Factors Affecting The Provisions Of Microinsurance In Ethiopia

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In Ethiopia, the need for enhanced access to insurance at affordable rates to the lower end of thernmarket is well set out in the National Growth and Transformation Plan II, 2015/16-2020/21.rnAccess to insurance services is important for low-income groups as they are more vulnerable tornunexpected losses due to natural disasters. Consequently, reaching out to this group andrnmitigate the level of risk as it will drive them to deeper level of poverty. To bridge this need, onlyrnfive insurance firms have developed products that targeted this section of the market. However,rnseveral challenges affect the success of rolling out the products into the insurance to the market.rnThis research sought to establish factors affecting the provision of microinsurance in Ethiopia byrnfocusing on socio-institutional factors as independent variables namely client awareness, trust,rngovernment regulation and technology. The research adopted a descriptive research designrnwhereby data was collected using a structured questionnaire that was distributed to 130rnrespondents (supervisors and managers) in the Ethiopian Insurance Companies. Thernrespondents were selected using purposive sampling technique. The data analysis employed wasrndescriptive and inferential statistics. Pearson Correlation and Multiple regression analysis werernused to examine the relationship between independent variables and provision of microinsurancernusing SPSS20.0 .The result revealed that all independent variables, client awareness,rntechnology, trust and government regulation showed significant association. Because of thernlimited knowledge on the insurance products, there is a need for a rigorous and wellcoordinatedrnapproach on insurance to be offered to the target market and this will rope in thernsupport of donors, the federal and regional governments .The factors under analysis showrnattention to be given to demand and supply sides of microinsurance, individual mindsets andrnstructural factors that might require systemic intervention by the firms, government and clients.

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Factors Affecting The Provisions Of Microinsurance In Ethiopia

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