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All Journal Journal of Economics, Business, & Accountancy Ventura International Research Journal of Business Studies
Worku, Abel
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Social Sciences

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Determinants of Micro-Insurance Demand in Jimma Zone Asmare, Aregu; Worku, Abel
International Research Journal of Business Studies Vol. 11 No. 3 (2018): December 2018 - March 2019
Publisher : Universitas Prasetiya Mulya

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21632/irjbs.11.3.145-157

Abstract

Vulnerability to risk is a constant factor in the lives of the poor and a cause of persistent poverty. Microinsurance offers one approach to mitigate the risk, yet demand is relatively low in developing countries. Thus, the aim of this study was investigating determinants of microinsurance demand in Jimma Zone. The data used in this study was cross sectional which collected from households using structured questioner and in-depth interview with officials of insurance companies and microfinance institutions that provides microinsurance product. The collected data was analyzed using multinomial logistic regression model. The findings of the study show that household size, employment status, level of education, adequacy of micro-insurance supply, delivery channel, premium, monthly income, insurable asset, financial literacy, trust, and risk aversion has significant impact on the demand for microinsurance products, whereas age, gender, adverse selection and moral hazard, religion and peer influence has insignificant impact on household’s demand for microinsurance products.
Determinant of life insurance demand in Ethiopia Meko, Mohammed; Lemie, Kenenisa; Worku, Abel
Journal of Economics, Business, and Accountancy Ventura Vol. 21 No. 3 (2018): December 2018 - March 2019
Publisher : Universitas Hayam Wuruk Perbanas

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.14414/jebav.v21i3.1474

Abstract

Life Insurance plays an important role to insure against lifetime uncertainty resulting for the mortality risk of individual. Even though the performance of insurance industry contributes to smooth operation of the nation’s economy, the industry in general and life insurance in particular is at its low level of development in Ethiopian context. This study therefore, is aimed at investigating the determinants of life insurance demand in Ethiopia. The study used balanced panel data model to examine the determinants of life insurance demand usingdata collected from four insurance companies for sixteen years, from 2001-2016. Random effect model was usedto analyze the data using STATA version 13 software. The study used life insurance density as dependent variable and seven independent variables that are income, inflation, real interest rate, life expectance, age dependence ratio, price of insurance and urbanization. The regression result show that real interest rate, life expectancies, age dependency ratio, urbanization  and inflation show positive and significant effect at 1% and 5% significance level on life insurance demand in Ethiopia, whereas GDP per capita and price of insurance has insignificant effect  on life insurance demand in Ethiopia.Urbanization is the most important factor that influences demand for life insurance followed by life expectance, age dependency ratio and Inflation. Real interest rate is the least important factor in influence demand for life insurance. The concerned insurance companies are recommended to consider these factors in marketing their life insurance products.
Co-Authors Asmare, Aregu Lemie, Kenenisa Meko, Mohammed