EFFECT OF CONSUMER BUYING BEHAVIOUR ON THE PURCHASE OF INSURANCE PRODUCTS
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ABSTRACT
Effect of consumer buying behaviour on the purchase of insurance products. In this study, one Logit regression model was estimated to help investigate the determinants. The Logit regression coefficients, the z-values and the p-values were used for the evaluation and statistical significance of variables in the model estimated. The Statistical Package for Social Sciences (SPSS) 16.0 was used to evaluate the descriptive statistics- bar charts and pie charts, while STATA 5.0 version was used for the analysis of the Logit regression model specified. The Logit model was evaluated or analyzed with both pvalues and the coefficients for the purpose of statistical significant of the explanatory variables in the model. Results of the study showed that 61.33% of the respondents mostly subscribe to Endowment policy followed by Term insurance policy (26.33 %) and then Whole life policy (12.33%). Consistent with previous results the Logit regression indicates a significant positive relationship between income level and the demand for life insurance products. The study found negative insignificant association between both the market rate of interest and level of savings and the demand for life insurance products. Price of insurance (level of premium) appeared to have no robust influence on life insurance consumption as showed by insignificant negative coefficient. Inflation on the other hand had an indirect association with life insurance consumption with statistically significant values. Education, employment status and the age of consumers had significant positive influence on life insurance consumption. But family size had statistically insignificant positive effect on demand. Overall, life insurance demand is better explained when the economic and socio-demographic factors are considered jointly.
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