Addressing factors affecting fire insurance uptake: a case study of Makeni residents in Zambia at household level.
Date
2021
Authors
Momba, Bervin
Journal Title
Journal ISSN
Volume Title
Publisher
The University of Zambia
Abstract
This study addressed factors affecting fire insurance uptake at household level among Makeni residents in Lusaka, Zambia. In carrying out this study, a survey was conducted. The target population was the residents of Makeni. The sampling technique used was simple stratified random sampling where 170 respondents were drawn from a population of the entire Makeni residents. The study collected information using a survey questionnaire. Analysis of the data was done using Statistical Package for Social Sciences (SPSS) to come up with various descriptive statistics. Finally, data was imported into STATA software where logit multivariate model regression was used to address factors affecting fire insurance uptake at household level. The study findings indicated that there were some social economic factors, diffusion factors, and customer value perceived factors and risk behaviour among Makeni Residents that affected fire uptake insurance. Further, the research concluded that there were various factors affecting fire insurance uptake among Makeni Residents differently at household level, though the fire uptake has been found to be very low at 39% visa vie less than 5% and less than 10% respectively. The study thus recommended that the government should continuously improve the country’s GDP and per capital so that fire insurance uptake increase; government should take deliberate measure by way of regulation to introduce compulsory household fire insurance; insurance firms still have a big role to market their various products to the consumers through modern innovation technics and that consumers have to seriously embrace the idea of insurance as a financing instrument to mitigate their risks in day to today life.
Key Words: Factors; Fire insurance; Uptake and Insurance industry
Description
Thesis
Keywords
Fire insurance.