Authors :
Emmanuel Chinton; Barima k. Amanor; Jessica A. Annor; Edem Forfoe; Cornelius J. Guabran
Volume/Issue :
Volume 8 - 2023, Issue 4 - April
Google Scholar :
https://bit.ly/3TmGbDi
Scribd :
https://bit.ly/3oR4uxY
DOI :
https://doi.org/10.5281/zenodo.7885107
Abstract :
The financial business is rapidly expanding,
allowing for high quantities of transactions. This
expansion has raised the demand for insurance and
insurance products dramatically. Though previous
research has looked at the elements that drive the
profitability of the insurance business from both a
general and a life viewpoint, little attention has been
paid to the main indicators that define the financial
performance of these insurance organizations. This
study looked at the factors that impact the financial
success of insurance businesses in Ghana, a developing
country. It investigated the elements that influence
financial performance. The findings of the study showed
that General insurance was the most purchased type of
insurance policy. It was also discovered that the majority
of the policyholders who buy insurance policies were 24
years and above.Finally, the study showed that the most
influential factor considered for the financial
performance of the insurance company is the effective
management factor followed by the competition factor.
Other factors that were also identified were personality
influence, liquidity, and profitability. As a result, the
purpose of this project is to raise knowledge about the
variables that impact the financial performance of
insurance businesses in Ghana. This knowledge, on the
other hand, will assist policyholders, stakeholders,
brokers, and others concerned in understanding their
insurance company's financial status and the variables
impacting it. This research would also provide
knowledge on the influential factors for insurance
companies' financial performance as well as the most
purchased insurance policy, which would help insurance
companies understand why policyholders and investors
patronize insurance by making more improvements to
ensure a higher insurance penetration in Ghana.
Keywords :
General Insurance, Insurance Policy and Penetration, Factor Analysis, Effective Management, Liquidity, Profitability and Personality Influence
The financial business is rapidly expanding,
allowing for high quantities of transactions. This
expansion has raised the demand for insurance and
insurance products dramatically. Though previous
research has looked at the elements that drive the
profitability of the insurance business from both a
general and a life viewpoint, little attention has been
paid to the main indicators that define the financial
performance of these insurance organizations. This
study looked at the factors that impact the financial
success of insurance businesses in Ghana, a developing
country. It investigated the elements that influence
financial performance. The findings of the study showed
that General insurance was the most purchased type of
insurance policy. It was also discovered that the majority
of the policyholders who buy insurance policies were 24
years and above.Finally, the study showed that the most
influential factor considered for the financial
performance of the insurance company is the effective
management factor followed by the competition factor.
Other factors that were also identified were personality
influence, liquidity, and profitability. As a result, the
purpose of this project is to raise knowledge about the
variables that impact the financial performance of
insurance businesses in Ghana. This knowledge, on the
other hand, will assist policyholders, stakeholders,
brokers, and others concerned in understanding their
insurance company's financial status and the variables
impacting it. This research would also provide
knowledge on the influential factors for insurance
companies' financial performance as well as the most
purchased insurance policy, which would help insurance
companies understand why policyholders and investors
patronize insurance by making more improvements to
ensure a higher insurance penetration in Ghana.
Keywords :
General Insurance, Insurance Policy and Penetration, Factor Analysis, Effective Management, Liquidity, Profitability and Personality Influence