The DETERMINANTS OF INSURANCE UPTAKE IN RWANDA A CASE STUDY OF RADIANT INSURANCE COMPANY LIMITED (2020-2024)
Abstract
Several factors work for and against the uptake of insurance relationship in Rwanda and hinders the growth of insurance subsector. This study sets out to determine the factors that promote and barriers that hinder insurance uptake in Rwanda Radiant Insurance using a quantitative method and case study design on a population of 16,606 customers,and 375 clients were sampled using simple random sampling technique. The regression model was used in data analysis. The results shows that;insurance knowledge β = 0.327 (p = 0.01),skills (β = 0.490, p = 0.000) behaviour(β = 0.300,p = 0.001), & accessibility(β = 0.336,p=0.001) all has significant positive determination on insurance uptake. Although,were able to explain 8.4% of the variability of uptake of insurance. The mean of barriers to uptake was 1.48 suggesting severe(high) and non significant obstacles(low) towards uptake. Based on this outcome, the study concludes that insurance knowledge, skills, behaviour, accessibility positively determines insurance uptake. Additionally, the results concludes that primary barriers to insurance uptake relate to cost and the perceived value of insurance, followed by procedural and trust issues. The study therefore recommends enhancement of insurance literacy,Develop Customer-Centered Products,Strengthen Practical Skills Among Clients,Promote Positive Insurance Behavior,Leverage Technology for Accessibility and Foster Trust and Transparency.
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