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Please use this identifier to cite or link to this item: http://hdl.handle.net/123456789/9129

Title: Determinants of the demand for micro-insurance in Ghana
Authors: Boateng, Christiana
Issue Date: 6-Oct-2016
Abstract: In Ghana, the level of demand for micro insurance, excluding the National Health Insurance Scheme, is lows (4.1%). For even the NHIS with the legal backing making subscription obligatory for all Ghanaians, only 65% are presently registered. To understand this phenomenon, the current study investigates the factors affecting the households demand for micro insurance products in the Ghana. The cross sectional survey employed multistage sampling procedure to collect data on 400 households in the Kumasi metropolis. The collected data was analysed using both descriptive and inferential analytical methods. Both the binary and multinomial logistic models were employed to determine the factors influencing households demand for micro insurance schemes. The result showed that 77% of the households are currently subscribed to various forms of micro insurance products. The micro insurance scheme predominantly patronized by the households was the health insurance scheme. The households have fair knowledge and awareness about micro insurance schemes. The households also had several perceptions about the product including high premium and bureaucratic procedure in claiming benefits. The binary logit result showed that the major determinants of households demand for micro insurance were premium, income, trust, risk aversion, financial literacy, quality, coverage and accessibility of services. The multinomial result showed that the determinants of property micro insurance relative educational micro insurance scheme include education, price, risk aversion, financial literacy, peer influence and quality of service. The determinants of health micro insurance scheme relative educational micro insurance include price, risk aversion, financial literacy, quality, coverage and accessibility of service. Based on these findings, the study recommends advertisement of micro insurance schemes, provision of quality, and making available a wider coverage and accessible micro insurance services.
Description: A thesis submitted to The Department of Economics, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirements for the degree of Master of Science Economics, 2016
URI: http://hdl.handle.net/123456789/9129
Appears in Collections:College of Arts and Social Sciences

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