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An analysis of the development influences of the low-income cover market-end in South Africa

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  • Bibi. Z. Chummun

Abstract

The National Treasury and Financial Services Board in 2011 highlighted the urgent need of an inclusive insurance sector for low-income households known as microinsurance. The ‘insurance gap’ representing many low-income earners who are still uninsured remains a challenge in South Africa. This study therefore analyses the factors affecting the low-income cover market-end development in South Africa. These factors and criteria were empirically validated and a structured questionnaire employed as measuring tools to determine microinsurance penetration influences. A total of 123 responses were analysed from a non-probability sampling of 200 insurance employees. The results show that none of the factors portrayed satisfaction with microinsurance penetration and all the mean values were below 60%. Therefore, business strategies must be employed for an inclusive microinsurance market. All the factors need managerial address.

Suggested Citation

  • Bibi. Z. Chummun, 2017. "An analysis of the development influences of the low-income cover market-end in South Africa," African Journal of Science, Technology, Innovation and Development, Taylor & Francis Journals, vol. 9(6), pages 795-802, November.
    • Handle: RePEc:taf:rajsxx:v:9:y:2017:i:6:p:795-802
    DOI: 10.1080/20421338.2017.1385576
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