Assessing the factors influencing general insurance policy adoption by individuals in Uganda: a case study of NIC General Insurance Company Limited
Abstract
The objective of this study was to analyze the factors influencing general insurance policy adoption by individuals in Uganda. The analysis focused on important factors such as income level of the individuals, level of education, nature of business operated and access to insurance information among individuals. This was done using primary data collected from 81 respondents. The analysis was done using STATA statistical package and data was analyzed at univariate, bivariate and multivariate levels. The study findings indicated the significant factors affecting general insurance policy adoption were level of education of individuals, income level, income level and access to information by individuals with all p<0.05. Furthermore, majority of the respondents were males 46 with 56.79% followed by the females 35 with 43.21%. The study also established that low level of income significantly limits adoption of general insurance policy (p=0.00) thus level of individual’s income is an important factor that determines the level of adopting a general insurance policy. Therefore, the study concluded that the level of education, income level and access to information by individuals are fundamental to general insurance policy adoption in Uganda. The study recommends that the government should create more jobs through setting up income generating activities to address the unemployed portion so as to also be absorbed into the insurance industry. The study also recommends that Ministry of Education and Sports should put teaching insurance related subject and awareness since the level of education has a significant relationship with general insurance uptake.
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