| Autor: |
Richard Kwame Ansah, Alex Akwasi Opoku, Kassim Tawiah, Richard Kena Boadi, Bridget Nana-Ama Gana, Sampson Tackie, Maud Avevor Ayornu, Stephen Manu Ampofo Mills |
| Jazyk: |
angličtina |
| Rok vydání: |
2024 |
| Předmět: |
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| Zdroj: |
Journal of Mathematics in Industry, Vol 14, Iss 1, Pp 1-17 (2024) |
| Druh dokumentu: |
article |
| ISSN: |
2190-5983 |
| DOI: |
10.1186/s13362-024-00148-7 |
| Popis: |
Abstract This paper employs a statistical mechanical model as a framework to investigate how socioeconomic factors of individuals such as gender and place of residence influence their decision when deciding between comprehensive and third-party motor insurance policies in Ghana. Data from a general insurance firm was used for this investigation taking five years’ worth of transactions into account. The methods of partial least squares and the ordinary least squares are, respectively, used to estimate the parameters of the interacting and the non-interacting models in the Multipopulation Currie-Weiss model in a discrete choice framework. The findings showed that both location and gender have discernible influences on how people choose their motor insurance. We encourage insurance companies to intensify their campaign on the importance of motor insurance to all vehicle/car owners, especially those in rural areas in order to reduce the risk and associated losses in vehicular accidents on Ghanaian roads. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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