Finnish travellers’ perception of travel-related risk and how it affects their consumer behaviour when purchasing travel insurance
Hansen, Marc (2024)
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202403265209
https://urn.fi/URN:NBN:fi:amk-202403265209
Tiivistelmä
The background and objective for this 8-chapter thesis were that the author, with his interest in the travel and insurance industry, wanted to support potential readers and industry professionals in achieving a greater understanding of the Risk Phenomena and the Perception of Risk while also investigating Finnish Travellers’ attitudes towards Travel-Related Risks and how those impacts on their Consumer Behaviour and Decision-Making when purchasing Travel Insurance.
The literature review, where the author intended to examine already existing academic work, studies and/or research found that international travellers are facing various risks when travelling abroad. Most discussed are the Risk of Health and Well-being, Risk of Delay or Cancellation of the trip, and Risk of Crimes and Violence. However, the risks from Animal and Wildlife, Natural Disasters, and Terrorism also play a vital role in shaping these travellers’ overall perception of travel-related risks.
Moreover, the literature review discovered different theories around Consumer Behavior and Decision-Making which helped the author to better understand the various factors behind such as the purpose of the travel, previous travel experience, socio-demographics and cultural characteristics which potentially also influence these attitudes towards travel-related risks and ultimately the dimensions of consumer behaviour.
With 104 survey participants, the utilization of a quantitative research method has been a great foundation in the empirical data collection process and has also supported the author in exploring the actual diverse attitudes towards travel-related risks from Finnish Travellers and how in reality it affects whether or not they purchase travel insurance. The results from the research found that a high proportion of Finnish Travellers are more likely to purchase travel insurance if the policy would cover them against a risk that they perceive as a bigger threat to them when travelling. Specifically, the Risk of Health and Well-Being (Medical Emergencies), Risk of Delayed, Lost or Damaged luggage, and Risk of Delay or Cancellation of your trip which can all lead to unexpected disruptions of travel plans are in the eyes of Finnish travellers the most important to protect themselves against.
It was also evident from the results, that Finnish Travellers are relying on information from Official Websites, Social Networks and Family Members when collecting further information on a given risk factor. Gathering information from these different sources sets the frame of their risk assessments and underscores the importance of risk perceptions concerning Finnish Traveller's consumer behaviour in relation to travel insurance purchases.
The literature review, where the author intended to examine already existing academic work, studies and/or research found that international travellers are facing various risks when travelling abroad. Most discussed are the Risk of Health and Well-being, Risk of Delay or Cancellation of the trip, and Risk of Crimes and Violence. However, the risks from Animal and Wildlife, Natural Disasters, and Terrorism also play a vital role in shaping these travellers’ overall perception of travel-related risks.
Moreover, the literature review discovered different theories around Consumer Behavior and Decision-Making which helped the author to better understand the various factors behind such as the purpose of the travel, previous travel experience, socio-demographics and cultural characteristics which potentially also influence these attitudes towards travel-related risks and ultimately the dimensions of consumer behaviour.
With 104 survey participants, the utilization of a quantitative research method has been a great foundation in the empirical data collection process and has also supported the author in exploring the actual diverse attitudes towards travel-related risks from Finnish Travellers and how in reality it affects whether or not they purchase travel insurance. The results from the research found that a high proportion of Finnish Travellers are more likely to purchase travel insurance if the policy would cover them against a risk that they perceive as a bigger threat to them when travelling. Specifically, the Risk of Health and Well-Being (Medical Emergencies), Risk of Delayed, Lost or Damaged luggage, and Risk of Delay or Cancellation of your trip which can all lead to unexpected disruptions of travel plans are in the eyes of Finnish travellers the most important to protect themselves against.
It was also evident from the results, that Finnish Travellers are relying on information from Official Websites, Social Networks and Family Members when collecting further information on a given risk factor. Gathering information from these different sources sets the frame of their risk assessments and underscores the importance of risk perceptions concerning Finnish Traveller's consumer behaviour in relation to travel insurance purchases.