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Wednesday, August 4 • 1:00pm - 2:30pm
7B1 Insurance Literacy is Different

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Christoph Jaenicke, University of St. Gallen; Martin Eling, Institute of Insurance Economics

Using representative survey data among the working Swiss population we show that insurance literacy is different from financial literacy. While both literacy measures are higher among men, we observe that financial literacy is largely driven by education, whereas insurance literacy increases with age and income. Insurance literacy occurs more event- than interest-related. Motivated by the differences between both literacy measures, we extend past research on the effect of culture to insurance literacy. We identify a significant and robust heterogeneity in insurance literacy depending on both spatial and cultural affiliation. The magnitude of the cultural effect is high compared to other control variables. Our mediation analysis attributes differences in insurance literacy to different levels of risk preferences across cultural groups. Also with respect to the impact of culture, we observe significant differences between insurance and financial literacy.


Christoph Jaenicke

University of St. Gallen

Martin Eling

University of St. Gallen

Wednesday August 4, 2021 1:00pm - 2:30pm EDT