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The determinants of household insurance product in Zimbabwe

Author

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  • Chitombo Ezekiel

    (Bindura University of Science Education, Zimbabwe)

  • Kosmas Njanike

    (Bindura University of Science Education, Zimbabwe)

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

Suggested Citation

  • Chitombo Ezekiel & Kosmas Njanike, 2022. "The determinants of household insurance product in Zimbabwe," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 6(7), pages 102-109, July.
    • Handle: RePEc:bcp:journl:v:6:y:2022:i:7:p:102-109
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    References listed on IDEAS

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