How does COVID-19 change insurance and vaccine demand? Evidence from short-panel data in Japan

TL;DR

This study investigates how COVID-19 influenced insurance and vaccine demand in Japan during early 2020, revealing gender differences and contrasting trends in demand as the pandemic progressed.

Contribution

It provides novel insights into gender-specific demand patterns for insurance and vaccines during COVID-19 using short-panel data and fixed effects analysis.

Findings

Demand for insurance decreased as COVID-19 spread.

Demand for vaccines increased during the pandemic.

Gender differences in demand patterns were observed.

Abstract

In this study, we explored how the coronavirus disease (COVID-19) affected the demand for insurance and vaccines in Japan from mid-March to mid-April 2020. Through independent internet surveys, respondents were asked hypothetical questions concerning the demand for insurance and vaccines for protection against COVID-19. Using the collected short-panel data, after controlling for individual characteristics using the fixed effects model, the key findings, within the context of the pandemic, were as follows: (1) Contrary to extant studies, the demand for insurance by females was smaller than that by their male counterparts; (2) The gap in demand for insurance between genders increased as the pandemic prevailed; (3) The demand for a vaccine by females was higher than that for males; and (4) As COVID-19 spread throughout Japan, demand for insurance decreased, whereas the demand for a vaccine increased.