An " Academic Review and Critique of Gender Dynamics and Life Insurance Uptake in Ghana: A Study of the 2018 Publication by Ampaw et al."

Main Article Content

Maalila Malambo

Abstract

The study conducted by Ampaw et al. titled “Gender perspective on life insurance demands in Ghana" examines the factors affecting the adoption of life insurance by male and female household heads. Their findings suggest that women in Ghana purchase more life insurance products than men, which may be useful for insurers in maximizing profits. However, the study overlooks critical considerations such as claim costs, administrative expenses, and profitability. While the authors' unique focus on gender dynamics is noteworthy, they did not consider household size, literacy levels, premium costs, and government incentives for women to purchase policies. Prior research indicates that education, awareness, income, and employment are key determinants of life insurance uptake in Ghana, which contrasts with the authors' findings. Further research is necessary to examine the relationship between insurance and customer value or profitability. In conclusion, while Ampaw et al.'s research adds to the scarce literature on life insurance demand in Africa, it lacks practicality and ignores significant factors. Additional research is necessary to comprehend the determinants of life insurance uptake in Ghana and insurance's role in customer value and business profitability in Africa.


 


JEL classification codes for this article could include:



  • G22: Insurance; Insurance Companies; Actuarial Studies

  • J16: Economics of Gender; Non-labor Discrimination

  • O55: Africa; Insurance and Insurance Markets

Downloads

Download data is not yet available.

Article Details

Section
Articles

References

Abdulai, M. A., & Frimpong, K. (2020). Determinants of life insurance demand in Ghana: A comparison of the gender gap. International Journal of Insurance and Risk Management, 7(3), 1-17.

Akotey, J. O., & Abor, J. (2013). Risk management in the Ghanaian insurance industry. Qualitative Research in Financial Markets, 5(1), 26-42. https://doi.org/10.1108/17554171311308940
Akwaa-Mensah, K., & Appiah, S. (2018). Gender Differences in Life Insurance Demand in Ghana: A Quantitative Analysis. Journal of African Business, 19(1), 1-19.
Alesane, A. B. T., (2018). Uptake of health insurance by the rural poor in Ghana: determinants and implications for policy. Pan African Medical Journal.
Ampaw, S., Asiedu, E., & Awunyo-Vitor, D. (2018). The Effect of Microinsurance on Poverty Reduction: A Case of the Informal Sector in Ghana. Journal of African Business, 19(1), 117-134. https://doi.org/10.1080/15228916.2018.1429263
Ashong, F. G., & Ofori-Sasu, E. Y. (2020). Gender and life insurance demand in Ghana: A case study of some selected communities in the Greater Accra Region. Journal of Risk and Financial Management, 13(3), 1-15.
Beck, T., & Webb, I. (2003). Economic, demographic, and institutional determinants of life insurance consumption across countries. The World Bank Economic Review, 17(1), 51-88.
Boadi, G. (2016). Gender differences in life insurance ownership in Ghana. International Journal of Social Economics, 43(5), 473-491.
Dapaah, S. D., & Kumah, D. D. (2022). The impact of gender on life insurance demand in Ghana: A comparative study. Journal of Insurance and Financial Management, 1(1), 20-34.
Elik, S., & Kayali, M. F. (2009). Determinants of life insurance demand in developing countries: Evidence from Turkey. International Research Journal of Finance and Economics, 30, 51-59.
Enu, C. A. (2018). An empirical study of the determinants of life insurance demand in Ghana. Journal of Risk and Financial Management, 11(2), 1-15.
Gaisie, P. O. A. & D. A. (2022). Risk attitudes and demand for insurance: micro evidence from Ghana. Emerald Insights.

Giesbert, L. (2010). Microinsurance and social protection: Evidence from Ghana and Kenya. International Journal of Microfinance, 2(1), 43-61.

Giesbert, L. (2012). Demand for microinsurance: A literature review. Journal of Risk Research, 15(5), 555-574.
Guerineau, S., & Sawadogo, F. (2015). Life insurance and demographic factors in Burkina Faso. Journal of Risk and Financial Management, 8(1), 66-81.
IISA. (2022). Basics of Short-Term Insurance. Johannesburg: The Insurance Institute of South Africa.
IISA. (2022). Practice of long-term Insurance. Johannesburg: The Insurance Institute of South Africa.
Koomson, M., & Yawson, C. (2019). Gender differences in life insurance purchase decisions in Ghana: A structural equation modeling approach. Journal of Insurance Issues, 42(2), 101-123.
Loke, Y. C., & Goh, K. L. (2012). The determinants of life insurance demand in Malaysia. Journal of Life Insurance and Risk Management, 1(1), 43-54.
Sarkodie, S. A., & Yusif, H. M. (2015). Determinants of life insurance demand in Ghana. Journal of Risk and Financial Management, 8(1), 108-121.
Sulaiman, L., Razak, N. A., & Razaq, A. A. (2015). Determinants of life insurance demand in Malaysia. Journal of Economics, Business and Management, 3(1), 29-33.
Swiss Re Sigma Report. (2014). World insurance in 2013: steering towards recovery. Retrieved from www.tsb.org.tr/Images/Documents/Sigma3_2014_En.Pdf
Yaari, M. (1965). Uncertain lifetime, life insurance, and the theory of the consumer. Review of Economic Studies, 32(2), 137-150.
Yusif, E. E. S., & H. M. (2015). Determinants of Life Insurance Demand, Consumer Perspective - A Case Study of Ayeduase-Kumasi Community, Ghana. Business and Economics Journal.