|
Abstract:
|
This study sought to investigate the role of insurance in socio-economic risk management among women in Five-star Estate, South C, Nairobi County. The objectives of the study were: to establish the prevalence of insurance use among women among women in Five-star Estate, South C, Nairobi County, to assess the types of social and economic risks faced, to determine the socio-economic coping mechanisms employed, and to establish ways of increasing insurance uptake. Stratified random sampling was used to select a sample size of 134 women. Descriptive design was adopted. Data was collected using semi-structured questionnaires and interview schedules and later analyzed using the Statistical Package for Social Sciences (SPSS) version 21. The findings were presented using frequency tables and figures. The findings showed that there was high uptake of insurance among the women in Five-star Estate (81.7%). The women faced numerous risks, including business management (68%) lack of access to healthcare (70.4%), lack of access to education (62.9%), lack of access to sufficient food (23.2%) and lack of secure living environment (49.2%). Various insurance options like health, life, and property to micro-insurance and SACCOs had been beneficial. Uptake of insurance could increase through increased awareness, education on insurance benefits, varying the price of insurance products to reflect purchasing ability, and increasing the variety of the insurance policies. The study concludes that insurance plays a vital role in the lives of the women as a social and economic risk mitigation tool. |
