CONTRIBUTION OF INDUSTRIAL ALL RISKS INSURANCE TO THE GROWTH OF MANUFACTURING FIRMS IN KENYA
DOI:
https://doi.org/10.47604/jdcs.1628Keywords:
Contribution, Industrial all risks insurance, Growth, Manufacturing FirmsAbstract
Purpose: Manufacturing firms are key to successful economic development, since they helps generate virtuous and cumulative linkages with other sectors of the economy, drives technological progress, and has the strongest potential for productivity gains. But, significant as they are, manufacturers face varied exposures with customers, employees, and operations. Innovation, from new technologies to expanding markets, can introduce opportunity but also potential vulnerabilities. The purpose of this work is to enhance the reader's understanding on the various contribution of Industrial all risks insurance to the growth of manufacturing firms in Kenya.
Methodology: A desktop literature review was used for this purpose. Relevant journal articles for the study were identified using search engines such as Google Scholar, Google Books, Semantic Scholar, Science.gov and Research Gate. Studies done between 2015 and 2022 were considered.
Findings: From the findings, researchers have shown that subscribing to individual insurance covers can be expensive and might leave insurance gaps. The findings suggest that subscribing to all risk insurance policies have a direct impact on the growth and expansion of the firms in the manufacturing sector.
Unique Contribution to Theory, Practice and Policy: The study recommends that all manufacturing firms in Kenya should seek Industrial all risks insurance coverage as it provides for protection against all potential incidents that can result to massive losses. Manufacturing firms should also seek Industrial all risks insurance coverage as an effort to restrict the loss to their balance sheets, and in that sense, helps them to stay solvent.
Downloads
References
Adams, M., Andersson, L. F., Jia, J. Y., & Lindmark, M. (2017). Mutuality as a control for information asymmetry: A historical analysis of the claims experience of mutual and stock fire insurance companies in Sweden, 1889 to 1939. Business History, 53(7), 1074-1091.
Ahinkorah, B. O., & Kissah-Korsah, K. (2021). Mixed effects analysis of factors associated with health insurance coverage among women in sub-Saharan Africa. PLoS One, 16(3), e0248411.
Alhassan, A. L. (2016). Insurance market development and economic growth: Exploring causality in 8 selected African countries. International Journal of Social Economics.
Ani, U. P. D., He, H., & Tiwari, A. (2017). Review of cybersecurity issues in industrial critical infrastructure: manufacturing in perspective. Journal of Cyber Security Technology, 1(1), 32-74.
Ayuba, H., Bambale, A. J. A., Ibrahim, M. A., & Sulaiman, S. A. (2019). Effects of Financial Performance, Capital Structure and Firm Size on Firms' Value of Insurance Companies in Nigeria. Journal of Finance, Accounting & Management, 10(1).
Barrese, J., Doerpinghaus, H. I., & Nelson, J. M. (2017). Do independent agent insurers provide superior service? The insurance marketing puzzle. Journal of Risk and Insurance, 297-308.
Batool, A., & Sahi, A. (2019). Determinants of financial performance of insurance companies of USA and UK during global financial crisis (2007-2016). International Journal of Accounting Research, 7(1), 1-9.
Chang, T. Y., Huang, W., & Wang, Y. (2018). Something in the air: Pollution and the demand for health insurance. The Review of Economic Studies, 85(3), 1609-1634.
Chao, G. H., Iravani, S. M., & Savaskan, R. C. (2019). Quality improvement incentives and product recall cost sharing contracts. Management science, 55(7), 1122-1138.
Chen, C. C. H. (2016). Data governance by insurance companies in Singapore. In Data Governance in AI, FinTech and LegalTech (pp. 145-168). Edward Elgar Publishing.
Darko, A., & Asiedu, R. O. (2020). Service quality of insurance in complex project deals in the construction industry in Ghana. International Journal of Building Pathology and Adaptation.
Feng, Y., Mol, A. P., Lu, Y., He, G., & Van Koppen, C. S. A. (2016). Environmental pollution liability insurance in China: in need of strong government backing. Ambio, 43(5), 687-702.
Fernández-Muñiz, B., Montes-Peón, J. M., & Vázquez-Ordás, C. J. (2019). Relation between occupational safety management and firm performance. Safety science, 47(7), 980-991.
Finch, P. (2020). Supply chain risk management. Supply chain management: an International Journal, 9(2), 183-196.
Fossel, A. H., Chapin, A., Keller, R. B., & Katz, J. N. (2019). Measuring the impact of organizational behaviors on work disability prevention and management. Journal of occupational rehabilitation, 10(1), 21-38.
Han, Y., Zheng, E., & Xu, M. (2017). The influence from the past: Organizational imprinting and firms' compliance with social insurance policies in China. Journal of Business Ethics, 122(1), 65-77.
Hansen, J. V., Jacobsen, R. H., & Lau, M. I. (2016). Willingness to pay for insurance in Denmark. Journal of Risk and Insurance, 83(1), 49-76.
Hanson, J. (2020). Commercial Property Insurance. In Insurance Disputes (pp. 553-579). Informa Law from Routledge.
Haughton, S. A. (2021). Jamaica's Cybercrime and Cyber-Security: Policies, laws, and strategies. In Routledge Companion to Global Cyber-Security Strategy (pp. 473-483). Routledge.
Ho, W., Zheng, T., Yildiz, H., & Talluri, S. (2019). Supply chain risk management: a literature review. International Journal of Production Research, 53(16), 5031-5069.
Hwang, S. N., & Kao, T. L. (2018). Using two-stage DEA to measure managerial efficiency change of non-life insurance companies in Taiwan. International Journal of Management and Decision Making, 9(4), 377-401.
Ikegami, N. (2017). Rationale, design and sustainability of long-term care insurance in Japan-in retrospect. Social Policy and Society, 6(3), 423-434.
Inkumsah, W. A., Abdul-Hamid, I. K., & Angenu, B. B. (2021). The effect of learning orientation on innovative service development and insurance firm performance. Academy of Marketing Studies Journal, 25(2), 1-12.
Lamba, A., Singh, S., Dutta, N., & Rela, S. (2016). Identifying & Mitigating Cyber Security Threats In Vehicular Technologies. International Journal for Technological Research in Engineering, 3(7).
Lee, C. C., & Chiu, Y. B. (2016). Globalization and insurance activity: Evidence on the industrial and emerging countries. The North American Journal of Economics and Finance, 36, 328-349.
Lika, R. A., Murugiah, D., Brohi, S. N., & Ramasamy, D. (2018). NotPetya: cyber attack prevention through awareness via gamification. In 2018 International Conference on Smart Computing and Electronic Enterprise (ICSCEE) (pp. 1-6). IEEE.
MANDARI, S. A. (2021). Policy Assessment Of Energy Efficiency On Future Energy Demand Of The Industrial. Sector Of Tanzania (Master's thesis, PAUWES).
Manuj, I., & Mentzer, J. T. (2018). Global supply chain risk management strategies. International Journal of Physical Distribution & Logistics Management.
Motta, S., Testa, D., Cesari, U., Quaremba, G., & Motta, G. (2015). Medical liability, defensive medicine and professional insurance in otolaryngology. BMC research notes, 8(1), 1-4.
Rao, A., Kashani, H., & Marie, A. (2019). Analysis of managerial efficiency in insurance sector in the UAE: an emerging economy. International Journal of Managerial Finance.
Schallbruch, M., & Skierka, I. (2018). Cybersecurity in Germany. Springer International Publishing.
Silver, C., & Syverud, K. (2015). The professional responsibilities of insurance defense lawyers. Duke LJ, 45, 255.
Singh, P., & Kumar, V. (2017). Insurance coverage under different health schemes in Uttar Pradesh, India. Clinical Epidemiology and Global Health, 5(1), 33-39.
Spekkers, M. H., Ten Veldhuis, J. A. E., Kok, M., & Clemens, F. H. L. R. (2019). Analysis of pluvial flood damage based on data from insurance companies in the Netherlands. In Proceedings International Symposium Urban Flood Risk Management, UFRIM, 2011, September 21-23, Graz, Austria (Zenz, G, Hornich, R., ed.). Technische Universitat Graz.
Suriadi, S., Wynn, M. T., Ouyang, C., ter Hofstede, A. H., & Dijk, N. J. V. (2017). Understanding process behaviours in a large insurance company in Australia: A case study. In International Conference on Advanced Information Systems Engineering (pp. 449-464). Springer, Berlin, Heidelberg.
Tang, C. S. (2016). Perspectives in supply chain risk management. International journal of production economics, 103(2), 451-488.
Thakur, K., Qiu, M., Gai, K., & Ali, M. L. (2017). An investigation on cyber security threats and security models. In 2015 IEEE 2nd International Conference on Cyber Security and Cloud Computing (pp. 307-311). IEEE.
Truong, H. Q., & Hara, Y. (2018). Supply chain risk management: manufacturing-and service-oriented firms. Journal of Manufacturing Technology Management.
Vanderpuye-Orgle, J., & Barrett, C. B. (2018). Risk Management, Insurance and Social Networks in Ghana. Cornell University Working Papers.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Dr. Ben Kajwang PhD
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution (CC-BY) 4.0 License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
