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Life Insurance in Nigeria: An Application of the Theory of Reasoned Action to Consumers' Attitudes and Purchase Intention

Author

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  • Ogenyi Ejye Omar
  • Nana Owusu-Frimpong

Abstract

This paper is concerned with consumers' attitudes towards purchase of life insurance in Nigeria. There is considerable unexploited potential for the life insurance market in Nigeria. However, due to lack of confidence based on continuous negative experiences, consumers tend not to buy. Data was gathered from 240 non-users of life insurance at Abuja, the federal capital city, using structured questionnaires based on the Theory of Reasoned Action; and questions were related to issues of non-consumption of life insurance. The findings show that increased level of consumer consciousness and lack of welfare benefits are encouraging growth factors for the life insurance market in Nigeria. Since the purchase intention towards life insurance is determined by normative factors, the recommendation is that the initial point of contact for marketing communications regarding the purchase of life insurance should be family and friends.

Suggested Citation

  • Ogenyi Ejye Omar & Nana Owusu-Frimpong, 2007. "Life Insurance in Nigeria: An Application of the Theory of Reasoned Action to Consumers' Attitudes and Purchase Intention," The Service Industries Journal, Taylor & Francis Journals, vol. 27(7), pages 963-976, October.
    • Handle: RePEc:taf:servic:v:27:y:2007:i:7:p:963-976
    DOI: 10.1080/02642060701570891
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    Cited by:

    1. Irshad Hussain Sarki & Raheela Haque & Asif Mahmood & Muhammad Noman Yaseen & Muhammad Sufyan Khawar & Asad Qayoom & Saif Ur Rehman, 2023. "Factors Influencing Green Purchase Intention: A Mediation Moderation Study," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 9(2), pages 652-664.
    2. Li-Su Huang & Cheng-Po Lai, 2014. "Knowledge Management Adoption And Diffusion Using Structural Equation Modeling," Global Journal of Business Research, The Institute for Business and Finance Research, vol. 8(1), pages 39-56.
    3. Alfiero, Simona & Battisti, Enrico & Ηadjielias, Elias, 2022. "Black box technology, usage-based insurance, and prediction of purchase behavior: Evidence from the auto insurance sector," Technological Forecasting and Social Change, Elsevier, vol. 183(C).
    4. Sampath Sanjeewa Weedige & Hongbing Ouyang & Yao Gao & Yaqing Liu, 2019. "Decision Making in Personal Insurance: Impact of Insurance Literacy," Sustainability, MDPI, vol. 11(23), pages 1-24, November.
    5. Denis Charles & Magali Dumontet & Meglena Jeleva & Johanna Etner, 2024. "Behavioral drivers of individuals’ Term Life Insurance Demand: evidence from a Discrete Choice Experiment," EconomiX Working Papers 2024-23, University of Paris Nanterre, EconomiX.
    6. Olya, Hossein G.T. & Altinay, Levent, 2016. "Asymmetric modeling of intention to purchase tourism weather insurance and loyalty," Journal of Business Research, Elsevier, vol. 69(8), pages 2791-2800.
    7. Dragos, Simona Laura & Dragos, Cristian Mihai & Muresan, Gabriela Mihaela, 2020. "From intention to decision in purchasing life insurance and private pensions: different effects of knowledge and behavioural factors," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 87(C).
    8. Ogochukwu Augustine ISIMOYA & Sunday Stephen AJEMUNIGBOHUN & Mustapha Tosin BALOGUN, 2018. "Customers’ Satisfaction Of Electronic Payment Systems In The Purchase Of Insurance Products In Nigeria," Management and Marketing Journal, University of Craiova, Faculty of Economics and Business Administration, vol. 0(2), pages 180-191, November.

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