scholarly journals CHALLENGES FACING THE GROWTH OF INSURANCE SECTOR: A SURVEY OF SELECTED INSURANCE COMPANIES IN KENYA

2016 ◽  
Vol 1 (1) ◽  
pp. 1
Author(s):  
Margaret Warutui Kathanga ◽  
Zack B. Dr. Awino ◽  
Mr. John Kabiru
Keyword(s):  
Survey Design ◽  
Computer Software ◽  
Survey Study ◽  
Insurance Companies ◽  
Stream Line ◽  
The Public ◽  
Insurance Sector ◽  
Insurance Firms ◽  
Descriptive Survey ◽  
Random Sampling Approach

Purpose: The the overall objective of this study was to establish challenges facing the growth of the insurance sector in Kenya.Methodology: The study adopted a descriptive survey design.  A descriptive survey study design was used.  A population of 43 insurance firms was given. A sample of 21 firms (50 percent), were chosen from the population. This was done using the random sampling approach. The collected data was analysed by the use of statistical package for social science (SPSS) computer software for data analysis by use of tables, frequencies and percentages. Questionnaires were used and data analysed using descriptive statistics.Results: Based on the findings it was possible to infer that not only are regulatory hitches affecting the growth of the insurance sector, the sector is also faced by other challenges ranging from lack of awareness by the public, excessive claims, fraud and competition.Unique contribution to theory, practice and policy: The study recommended that insurance firms should increase their budgetary allocations to boost awareness and publicity. In addition, the insurance sector should stream line its operations and processes in order to enhance customer satisfaction. Furthermore, the Ministry of finance and the Insurance Regulatory Authority should institute and implement reforms in the sector. The researcher further recommends a benchmark study on the ways that other countries have revamped the insurance sector and the necessary reforms.

scholarly journals Insurance Purchase: Price, Product, Promotion and Consumers Attitude Perspectives

2018 ◽  
Vol 6 (1) ◽  
pp. 44
Author(s):  
OWOLABI Adenike Olanrewaju ◽  
AGBOOLA Omoniyi Oladipupo
Keyword(s):  
Significant Relationship ◽  
Survey Design ◽  
Insurance Companies ◽  
Buying Behavior ◽  
Policy Makers ◽  
Correlation And Regression Analysis ◽  
Insurance Product ◽  
Insurance Firms ◽  
Descriptive Survey ◽  
The Impact

This paper describes the impact of consumer’s attitude on the purchase of insurance product in Nigeria. The attitudes, most often negative, are mirrored through low patronage of insurance services. Data were collected through the use of self-structured closed questionnaire. The research adopted a descriptive survey design. One hundred and fifty (150) questionnaires were administered, however only one hundred and thirty two (132) were properly filled and good enough for data analysis. The Pearson Product Moment Correlation and Regression Analysis were used to test the hypotheses generated for the study at 0.05 alpha levels. The result of the study showed that there is a significant relationship between customer’s attitude and insurance product. Findings also revealed that there is a significant relationship between product awareness and price. Findings from the survey further revealed that promotion of insurance products have significant influence on consumers buying behavior. Insurance companies are advised to guarantee that their services are dependable and reliable, in that the services should not require an excessive amount of bureaucratic procedure of their customers in taking an insurance policy or getting their claim. Other feasible measures to boost patronage of insurance products were recommended for insurance firms and policy-makers.

Investment Portfolio Performances of Public Sector General Insurance Firms in India: An Empirical Approach

2017 ◽  
Vol 6 (1) ◽  
pp. 61-75
Author(s):  
Joy Chakraborty ◽  
Sankarshan Basu
Keyword(s):  
Public Sector ◽  
Multiple Linear Regression Model ◽  
Insurance Companies ◽  
The Public ◽  
Insurance Sector ◽  
General Insurance ◽  
Long Run ◽  
Insurance Firms ◽  
Investment Portfolios ◽  
The Impact

Deregulation of the Indian insurance sector has witnessed the rise of private players in the Indian general insurance sector post-1999. Though the four major public sector general insurers still continue to dominate the Indian general insurance market, an abrupt rise in the number of private players has raised concerns upon the solvency position of the public sector general insurance companies in safeguarding their policyholders’ interests. The major reason for this concern could be attributed to the existing investment portfolios of the general insurance firms, the impact of which has been felt upon their solvency position. The present study investigated the investment portfolios of the four major public sector general insurance firms in India involved in multiline businesses, and its subsequent impact upon their solvency position. The application of the multiple linear regression model has been employed to investigate the solvency determinants of the public sector general insurance firms in view of their short-term and long-term investment portfolios, covering the study period from 2005–2006 to 2014–2015. The findings of the study have pointed out the necessity for the four public sector general insurers to focus on certain key investment variables in their investment portfolios in ensuring a sound solvency position in the long run.

scholarly journals Devolution and Politics as Predictors of Expansion Strategies in Public Training Institutions: A Case Study of Kenya Medical Training College

Science Mundi ◽  
2021 ◽  
Vol 1 (1) ◽  
Author(s):  
Paul Chandoo Musango ◽  
Daniel K. Kimwetich
Keyword(s):  
Health Services ◽  
Medical Training ◽  
Survey Design ◽  
Pearson Correlation ◽  
Primary Data ◽  
The Public ◽  
Political Patronage ◽  
Training Institutions ◽  
Descriptive Survey ◽  
Expansion Strategies

This study investigates the influence of devolution and politics on the expansion strategies in public training institutions with reference to the Kenya Medical Training College. The specific objectives of the study are to: establish the influence of devolution of health services on the success of expansion strategies in the public training institutions and; determine the influence of politics on the success of expansion strategies in the public training institutions. This study is based on the contingency theory. It adopts the descriptive survey design. The study focuses on 2393 KMTC officers from the 73 KMTC campuses in Kenya, 42 ministries of health officials in the 42 counties that have KMTC campuses, and 42 local leaders from those counties that have KMTC campuses. The total targeted study participants were thus 2477. From these, 10% (248 persons) were sampled. The study used purposive and stratified random sampling techniques to obtain the study sample. Primary data was collected using structured questionnaires and interviews. Data from questionnaires were analysed using the Statistical Package for the Social Sciences (SPSS) version 24. Descriptive statistics (frequencies, percentages, and means) were used to describe the central tendencies of the data. In addition, inferential statistics (Pearson Correlation and Multiple Regression Analysis) were also used.  Data from key informants were analysed using content analysis techniques. The findings show that the two study variables influenced the uptake of expansion strategies at KMTC campuses. In this regard, Pearson correlation shows that there was statistical significant relationship between devolution of health services (r=0.322, p<0.001) and; politics (r=0.478, p<0.001) and success of expansion strategies. These findings show that politics was the strongest factor influencing the success of expansion strategies followed by devolution of health services. As such, avoiding the negative influences of the devolution of health services and politics can enhance the success of expansion strategies at KMTC. In this regard, efforts aimed at reducing political patronage as well as interferences of devolved governments in the running of KMTC campuses would enhance the performance of new campuses.

scholarly journals Determinants of Financial Performance of Insurance Companies: Empirical Evidence Using Kenyan Data

2021 ◽  
Vol 14 (12) ◽  
pp. 566
Author(s):  
Kamanda Morara ◽  
Athenia Bongani Sibindi
Keyword(s):  
Financial Performance ◽  
Fixed Effects ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Random Effects Models ◽  
Insurance Sector ◽  
Life Insurers ◽  
Insurance Firms ◽  
Financial Performance Measures ◽  
The Government

The drivers of financial success of the insurance industry are of interest to several players in any economy including the government; policymakers; policyholders; and investors. In Kenya; there have been relatively few studies on this topic; most of which look at narrow elements that determine insurance companies’ performance. This article sought to explore the components contributing to the financial performance of insurance firms. We employed a sample consisting of 37 general insurers and 16 life insurers for the period running from 2009 to 2018 and utilised panel data methods in order to establish the determinants of financial performance of Kenyan insurers. The pooled OLS; fixed effects and random effects models were estimated with the financial performance measures (proxied by either ROA or ROE) as the dependent variables. The results of the study documented that insurer financial performance and size were positively related. The study also found that insurer financial performance was negatively related to the age variable. The study also unraveled that higher leveraged insurance companies performed better than their lowly geared peers. This article provides broad analyses of the various drivers of financial performance of the insurance industry in Kenya. The findings of this study contribute to the academic literature on the financial performance of the insurance sector in Kenya and Africa as a whole. Furthermore; it gives pointers to the management of insurance companies on the aspects of their business that would need greater attention to drive and sustain superior financial performance.

UTICAJ ZAKONODAVNOG OKVIRA JAVNIH NABAVKI NA SEKTOR OSIGURANjA

2021 ◽  
Author(s):  
Vuk Lekovic
Keyword(s):  
Public Procurement ◽  
Legal Framework ◽  
Insurance Companies ◽  
The Public ◽  
Insurance Sector ◽  
The Republic ◽  
The Impact

Since the introduction of the fi rst Public Procurement Act in 2002, the public procurement market has accounted for a signifi cant share of total premiums earned by insurance companies. In that sense, the author in this paper presents the impact of the public procurement legal framework on the insurance sector in the light of the most signifi cant innovations contained in the Public Procurement Act, which entered into force on 1 January 2020. Furthermore, the paper emphasizes the importance of adequate preparation of tender documentation and additional conditions for participation in the procurement of insurance services. Finally, the author analyzes the practice of the Republic Commission for the Protection of Rights in Public Procurement Procedures, which reveals the most common mistakes of contracting authorities in compiling additional conditions of fi nancial and business capacity.

scholarly journals Collective Bargaining Agreements In Industrial Conflict Resolutions In The Ghanaian Public Sector: Workers' Perspective

2021 ◽  
Vol 9 (9) ◽  
pp. 215-239
Author(s):  
Justice Ebo Crentsil
Keyword(s):  
Public Sector ◽  
Collective Bargaining ◽  
Survey Design ◽  
Collective Agreement ◽  
Service Workers ◽  
Economic Changes ◽  
The Public ◽  
Staff Members ◽  
Industrial Conflict ◽  
Descriptive Survey

In recent years, industrial conflicts have reached alarming proportions, especially in Ghana’s public sector. In some instances, workers resort to strike actions and marches when employers use lockout and other methods not approved by the Labour Act or set out in a collective agreement. In Ghana, several heads of institutions and the management of most public institutions make unilateral decisions without consulting collective bargaining agreements. Many structures have been thrown into disarray; thus, resulting in industrial tensions at one point or another. This study aims to assess how effective collective bargaining agreements are at resolving labour disputes. A descriptive survey design was used, and the study participants included members of the Public Service Workers’ Union (PSWU) with a sample size of 240 unionised staff members. Poor coordination, lack of shared respect and consultation, and an unfavourable attitude toward union leaders and members were discovered to be the key causes of industrial conflict in the public sector. Furthermore, problems relating to salaries and wages, redundancies and layoffs, gratuities and pensions, and bad working conditions were the other causes of industrial unrest in Ghana’s public sector.   It was suggested that employers establish a constructive collective bargaining procedural and substantive rule to react swiftly to economic changes that impact workers’ terms and conditions of service.

scholarly journals Nexus Between Uptake of Courses and Finance Availability on Success of Expansion Strategies in Public Training Institutions: A Case Study of Kenya Medical Training College

Science Mundi ◽  
2021 ◽  
Vol 1 (1) ◽  
pp. 66-80
Author(s):  
Paul Chandoo Musango ◽  
Daniel K. Kimwetich
Keyword(s):  
Medical Training ◽  
Survey Design ◽  
Pearson Correlation ◽  
Primary Data ◽  
The Public ◽  
Customer Responsiveness ◽  
Training Institutions ◽  
Study Participants ◽  
Descriptive Survey ◽  
Expansion Strategies

This study investigates the influence of uptake of courses and finance availability on the expansion strategies in public training institutions with reference to the Kenya Medical Training College. The specific objectives of the study are to:  reveal the influence of uptake of courses on the success of expansion strategies in the public training institutions and; assess the influence of finances on the success of expansion strategies in the public training institutions. This study is based on the Ansoff Growth Matrix (AGM) and the theory of customer responsiveness. It adopts the descriptive survey design. The study focuses on 2393 KMTC officers from the 73 KMTC campuses in Kenya, 42 ministries of health officials in the 42 counties that have KMTC campuses and 42 local leaders from those counties that have KMTC campuses. The total targeted study participants were thus 2477. From these, 10% (248 persons) were sampled. The study used purposive and stratified random sampling techniques to obtain the study sample. Primary data was collected using structured questionnaires and interviews. Data from questionnaires were analysed using the Statistical Package for the Social Sciences (SPSS) version 24. Descriptive statistics (frequencies, percentages, and means) were used to describe the central tendencies of the data. In addition, inferential statistics (Pearson Correlation and Multiple Regression Analysis) were also used. Data from key informants were analysed using content analysis techniques. The findings show that the two study variables influenced the success of expansion strategies at KMTC campuses. In this regard, Pearson correlation shows that there was statistical significant relationship between uptake of courses (r=.308, p<0.001) and; finance availability (r=0.673, p<0.001) and success of expansion strategies. These findings show that finance availability was the strongest factor that influenced the success of expansion strategies. As such, the success of expansion strategies can only be successful if the college put in place strategies aimed at ensuring that there were sufficient finances. This could go on to enhance the development of facilities and equipping them. An effort aimed at ensuring that new campuses had a high intake of students could also contribute to the level of success of expansion strategies at KMTC. High intakes could enhance the revenue generation, further enhancing the funding and success of new KMTC campuses.

scholarly journals Are General Insurance Companies Efficient in their Performance? – A Comparison

2018 ◽  
Vol 17 (3) ◽  
pp. 1-7
Author(s):  
P Muthulakshmi
Keyword(s):  
Public Sector ◽  
Secondary Data ◽  
Insurance Companies ◽  
Return On Equity ◽  
The Public ◽  
Insurance Sector ◽  
Geographic Boundaries ◽  
General Insurance ◽  
Income Ratio ◽  
Equity Ratio

The insurance sector has witnessed significant changes in the last few years, specifically due to the effects of liberalisation, globalisation, and privatisation. It is imperative to compare and study the earnings and profitability of public sector non-life general insurance companies in India. The public sector non-life general insurance companies are competing with each other, and also with the private players in the same industry and thereby reducing the processing costs and facilitating the innovation of different types of policies across the geographic boundaries. In this paper, secondary data is used to analyse the earnings and profitability of non-life general insurance companies in India by using certain ratios which are available exclusively to evaluate the performance of insurance companies such as Claim Ratio, Expenses Ratio, Combined Ratio, Investment Income Ratio and Return on Equity Ratio.   , , , Ratio Analysis

THE RELATIONSHIP BETWEEN INVESTMENT STRATEGIES AND PROFITABILITY IN THE INSURANCE INDUSTRY IN KENYA

2017 ◽  
Vol 2 (5) ◽  
pp. 51
Author(s):  
Roseline Njeri Iregi ◽  
Joshua Okeyo
Keyword(s):  
Insurance Industry ◽  
Secondary Data ◽  
Insurance Companies ◽  
Primary Data ◽  
Investment Strategies ◽  
International Equity ◽  
Passive Strategies ◽  
Insurance Firms ◽  
Descriptive Survey ◽  
The Relationship

Purpose: The Study sought to find the relationship between investment strategies and profitability in the insurance industry in KenyaMethodology: The study adopted a descriptive survey research design.This study used both primary data from the respondents of the research instruments and the secondary data available from the financial statements. The study took 50% of the population as the sample size. This yielded 22 insurance companies. Both qualitative and quantitative data was collected using a questionnaire that consisted of both open ended and close ended questions. Data was analyzed using Statistical Package for Social Sciences (SPSS) and results presented in frequency tables to show how the responses for the various questions posed to the respondents.Results: Results indicated that there is a positive and significant relationship between investment strategies and profitability, ROA and ROE of insurance companies. Specifically, it was revealed that passive strategies are more superior to active strategies as they enhance profitability. The results imply that insurance firms invest in local stocks, international equity, cash equivalents, bonds and investment in associates and subsidiaries in an effort to diversify.Unique contribution to theory, practice and policy: The study recommends that insurance firms should continue investing in local stocks, international equity, cash equivalents, bonds and investment in associates and subsidiaries in an effort to diversify their portfolio. It is also recommended that insurance firms should reduce their holdings in real estate to safeguard their liquidity. The study recommends that insurance firms should use passive strategies as opposed to active strategies as this would enhance their profitability. Passive strategies are less costly compared to the active strategies. 

scholarly journals Factors Determining Profitability of the Insurance Industry of Bangladesh

2016 ◽  
Vol 3 (2) ◽  
pp. 138 ◽  
Author(s):  
G M Wali Ullah ◽  
Mohammad Nasrath Faisal ◽  
Sadaqa Tuz Zuhra
Keyword(s):  
Risk Premium ◽  
Insurance Industry ◽  
Ordinary Least Squares ◽  
Insurance Companies ◽  
Insurance Company ◽  
Internal Factors ◽  
Expense Ratio ◽  
Insurance Sector ◽  
Asset Growth ◽  
Insurance Firms

Insurance is a form of risk management, used to hedge against the risk of a contingent loss. It involves the transfer of the risk of potential loss from one entity to another, in exchange for a risk premium. Insurance sector plays an important role in service based economy of both developed and developing markets. The purpose of this research is to analyze the determinants that serve as significant predictors of non-life insurance firms’ profitability in Bangladesh. It analyzes panel data of eight different insurance companies—selected using convenience sampling method from the years 2004-2014 to assess whether any significant relationship exists between Profitability (ROA), and certain independent variables- Underwriting Risk, Expense Ratio, Solvency Margin, Premium Growth, Asset Growth, and Company Size using an Ordinary least squares (OLS) regression model. This paper found significant inverse relationship between Underwriting Risk, and Size, with Profitability (ROA). There is also a significant positive relationship between Expense Ratio, Solvency Margin, and Growth, with the Profitability (ROA). This study will help financial managers to understand which internal factors to focus on, in order to achieve greater profitability, thus maximizing the market value of the respective insurance company.

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