Paper Title
INSURANCE AND INCLUSIVE INSURANCE: A REVIEW OF UNDERPINNING THEORIES
Article Identifiers
Authors
Dr. Kingsley Kwesi Kwabahson , Dr.Pradeep Sharma , Dr Amy Eshun Atiwoto
Keywords
Insurance, Inclusive Insurance, Economic Development, Economic Growth, Insurance Penetration, Insurance Density
Abstract
Insurance manages financial risks for individuals and organisations by transferring the potential losses from the policyholder, who pays a premium to mitigate these risks, to an insurer. It is crucial for economic development, growth and survival.Asongu and Odhiambo (2020) studied insurance's impact on African economic growth, finding minimum penetration thresholds of 4.149% and 1.805% for life and non-life insurance in 48 African countries from 2004-2014. Insurance operations might seem very simple, but it is highly technical in nature with many underpinning theories and concepts. Insurance in Ghana has largely focused on the provision of services for the formal sector, an approach described as traditional insurance. However, the Ghana Living Standards survey estimates that over 80% of the workforce in Ghana can be found in the informal sector. Therefore, insurers have extended focus to the informal sector and specialised groups (described as micro-insurance or inclusive insurance) with view to increasing uptake and penetration of insurance, which has consistently been lower than 2%. This paper reviews the extant literature on traditional and inclusive insurance, focusing on the fundamental theories and concepts that underpin their operations and implementation. Over 120 writings are reviewed comprising books, peer-reviewed journal articles, dissertations, and other writings. The implications of these theories and concepts are also provided and key issues summarised.
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How To Cite (APA)
Dr. Kingsley Kwesi Kwabahson, Dr.Pradeep Sharma, & Dr Amy Eshun Atiwoto (July-2024). INSURANCE AND INCLUSIVE INSURANCE: A REVIEW OF UNDERPINNING THEORIES. INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT, 9(7), c145-c175. https://ijnrd.org/papers/IJNRD2407214.pdf
Issue
Volume 9 Issue 7, July-2024
Pages : c145-c175
Other Publication Details
Paper Reg. ID: IJNRD_225232
Published Paper Id: IJNRD2407214
Downloads: 000121990
Research Area: Engineering
Country: -, -, India
Published Paper PDF: https://ijnrd.org/papers/IJNRD2407214.pdf
Published Paper URL: https://ijnrd.org/viewpaperforall?paper=IJNRD2407214
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