Factors Affecting the Growth of Life Insurance in Ethiopia
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Date
2015-10
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Addis Ababa University
Abstract
The study aimed at identifying and analysing the factors affecting the growth of life insurance business in Ethiopia. It was focused on growth of life insurance in respect of gross written premium of all life insurance companies in Ethiopia. There are 17 insurance companies in Ethiopia and out of these, 9 were composite insurance companies (offering both Life and general insurance) for the year 2014.The study was focused on all the 9 licensed and registered life insurance companies. Regarding the research methodology, purposive sampling technique was used in selecting respondents. Sales staffs were selected from each company and making a total of 135 respondents. A structured survey questionnaire was administered by the researcher to the respondents, who were required to complete them. Data were collected from respondents and the collected data were analyzed using descriptive and inferential statistics such as correlation and other descriptive statistics. In conclusion the dependent variable (Growth of life insurance) and the independent variables (professional sales staff training, promotion of life insurance, affordability of life insurance product, and government regulations) scored a positive significant correlation. This study concludes with a discussion of findings as well as recommendations for further research in the area.
Key Words, Insurance, Life insurance, cash surrendered value, gross written premium, Growth of life insurance, Penetration of life insurance
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Keywords
Insurance, Life insurance, cash surrendered value, gross written premium, Growth of life insurance, Penetration of life insurance