Perception of Insurance and Risk Management Strategies Among Consumers In Saudi Arabia: A Quantitative Study

Abstract

The insurance landscape in Saudi Arabia is undergoing significant transformation due to various influencing factors such as technological advancements, demographic shifts, and evolving consumer preferences. This dissertation aims to provide an in-depth analysis of consumer decision-making in the selection of insurance products within the Saudi Arabian market. Employing advanced statistical methods including cluster analysis and contingency tables, the study addresses four principal objectives: understanding the demographic variables that influence insurance choices, pinpointing the key sources of information that guide consumers, assessing the degree of consumer confidence in insurance-related decisions, and exploring behavioral patterns that have a notable impact on these choices. The research uncovers complex relationships and segmented consumer behaviors based on age, gender, and income levels. These insights offer valuable recommendations for insurance companies in Saudi Arabia to refine their product designs, customer service, and marketing strategies. The dissertation serves as a comprehensive guide for both scholars and practitioners interested in enhancing consumer engagement and tailoring insurance offerings in the Saudi Arabian context.