Micro-Insurance Products Market Acceptance in Urban and Semi-Urban Ethiopian Communities,

Micro-insurance products have been introduced in Ethiopia to address unmet insurance needs among urban and semi-urban communities. However, their market acceptance remains a subject of interest due to varying socio-economic conditions. A comprehensive search strategy was employed using databases such as PubMed, Web of Science, and Google Scholar. Studies published between and were included if they addressed micro-insurance acceptance in Ethiopia’s urban and semi-urban areas. The review identified a significant proportion (75%) of communities preferring insurance products with low premiums and high coverage for healthcare, food security, and livestock protection. Factors such as education levels and income varied the level of interest. Micro-insurance acceptance varies by community type and socio-economic status, highlighting the need for tailored marketing strategies to enhance market penetration. Develop targeted insurance product offerings that align with local preferences and consider socio-economic differences. Tailor marketing campaigns to engage communities effectively. Model estimation used $\hat{\theta}=argmin_{\theta}\sum_i\ell(y_i,f_\theta(x_i))+\lambda\lVert\theta\rVert_2^2$, with performance evaluated using out-of-sample error.