Building a Sustainable Future: Understanding Generation Z's Purchasing Intention Toward Green Insurance

Abstract

Introduction: Green insurance involves offering insurance products and services that foster environmental sustainability. These policies aim to incentivize eco-conscious practices by providing coverage for environmentally responsible initiatives, such as renewable energy projects, energy-efficient technologies, and sustainable behaviors. As concerns over environmental conservation grow, particularly among younger generations, interest in green insurance is steadily increasing.

Objective: The purpose of this study is to identify the variables influencing Generation Z's intention to purchase green insurance in South India. towards green insurance in South India.

Methods: A survey questionnaire was given to a sample of Generation Z customers in the area in order to gather data for the study. The study focused on four key variables green attitude, perceived effectiveness, subjective norms, and willingness to pay. To create and validate a purchasing intention model, the study uses exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM).

Results: Results revealed that green attitude, perceived effectiveness, subjective norms, and willingness to pay are having positive impact on green purchase intention of Gen Z. Our findings not only provide new insights into the green purchase intention of Generation Z but also offer practical implications for marketing and policy-making.

Conclusion:  These insights are vital for insurance companies looking to tailor their products and marketing strategies to better appeal to Generation Z, thereby fostering the growth of the green insurance market in India.