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An Assessment of the Awareness of Fire Insurance in the Informal Sector: A Case Study of Kumasi Central Market in Ghana

Author

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  • Leo Moses Twum-Barima

    () (Department of Accounting Education, Faculty of Business Education, University of Education, Winneba, Kumasi Campus, Ghana)

Abstract

Markets in developing economies do not have well planned and proper layouts so they are always congested. Anytime fire breaks out in the market it becomes very difficult for fire tenders to get access to quench the outbreak so many goods are destroyed in the markets. This study assesses whether the traders are aware of fire insurance and have taken such policies to cover their goods and stalls. A sample of 95 traders was used. It was found out that majority (50.52%) of the traders did not understand the concept of insurance so they had wrong perception about it; the traders were aware of the causes of fire outbreak and ranked electricity power fluctuations as the major cause; the traders could use water and sand to quench fire but only a few of them could use foam, carbon dioxide and dry powder to control fire outbreak. Relevant recommendations have been made for these traders and policy makers to strategize in order to have better protection on the markets.

Suggested Citation

  • Leo Moses Twum-Barima, 2014. "An Assessment of the Awareness of Fire Insurance in the Informal Sector: A Case Study of Kumasi Central Market in Ghana," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 2(7), pages 268-273, July.
  • Handle: RePEc:ijr:journl:v:2:y:2014:i:7:p:268-273
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    References listed on IDEAS

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    1. Oscar Joseph Akotey & Kofi A. Osei & Albert Gemegah, 2011. "The demand for micro insurance in Ghana," Journal of Risk Finance, Emerald Group Publishing, vol. 12(3), pages 182-194, May.
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    1. repec:asi:ijoass:2018:p:28-33 is not listed on IDEAS

    More about this item

    Keywords

    Fire insurance; fire outbreak; informal sector; electricity power fluctuations;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements

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