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1

DETERMINANTS OF INDIVIDUAL LIFE-RELATED INSURANCE CONSUMPTION: THE CASE OF THE SLOVAK REPUBLIC

100%
Ondruška T.
Ekonomický časopis (Journal of Economics)
|
2020
|
vol. 68
|
issue 8
846 – 863
EN
The premature death of a breadwinner, serious injuries or an insufficient level of income during retirement can decrease the living standard of households substantially. Life insurance represents a tool for managing such kinds of uncertainties. However, individuals do not adequately consider this need for security. Papers focusing on factors determining life-related insurance consumption identified many variations in the effect of these factors. The reasons are not clear, but one of the explanations is the aggregated nature of life insurance without focus on the type of covered risks. Based on survey data, we confirm the differences in the determinants of various risks covered by life insurance. In the general life insurance model, we confirmed the following as significant determinants: gender, head of household status, combination of marital status and dependent children, saving behaviour and employment status. In the private pension insurance coverage, significant determinants are age, education, saving behaviour and employment status. The willingness to buy accident cover with life insurance is determined by the saving behaviour and employment status. Marginal effect has the status of head of household.
2

DETERMINANTS OF PERSONAL RISK FINANCING STRATEGIES

51%
Brokešová Z., Ondruška T., Pastoráková E.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 10
579 – 595
EN
Adverse income shocks may have an eminent effect on short-term and long-term financial stability of individuals and households. Optimal response to risk exposure is driven by effectively chosen risk management strategies through combination of insurance, savings and other tools. However, individuals and households do not always make optimal decisions in these situations. The paper investigates the determinants of individuals’ decisions on the implementation of risk financing strategies. We test demographic, economic, and personal characteristics (including risk attitude and financial literacy) with the aim to identify relevant factors associated with different personal risk management behaviour. We use data from the survey in the Slovak Republic. We analyse the use of the two risk financing strategies, risk transfer and self-insurance, in coping with life and health risks of individuals. Our results show that level of financial literacy and risk attitude are important elements in personal risk management decisions, which policy-makers should also reflect on in an effort to ensure the financial stability of individuals and households.
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