CLAIMS AWARENESS AND ACCEPTABILITY OF MICRO INSURANCE AMONG ARTISANS IN LAGOS STATE, NIGERIA

Abstract

The Nigerian economy is one that is driven by the formal and the informal sectors. The informal sector of the economy is mainly driven by artisans. The artisans are skilled craft workers who make or create material objects partly or entirely by hand. The aim of the study is to find out the claim awareness of this artisan on microinsurance. Descriptive survey research design was used for this study to empirically investigate claims awareness and acceptability of micro insurance among artisans in Lagos State. For this study, primary data was used and a total of 159 questionnaires were collected from the respondents and analysed using correlation analysis. The findings showed that most of the artisans are not aware of the claims making process and the acceptance of microinsurance by these artisans is very low. The study then recommended that insurance companies should put in place necessary machinery for creation of awareness among artisans on the benefits of microinsurance.