Assessment of Rural Communities’ Awareness of Microinsurance Products to Be Marketed in Flood-Prone Areas of Anambra State

EasyChair Preprint 9494

Abstract

Microinsurance is meant to provide cover for different perils that included natural disasters among others. This study on the assessment of rural communities’ awareness of microinsurance products to be marketed in flood-prone areas of Anambra State, Nigeria had four specific objectives which examined the extent of rural communities’ awareness of microinsurance products, ascertained the level of awareness of microinsurance products, described the determinants of awareness of microinsurance products, and identified the challenges of rural communities in accessing microinsurance products. Several analytical tools of descriptive statistics and multinomial logistics regression were used. A well-structured questionnaire was used to extract data from a random sample of 246 respondents. Among the eight variables of products of awareness, the study found that rural people are only aware of the assertion that the microinsurance policy covers perils such as natural disasters (flood), livestock, crop yield, etc., and that this microinsurance is common in developing countries. The study recorded a low level of awareness with an average level of 33.3%. Age, marital status, household size, and cooperative membership are the significant variables that influenced the level of awareness. The fact that rural people are not comfortable with the period of indemnity claims and issues with a high cost of premium subscriptions suggests that marketers of insurance products should be strategic in their operations to deliver all-encompassing and gender-friendly insurance products.

Keyphrases: Anambra State, Awareness, Microinsurance, Premium, products

@booklet{EasyChair:9494,
  author    = {Chukwujekwu Obianefo and Chibuike Nwatu and Chinwendu Ahaneku and Obinna Efobi},
  title     = {Assessment of Rural Communities’ Awareness of Microinsurance Products to Be Marketed in Flood-Prone Areas of Anambra State},
  howpublished = {EasyChair Preprint 9494},
  year      = {EasyChair, 2022}}