Flood risk reduction through insurance for SMEs in Pathumthani province, Thailand

Pathak, Shubham; Ahmad, Mokbul Morshed

doi:10.1080/09614524.2018.1425375

Cited by 9 publications

(8 citation statements)

References 14 publications

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“…The need for protection in micro, small and medium-sized enterprises and the untapped micro-tak aful market In this tough and ever-changing environment, MSMEs are exposed to a certain number of risks that may affect business performance. Amongst the risks associated with MSMEs' businesses are supply chain risk, interest rate risk, raw materials' price risk, technological risk, growth risk and e-business risk (Sukmana and Hidayat, 2014;Falkner and Hiebl, 2015;Ismail et al, 2016;Pathak and Ahmad, 2018). Given that insurance/tak aful coverage is one of the risk management tools that can be adopted to overcome these unforeseen risks, having comprehensive tak aful protection has thus become an important mechanism to ensure the healthy growth and continuity of a firm.…”

Section: Review Of Literaturementioning

confidence: 99%

“…Many risk factors are associated with the MSMEs' low tak aful (Islamic insurance) contribution. From the tak aful operators' side, factors such as lack of product offering (Pathak and Ahmad, 2018) and limited marketing efforts (Ahmed, 2016) have led to lower participation from MSMEs. From the MSMEs' side, lack of understanding (Che et al, 2018;Iramani et al, 2018), underestimation of risk exposures (Howard, 2018) and low awareness of risk management plans (Ismail, 2012) are amongst the factors leading to low tak aful protection.…”

Section: Introductionmentioning

confidence: 99%

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Micro, small and medium enterprises’ competitiveness and micro-takāfuladoption

Husin

Haron

2020

IJIF

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Purpose This paper aims to attempt to first examine the competitiveness of micro, small and medium-sized enterprises (MSMEs) in the logistics industry; second, to identify the MSMEs’ perception towards takāful (Islamic insurance); third, to recognise the challenges in the adoption of takāful; and fourth, to suggest strategies to enhance the micro-takāful penetration rate. Design/methodology/approach The SWOT (strengths, weaknesses, opportunities and threats) analysis was used to measure the MSMEs’ competitiveness. Interview sessions were conducted with 13 owners of MSMEs in the logistics industry from the period November 2018 until January 2019 in Selangor, Malaysia. Findings The SWOT analysis identified several strengths (e.g. advanced infrastructure, rising number of new entrants and contribution to the local economy), weaknesses (e.g. lack of digital culture and training and a dearth of expertise), opportunities (e.g. supportive government initiatives and evolution of the mobile internet) and threats (e.g. changing customer expectations and limited financing facilities). The MSMEs’ perception towards micro-takāful and challenges in the adoption of takāful were also identified. Research limitations/implications This paper provides an understanding of the MSMEs’ perception towards micro- takāful products, sheds light on the challenges faced by MSME owners in protecting their businesses from risk exposures and offers strategies to enhance the micro- takāful penetration rate. This study, however, is limited to Malaysia’s experience. Practical implications The identification of MSMEs’ SWOT will be useful for these businesses as it provides solid information that can be used to improve business performance while also seeking takāful protection. This paper, other than serving as a guideline for stakeholders in the logistics industry to have a better understanding of their business environment, may also provide useful insights to practitioners and policymakers. Originality/value This paper integrates the SWOT analysis into a study on business risk exposure and takāful protection from the MSMEs’ perspective. Hence, the findings could broaden available knowledge on MSMEs, especially for businesses in the logistics industry. The knowledge may also facilitate matters for takāful operators interested in tapping into the market.

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Section: Review Of Literaturementioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Micro, small and medium enterprises’ competitiveness and micro-takāfuladoption

Husin

Haron

2020

IJIF

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“…Pathak and Ahamad [13] discovered high premium costs discourage people from using insurance as a catastrophe planning strategy, insurance uptake is hampered by the perception of reliance on government assistance in the aftermath of floods, and the mistrust built-in SMEs on insurance companies due to prolonged time taken to compensate losses and unawareness on policies available on the market act as deterrents.…”

Section: Empirical Reviewmentioning

confidence: 99%

Factors Impacting the Acceptance Level of Insurance Policies by Small and Medium Enterprises in Sri Lanka

Thathsarani

Wijayasinghe²

2022

AJEBA

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Aim: The focus of this study is to provide insight into the acceptance level of insurance policies by Small and Medium Enterprises (SMEs) in Sri Lanka. Study Design: Quantitative research strategy was incorporated into the study. Place and Duration of Study: Owners, managers, and employees of SMEs were identified as respondents for this study, between June 2020 and July 2021. Methodology: This study was conducted based on Primary Data gathered by distributing questionnaires. The sample profile is tested through frequency analysis. To evaluate the goodness of data, the reliability and validity of the measurement items are utilized. Here factor analysis, average variance extracted, Cronbach’s alpha values, and discriminant validity are tested. The multiple regression analysis is utilized to determine whether Lack of awareness, High premium cost and paperwork, Experience and beliefs, Low-Income level, Lack of knowledge, and lack of relationship between SMEs and Insurance companies affect the acceptance level of insurance by SMEs in Sri Lanka. Results: The overall results of the hypothesis of the study are presented based on multiple regression analysis. Sig. (p) values of Lack of Awareness (p =.010), Experience and Beliefs (p =.002), Low Income Level (p =.000), and Lack of Knowledge (p =.000). The findings revealed that Lack of Awareness, Experience, and beliefs, Low-income level and Lack of knowledge of SMEs have a significant impact on the acceptance level of insurance policies by SMEs. Conclusion: Lack of Awareness, Experience and beliefs, Low-Income level, and Lack of knowledge has caused to inhibit acceptance level of insurance policies by SMEs. In designing insurance plans for SMEs, these factors should be taken into account by Insurance providers.

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“…This response strategy takes the form of humanitarian and relief assistance and interventions designed to reduce the vulnerability of communities to flood disasters. Corroborating this view, Olorunfemi and Raheem [20] and Pathak and Ahmad [21,22] emphasized that disaster risk reduction is a new paradigm in disaster management with a body of policies, strategies and practices geared toward curtailing vulnerabilities and disaster risks in society through appropriate prevention, mitigation, preparedness and early warning programmes and facilities. Obeta [23] emphasized that the success towards mitigating and tackling the multiplicity of flood disasters in Nigeria thrives on institutions and research agencies empowered to work out a template, programmes and models for responding to flood alert and early warning thereby improving flood awareness and management.…”

Section: Additionallymentioning

confidence: 99%

Assessment of Community’s Resilience to Flooding in the Flood-prone Areas of the Core Niger Delta, Nigeria

Week

Wizor

Eludoyin

2019

JGEESI

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The study assessed the community’s resilience to flooding in the flood-prone areas of the Core Niger Delta, Nigeria. The study adopted the descriptive survey design. 790 respondents were selected using a multistage stratified sampling technique in Bayelsa, Delta and Rivers States. Descriptive and inferential statistics were used in the analysis of data. Findings showed that the level of community’s resilience to floods in the core Niger Delta included distribution of relief materials by community flood control committee (61.9%); helping flood control committee to effectively use the equipment to detect early flood warning (56.5%), the response committee effectively measured and assessed the extent and risk after every flood incident (52.1%), National Emergency Management Agency (NEMA) or the State Emergency Management Agency (SEMA) engaging members of the community flood control committee on capacity building on ways of mitigating flood menace (51.7%); and community constructing flood barks, drainage, dam, etc. in order to control or manage flood incidents (51.1%). The study revealed that the frequency (F=2.661, p<.05) and magnitude (F=1.355, p<.05) of flood determined its intensity in communities in the study area. The study recommended among others that communities should set up an efficient and effective flood control committee in order to effectively tackle the impacts of flood menace, including the Ministry of Agriculture enhancing the knowledge of local farmers in using new and improved inputs and techniques (i.e. smart agriculture) for planting crops that can be harvested before the flooding.

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Flood risk reduction through insurance for SMEs in Pathumthani province, Thailand

Cited by 9 publications

References 14 publications

Micro, small and medium enterprises’ competitiveness and micro-takāfuladoption

Micro, small and medium enterprises’ competitiveness and micro-takāfuladoption

Factors Impacting the Acceptance Level of Insurance Policies by Small and Medium Enterprises in Sri Lanka

Assessment of Community’s Resilience to Flooding in the Flood-prone Areas of the Core Niger Delta, Nigeria

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