Determinants of Intention to Purchase Pet Insurance Among Cat and Dog Owners in Malaysia
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Date
2022
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Abstract
"Pet adoption has risen as the growing trends of today all around the world due to the increasing number of singles, cohabiting, and elderly people – thus resulting in the adoption of pets as a means of fulfilment and life satisfaction. Pet-related business, namely the pet insurance industry, has been growing all around the world with the new wave of pet lovers. Nevertheless, the same cannot be said for the Malaysian market as Malaysians in general are not made aware of the full benefits of pet insurance, let alone are aware of the existence of pet insurance in Malaysia. Due to the fact that the majority of Malaysians either own a cat or a dog, and the fact that the pet insurance providers in the Malaysian market only provide insurance plans for cats and dogs at the moment, the focus of this study will be on the cat and dog owners only. In order to conduct this research, the Theory of Planned Behaviour will be utilised as the base framework of this research, with other relevant variables coined from the respective researchers.
Among the key findings of this research is that there are three determinants of intention to purchase pet insurance among cat and dog owners in Malaysia, which are the Responsibility towards Pets, Risk Perception towards Pet Ownership, and Financial Risk of Owners. Additionally, it was noted that the Relationship between Owner and Pet does have a positively strong relationship to the Responsibilities towards Pets. From the findings of this research, future researchers can develop a longitudinal research design to further understand the deeper attitudes, perceived behaviour and social norms towards pet insurance in Malaysia."