Prospects and Challenges of Micro Insurance Investment in South West Ethiopia- Bench Maji zone
Journal Title: International Journal of Management, IT and Engineering - Year 2017, Vol 7, Issue 8
Abstract
In developing countries micro insurance has a great potential of covering large number of people through market based risk transfer solutions and public private partnership. As a result , this will enables to get high revenue since there are large number of population which appeals for these products. Because, it is one of the most useful means of reducing the vulnerability of the poor from adverse effects of different hazards. Even though, micro insurance is one of essential means of risk transfer and has great untapped market , its investment prospect and challenges in developing economies particular to South West Ethiopia Bench Maji Zone is not well investigated and even the products were not provided like some parts of the country. As a result , this study investigated major prospects and challenges of micro insurance investment as per the current socio- economic and political conditions of Bench Maji Zone. The study adopted a mixed research approach .The data was collected from 90 respondents through self-administered questionnaires and 15 top management through in-depth-interview. Descriptive statistics and logistic regression analysis were used to analyze the survey result. The results of study shows that education level and insurable assets are statistically significant prospect at 5% and 1% respectively. Whereas, transaction costs ,lack of delivery channel, availability of infrastructure has statistically significant challenges at 5%. However, monthly income improvement and financial illiteracy are not statistically significant prospect and challenges of micro insurance investment in Bench Maji Zone respectively. Finally the study suggests measures that should be taken by different stakeholders in general, and insurance companies and micro finance institutions in particular like; aggressively expanding innovative delivery channels, should work more cooperatively, conducting awareness creation , bargaining with their respective association and searching nongovernmental support.
Authors and Affiliations
Abel Worku Tassew And Aregu Asmare Hailu
Keywords
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