Evaluation of Consumer Behaviour in the Purchase of Sustainable Insurance Products in the Republic of Moldova

Abstract

We are increasingly talking about sustainability in the context of the green economy, so the way we approach any activity related to the household and economic activity is also changing. Thus, the environment, sustainability and good governance have contributed to the way business is done in the current conditions, and as a result of these phenomena, insurance companies have taken a new approach in light of the aforementioned. In the process of adapting to the new market circumstances influenced by the green economy, insurance companies in the Republic of Moldova are forced to adapt by creating new sustainable product offers. This study is conducted to identify what exactly stops consumers in the Republic of Moldova from purchasing this sustainable insurance. We will answer 3 key questions, namely: how well do people understand climate risks, how much money are they willing to pay for green insurance and how much trust do they have in insurers who propose green insurance. The study is based on a survey conducted on a sample of 200 respondents whose results are analyzed using mathematical and statistical methods. The results will contribute to guiding the marketing strategies of insurance companies to convince customers and develop the green insurance market, but also to creating viable offers by insurers to meet the needs of consumers in the Republic of Moldova. UDC: 366.1:368.023.32(478)