EFFECTS OF REGULATORY ASSURANCE ON PURCHASE DECISIONS FOR INSURANCE SERVICES IN ANAMBRA STATE

This study examined the effects of regulatory assurance on purchase decisions for insurance services in Anambra State, Nigeria, focusing on life, health, and general insurance. The research adopted a mixed-method approach, with a population of 2,000 and a sample size of 322 determined using Cochran’s formula. Data were collected from primary and secondary sources, and reliability was confirmed using Cronbach’s alpha. Analysis was conducted using Partial Least Squares Structural Equation Modelling (PLS-SEM) to test mediation and moderation effects. Findings revealed that regulatory assurance significantly influenced purchase decisions through trust and perceived service quality, with variations across insurance types. The study concluded that strong regulatory enforcement enhances consumer confidence, leading to increased patronage. Recommendations included enhancing NAICOM’s monitoring mechanisms and promoting public awareness of regulatory protections.