Perceived Severity, Anxiety, and Protection Motivation in Shaping Protection Insurance Product Purchase Intentions: Evidence from the COVID-19 Public Health Crises

This study examines how consumers’ perceptions of threat severity and anxiety during public health crises influence their motivation to protect themselves and, subsequently, their intentions to purchase protection insurance products. Drawing on Protection Motivation Theory (PMT), we develop an integrated framework that links cognitive risk assessments and emotional responses to financial protection decisions. Using survey data collected from 437 respondents in Taiwan during the COVID-19 pandemic, the research model is tested through partial least squares structural equation modeling (PLS-SEM). The empirical results indicate that both perceived severity and anxiety significantly enhance protection motivation, with perceived severity exerting a stronger effect. These two antecedents also directly strengthen consumers’ intentions to purchase protection insurance. Furthermore, protection motivation partially mediates the effects of perceived severity and anxiety on purchase intention. These findings extend the application of PMT to the financial and insurance domains by demonstrating how cognitive and affective factors jointly shape demand for protection insurance in high-risk environments. The practical implications of these results for insurers include risk communication strategies, product positioning, and the development of crisis-responsive insurance solutions.