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.