BAMGBOSE, olalekam sadiq
Department of Insurance and Actuarial Science
School of Applied Social Sciences
Lagos State University of Science and Technology, Ikorodu, Lagos
sodiq.bamgbose1976@gmail.com
OLUFAWO, Henry Siji
Department of Insurance and Actuarial Science
School of Applied Social Sciences
Lagos State University of Science and Technology, Ikorodu, Lagos
olufawohenry002@gmail.com
TAIRU, Fatiat Gbemisola
Department of Insurance and Actuarial Science
School of Applied Social Sciences
Lagos State University of Science and Technology, Ikorodu, Lagos
fatgbems316@gmail.com
JAMES, Mutiat Temitayo
Department of Business Administration & Management
School of Applied Social Sciences
Lagos State University of Science and Technology, Ikorodu, Lagos
mutiatjames2021@gmail.com
ABSTRACT
This study examined the reasons for the low level of patronage of micro-insurance products by
public secondary school teachers in Lagos State, Nigeria. The study used a structured
questionnaire to collect primary data from 240 secondary school teachers. The study found that
lack of knowledge and confidence in the products of micro-insurance service providers,
considerably causes a negative attitude towards purchase of micro-insurance products. The study
also found that care-free attitude towards social security risks coupled with reliance on friends
and families contribute to low patronage of micro-insurance products. Furthermore, the study
revealed that public secondary school teachers’ intention to purchase micro-insurance products is
influence by factors that are normative rather than attitudinal, as expressed by the Theory of
Reasoned Action. The multiple regression analysis conducted to determine the success of
different factors in influencing public secondary school teachers’ attitude towards microinsurance products show that savings, protection against risks and investment are key factors
influencing public secondary school teachers’ attitude towards micro-insurance products. The
study therefore, recommends that micro-insurance service providers should engage in intensive
awareness programmes aimed at consumer enlightenment by providing relevant information
regarding policy benefits; and reinforcing purchase decisions.
Keywords: micro-insurance, public secondary schools, low income earners, financial risk,
adequate knowledge, product design.