"The Correlation Between the Economic Development and the Insurance Sector of Kenya"
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| Dokumentumtípus: | Diplomadolgozat |
| Kulcsszavak: | economic development GDP Growth rate insurance penetration rate |
| Online Access: | http://dolgozattar.uni-bge.hu/45006 |
| Kivonat: | The aim of the study was to investigate the connection between Kenya's economic development and insurance take-up. A vital part of each nation's economic system is insurance. One indicator of the perceived significance of the insurance business to a given country is insurance penetration. Despite significant attention from regulators, politicians, and participants in the insurance market, Kenya has a relatively low insurance penetration rate of under three percent. Over the years, researchers have examined the variables influencing insurance uptake in Kenya. While numerous studies have been conducted placing emphasis on the corporate insurance industry players, the goal of this study was to examine the factors that influence insurance penetration in Kenya from the perspective of insurance agents who serve as middlemen for the general public by distributing insurance products. A statistical study design was used in the investigation. The government agencies have already published statistics on economic growth and insurance penetration, thus primary data collection techniques were not used. The Insurance Regulatory Authority (IRA) and the Kenya National Bureau of Statistics (KNBS) , in particular, the Economic Surveys and Annual Insurance Reports. Time series data covering the years 2017-2021 were the type of data that was used. According to the study's findings, the overall amount of insurance premiums had a noticeable favorable impact on economic expansion. The study came to the conclusion that there are additional factors influencing the existing insurance penetration in Kenya. Future studies should examine more factors to determine how they affect the penetration of insurance. According to the research recommendation, the insurance business should create personalized products that appeal to customers. As a result, more people would get insurance, driving up premiums accumulated will serve to influence economic activity. Additionally, the government must support the creation of conducive business environments for the insurance sector. |
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