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Paper Details

Demand Factors Influencing Funeral Insurance Cover in Zimbabwe

Demand Factors Influencing Funeral Insurance Cover in Zimbabwe

Knowledge Jonasi, Kosmas Njanike, Tendai Towo

Journal Title:Journal of Economics and Finance
Abstract


A number of developing countries especially in Africa have funeral insurance services afflicted by poor uptake and in some instances the services are of poor quality. The study investigated the demand factors influencing the uptake of funeral insurance products in Zimbabwe. The study made use of data from Finscope Survey (2014) to estimate logit models. Linear Probability Models were applied for robustness check. The demand factors influencing one’s decision to get funeral insurance policy or not in Zimbabwe was analysed. The study found factors affecting the demand for funeral insurance policy cover include education, health status, social media, salaried, internet, death, marital status, income, financial advice, mobile user, age, gender and head. Employment history, social media, married and location were not significant. But for those not significant they had different signs showing that there is some relationship. The establishment of financial advisory on different platforms and by financial institutions can help people manage risks. Funeral insurance firms can partner with other financial services providers and other mobile services providers to increase their market. Partnering some religious sects and cultural groups would also improve percentage of people with funeral cover in the country