Determinant Factors in Contracting Health Insurance on the Romanian Market

Abstract

Abstract: Private health insurance represents a risk management method meant to reduce the financial burden related to medical issues. Covid-19 pandemic brought about an increase demand for health insurance products as concerns for the unexpected effects of unforeseen medical situation escalated and were also exaggerated by social media. The fundamental changes in the population mentality towards health (due to significant lockdowns and quarantines) caused an increase in the proportion of the personal budget destined for health protection and a development of the insurance market products, despite the contraction of the national economies. Based on a Romanian study covering the financial behavior of natural persons, the article is analyzing the conduct of persons when confronted with the negative psychological and physical effects of pandemic crisis. The authors intentions were to validate the correlations between the insurance policy and elements such as sources of information, client relationships, financial behavior using correlation and regression methods. Also the paper is determined to reveal whether the benefits of digitalization caused an improvement in the approach of natural persons to look after their medical situation’s protection.