1Associate Professor, Department of Management Studies, College of Business and Economics, Dilla University, Ethiopia
2Lecturer, Department of Management Studies, College of Business and Economics, Dilla University, Ethiopia
Online published on 19 March, 2021.
In the present world, there are incalculable risks which come across the life, and till the time life goes on the risks never leave the person in peace. Risk is associated with unpredictability of the event and nature. The higher is the unpredictability the elevated is the risk. Predictability of event gives power and feeling of control on the situation by the person. He feels safer and rheostat as far the situation is concerned. It is immaculately correct to say that from centuries fear has been used as a tool by the business men world over. From the ashes of fear the concept of insurance emerged and soon engulfed the market by feasting on the concept of unpredictability and probability of failure. Soon because of market competition there were lot of refinements in the insurance products, and now insurance has become indispensable part of modern society especially in developed countries and even in developing countries. Unfortunately, the African and under developed countries still need to understand the paramount import of insurance and how it can help them in debauched situations. In this study, the researchers have made an attempt to scrutinize and evaluate the behavior as well as the factors which augment the adaption of insurance products among the customers. For this the researchers have used a 26-statement questionnaire which is subjected to statistical tools like KMO test, factor analysis, ANOVA, correlation and descriptive statics. The study suggests that a lot has to be done as far as the insurance adaptation is concerned in the study area; the involvement of the local government also has to be enhanced -vis-à-vis local community enlightment pertaining to the insurance concepts. The study can help to increase the living standard of people as it evaluates the difficulties faced by them and put forwards suggestions to resolve the situation. This in turn helps to enhance the process of indigenous product modulation and development.
Insurance, Adaptation, Problems, Strategy, Finance
