Positive Impact of Coronavirus Disease–19 on Purchase Intentions of Life Insurance Companies in an Emerging Economy

Abstract

The general economic situation has resulted in a global recession across the world leading to insurance industries all over the world serving as a form of protection for people who look for rescue and relief. The widespread of the infection has impacted many governments across the world and financially weakened some businesses as well as the social wellbeing of people. The pandemic could also be seen as having a positive impact amidst the pandemic. The conspicuous impact of the global pandemic on insurance industry in Ghana is the upsurge in health, travel and even business claims. The research was carried out in the Kumasi Metropolis, Ghana's second largest metropolis. This study utilized the convenience sampling as it involved customers, both potential and actual, of life insurance companies in Kumasi who were willing and available to partake in the study. The interrogation involved thirty (30) respondents. According to the findings, some respondents viewed life insurance policies in Ghana positively, while others viewed them adversely, based on their experience and opinion. Customers evaluate their contacts with life insurance companies based on their previous experiences, which influences their decision to buy.