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Mapping The Psychological Landscape Of Social Preferences And Attitudes Towards Voluntary Insurance Products In The Western Balkan Region

Author

Listed:
  • Ardita TODRI

    (Associate Professor, University of Elbasan)

  • Imelda SEJDINI

    (Associate Professor, University of Elbasan)

  • Petraq PAPAJORGJI

    (Professor, Proinfinit Consulting Tirana)

  • Christos Ap. LADIAS

    (Professor, Regional Science Inquiry Journal, Greece)

Abstract

This study investigates the factors affecting demand for voluntary life and non-life insurance in the Western Balkan region, focusing on age and gender preferences. Using the Mind Genomics technology in an online experiment, 2,448 participants from Albania, Bosnia-Herzegovina, Montenegro, North Macedonia, Serbia, and Kosovo provided insights. The research identified four meaningful categories of interest. The most preferred insurance products across all demographics were those for livestock, crops, agricultural tools, machinery, and motor vehicle liability. Additionally, pension plans were noted as promising for retirement income planning. The study suggests that financial institutions should tailor their awareness strategies to these preferences.

Suggested Citation

  • Ardita TODRI & Imelda SEJDINI & Petraq PAPAJORGJI & Christos Ap. LADIAS, 2024. "Mapping The Psychological Landscape Of Social Preferences And Attitudes Towards Voluntary Insurance Products In The Western Balkan Region," Regional Science Inquiry, Hellenic Association of Regional Scientists, vol. 0(2), pages 131-142, June.
    • Handle: RePEc:hrs:journl:v:xvi:y:2024:i:2:p:131-142
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    More about this item

    Keywords

    age; gender; mind genomics; preferential voluntary insurance products; Western Balkan region;
    All these keywords.

    JEL classification:

    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G52 - Financial Economics - - Household Finance - - - Insurance

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