisions for life insurance products in a developing country like Uganda, where the insurance industry is at an early stage of development.Peer reviewThe peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-06-2023-0440

Despite life insurance penetration rate has increased from year to year and the total premium income of the life insurance industry had reached trillions of Indonesian Rupiah by the end of 2020, it is undeniable that legal protection for consumers of life insurance products still has its shortcomings. This can be seen from the issuance of Law Number 8 of 1999 concerning Consumer Protection, in which its issuance was more or less influenced by the International Monetary Fund (IMF) during the 1998 monetary crisis. In contrast, regulation related to insurance has been stipulated decades before Indonesia's independence through Kitab Undang-Undang Hukum Dagang (KUHD / Wetboek van Koophandel voor Indonesie) or the Indonesia Commercial Code. Adetailed regulation regarding life insurance was introduced through Law Number 2 of 1992 concerning Insurance Business which focuses on insurance companies and their supporting institutions. However, there was no specific regulation regarding protection for insurance consumers until 2013 when Financial Services Authority (OJK) issued Regulation Number 1/POJK.07/2013 concerning Consumer Protection in the Financial Services Sector which regulates consumer protection not only for insurance company, but also for other financial institutions including banks, securities company, investment advisor, pension fund, and financing company. Later, the Government of Indonesia (GoI) issued Law Number 40 of 2014 concerning Insurance in which, according to its elucidation, reflected great attention and support to protect consumers of insurance services. In 2020 during the global COVID-19 pandemic, the financial services sector was greatly affected and consequently, the condition also affected how insurance companies interact with their consumers due to some restrictions during the pandemic. In this regard, this study attempts to analyze regulations issued by GoI during COVID-19 related to consumer protection of life insurance products, within the scope of Law Number 8 of 1999, OJK Regulation ...