The determinants of household insurance product in Zimbabwe

Chitombo Ezekiel and Kosmas Njanike
Additional contact information
Chitombo Ezekiel: Bindura University of Science Education, Zimbabwe
Kosmas Njanike: Bindura University of Science Education, Zimbabwe

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 7, 102-109

Abstract: Noticeable challenges experienced by house owners to restore their property and belongings to original position in the event of theft and fire outbreaks results in the need to have household insurance cover. Household insurance relieves stress and brings peace of mind to the house owner as the fear of risk of future uncertainty is reduced. The study investigates the determinants of household insurance uptake in Zimbabwe.The study used data from finscope Survey 2014 to explore the determinants of household insurance in Zimbabwe. The logit model was used to estimate the determinants of household insurance. The study found out that education, income .financial advice, age and location positively affects the uptake of household insurance. Marital status and social media have a negative relationship. Household insurance can be at the same level of uptake with motor vehicle insurance if the public are advised on the importance to safe guard their homes. Government and insurers must provide a conducive environment and campaign programmes to increase the awareness of household insurance. This untapped potential market will boost the revenue base for the insurance sector. There is need to consider household insurance pricing in the future

Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.rsisinternational.org/journals/ijriss/ ... -issue-7/102-109.pdf (application/pdf)
https://www.rsisinternational.org/virtual-library/ ... product-in-zimbabwe/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bcp:journl:v:6:y:2022:i:7:p:102-109

Access Statistics for this article

International Journal of Research and Innovation in Social Science is currently edited by Dr. Nidhi Malhan

More articles in International Journal of Research and Innovation in Social Science from International Journal of Research and Innovation in Social Science (IJRISS)
Bibliographic data for series maintained by Dr. Pawan Verma ().