PERCEPTIONS ON THE INFLUENCE OF MICROINSURANCE POLICIES ON HOUSEHOLD ECONOMIC STABILITY OF LOW INCOME EARNERS IN KIBERA

Elizabeth Wanjiku Cushny (), Dr. Jesse Role () and Dr. Daniel Bwonda ()

European Journal of Business and Strategic Management, 2018, vol. 3, issue 4, 24 - 43

Abstract: Purpose: The purpose of this study was to investigate the perceptions on the influence of micro insurance policies on household economic stability of low income earners in Kibera. Methodology: The study used a descriptive research design. A sample of 118 policyholders was selected using simple random sampling technique. Structured questionnaires were administered and descriptive analysis (frequency, percentages, mean and standard deviation) conducted. Chi-Square test was conducted on variables of interest. Results: The study found that micro-insurance has financially impacted the lives of the low-income households, promoted equity and access to services such as healthcare, education, financial services among others, and has psychological effects of promoting peace of mind to the policyholders owing to financial independence. Unique contribution to theory, practice and policy: Low-income earners in Kibera and elsewhere should subscribe for micro-insurance as it is the sure way of shielding themselves from risks and future uncertainty. This would ensure that their children conclude their education successfully; their family doesn't bear economic loss or medical expense in case of illness and disability. From the savings plan, they can also be assured of financial health irrespective of their career status. They can easily access credit depending on their sum assured as creditors increasingly accept insurance as collateral Keywords: Financial impact, micro insurance

Date: 2018
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