




































AMERICAN INTERNATIONAL JOURNAL OF BUSINESS AND MANAGEMENT STUDIES 4(1) (2022), 12-21 

 
12 

 

        Business and Management Studies 

                                                              AIJEFR VOL 4 NO 1 (2022) P-ISSN 2641-4937  E-ISSN 2641-4953 
                                                  

                                                                                                                        Available online at www.acseusa.org      

                                                                                                                                    Journal homepage: https://www.acseusa.org/journal/index.php/aijbms 
                                                                                                                                         Published by American Center of Science and Education, USA 

ASSESSMENT OF MICRO INSURANCE AS AN EMERGING 

MICROFINANCE FOR THE POOR: A STUDY ON SOMALIA                                                      
                 

    Md Al-Imran (a)   Md Salim Chowdhury (b)  Abdikhaliq Dahir Ayanle (c)1   Abdullah Al Masum (d)   
  

(a) Master of Science in Business Analytics, College of Graduate and Professional Studies, Trine University, Allen Park, Michigan 48101-3636, United 

States of America; E-mail: malimran23@my.trine.edu 
(b) Master of Science in Business Analytics, College of Graduate and Professional Studies, Trine University, Allen Park, Michigan 48101-3636, United 

States of America; E-mail: mchowdhury23@my.trine.edu 
(c) Department of Businesses Administration, Daffodil international University, Dhaka-1216, Bangladesh; E-mail: abdikhaliq6355@gmail.com 
(d) Department of Businesses Administration, North South University, Dhaka-1229, Bangladesh; E-mail: abdullah_al_masum@ymail.com 

 

 
A R T I C L E I N F O 

 
 

Article History: 
 

Received: 18th October 2022 
Revised: 30th November 2022 

Accepted: 18th December 2022 

Published: 30th December 2022 

 
Keywords: 

Micro Insurance, Microfinance, 

Somalia 

 
      JEL Classification Codes:  

 

      G21, G22  

 

 

 
A B S T R A C T 

 
This research aims to determine whether micro insurance could take the role of conventional 
microfinance for the underprivileged in Somalia. The current situation of micro-insurance in Somalia 

is examined in this study, along with the difficulties encountered and the potential for development. The 

study also investigates how the poor view micro-insurance and whether they are willing to use this 
financial tool. The outcomes of this paper will aid in shaping future micro-insurance programs that 

are more successful by shedding light on the viability of using it to help Somalia's poor gain financial 

inclusion. The study examined how micro-insurance affects the poor's access to the financial system 

and risk management skills.  The non-probabilistic sampling method is used to conduct the study, 

including a literature review, stakeholder interviews, and surveys of clients. The results of this study 

will help researchers better understand how micro insurance may be used in Somalia to promote 

financial inclusion and fight poverty. The findings will also help policymakers and practitioners to 

figure out the best strategy for utilizing micro insurance’s potential to lessen poverty and encourage 
financial inclusion among the underprivileged in Somalia. 

 
 

© 2022 by the authors. Licensee ACSE, USA. This article is an open access article distributed under 
the terms and conditions of the Creative Commons Attribution (CC BY) license 
(http://creativecommons.org/licenses/by/4.0/).  

                                                                                  

 

INTRODUCTION 

A viable method for reducing poverty and encouraging financial inclusion among the underprivileged in developing nations 

is micro insurance (Janzen & Carter, 2019; Ali et al., 2020a; Ali et al., 2020b). Micro insurance is still not widely used or 

adopted in Somalia, despite the potential advantages. The purpose of this study is to assess the viability of micro insurance 

as a new microfinance tool for the impoverished in Somalia, with an emphasis on its adoption and usage, as well as the 

challenges and opportunities it provides (Hassan, 2020). Micro insurance, a branch of microfinance, aims to assist low-

income families by providing insurance coverage customized to their requirements. In underdeveloped nations, when the 

current insurance markets are ineffective or non-existent, micro insurance is frequently practiced. The insured pays much 

cheaper premiums because the coverage worth is significantly smaller than that of a standard insurance plan (Banerjee et 

al., 2018). Adults in low-income households or those without retirement savings are typically covered by micro insurance. 

Islam (2015) stated that micro insurance solutions are designed primarily to cover lesser valued belongings or assets as well 

as recompense for illness, injury, or death. The four primary methods for delivering micro insurance are provider-driven 

strategies, full-service approaches, community-based models, and partner-agent models, in that order.  

In Somalia, the microfinance industry is currently without proper regulation. The 2012 Financial Institutions Law only 

acknowledges commercial banks and money transfer businesses as financial institutions, leaving microfinance companies 

in a legally uncertain position. The FIL is undergoing modernization and revision in 2019 to address this issue (Xalane & 

Salleh, 2019; Chowdhury et al., 2020; Chowdhury et al., 2021). The regional reach of microfinance institutions varies 

                                                      
1Corresponding author: ORCID ID: 0000-0002-5380-8025 

© 2022 by the authors. Hosting by ACSE. Peer review under responsibility of ACSE, USA.  

https://doi.org/10.46545/aijbms.v4i1.280  
 

To cite this article: Al-Imran, M., Chowdhury, M. S., Ayanle, A. D., & Masum, A. A. (2022). ASSESSMENT OF MICRO INSURANCE AS AN 

EMERGING MICROFINANCE FOR THE POOR: A STUDY ON SOMALIA. American International Journal of Business and Management Studies, 
4(1), 12–21. https://doi.org/10.46545/aijbms.v4i1.280 

http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://doi.org/10.46545/aijbms.v4i1.280
https://orcid.org/0000-0002-9340-5642
https://orcid.org/0000-0001-5499-677X
https://orcid.org/0000-0002-5380-8025
https://orcid.org/0000-0002-4807-8662


   Al-Imran et al., American International Journal of Business and Management Studies 4(1) (2022), 12-21 

  

13 
 

 

depending on the institution. Microfinance companies connected to commercial banks typically operate in the same areas 

as the parent bank, while non-governmental organizations based microfinance institutions are mainly located in major cities 

such as Mogadishu, Hargeisa, Garowe, and Kismayo. The size of microfinance assets in Somalia varies from 300,000 to 3 

million US dollars. Microfinance services in Somalia are provided through Islamic financial instruments, with the two most 

commonly used being Qardu Hassan, which is based on charity and often funded by donations, and Murabaha, which is 

based on cost-plus financing (Wajdi Dusuki, 2008). Microfinance is a type of financial service that is provided to individuals 

who don't have access to traditional financial institutions, such as banks. These services typically include savings and loan 

options and are aimed at helping low-income households manage their finances. According to McGuire and Conroy (2000), 

microfinance is aimed at meeting the financial needs of the poor, such as those related to life events, economic opportunities, 

and emergencies. This was further defined by Khanam et al. (2018) as including a range of financial services, like savings, 

credit, insurance, leasing, money transfers, and equity transactions. 

The primary objective of this research is to evaluate the possibility of micro insurance as a new kind of 

microfinance for reducing poverty among Somalia's underprivileged. The specific objectives were to find out; 

 How micro insurance is currently being used and adopted in Somalia, as well as the opportunities and problems it 

presents for the underprivileged. 

 How micro insurance affects the livelihoods of the poor.  

 How micro insurance helps with financial inclusion and general well-being. 

 

LITERATURE REVIEW 

Concept of Microfinance   

Microfinance, as defined by Otero (1999), refers to the provision of financial services to low-income individuals who are 

self-employed. Ledgerwood (1998) states that these services generally consist of savings and credit options, but can also 

include insurance and payment services. The goal of microfinance is to increase access to small deposits and loans for 

households that are not served by traditional banks (Schreiner & Colombet, 2001; Alam & Khan, 2022; S. Chowdhury et 

al., 2021; Iqbal et al., 2021; Kader et al., 2019; Kader et al., 2021a; Kader et al., 2021b). In essence, microfinance involves 

providing financial services, such as savings, loans, and insurance, to people living in both urban and rural areas who do not 

have access to these services through formal financial institutions. 

Microfinance is considered as a way to combat poverty, but its effect is complex and not always straightforward. The 

relationship between microfinance and poverty alleviation is influenced by various factors such as the delivery channel, 

approach, and financial products offered. The circumstances in which microfinance is most effective for low-income 

individuals must be carefully considered, as access to traditional banking services is a challenge for them (Bakhtiari, 2006; 

Kabir et al., 2021; Nayeen et al., 2020; Nahar et al., 2021; Rahman et al., 2021a; Rahman  et al., 2021b). According to the 

United Nations Capital Development Fund (2018), microfinance is seen as a significant factor in development. Proponents 

of microfinance believe it plays three key roles in development, including providing a safety net for low-income households, 

improving household economic wellbeing, and promoting gender equality by supporting women's economic involvement. 

 

Concept of Micro Insurance   

Micro insurance is a term used to describe insurance plans created for low-income people who might not have access to 

standard insurance options. It is sometimes viewed as a strategy to give poor people financial security since they may be 

more vulnerable to losing money as a result of unplanned occurrences like illnesses, accidents, or natural disasters. Micro 

insurance policies are intended to be economical and accessible to those who need it the most. Compared to regular insurance 

products, they often offer coverage for less money. Micro insurance is designed to assist people in managing the monetary 

risks they encounter on a daily basis and to increase their overall financial stability (Bernards, 2022; Shahriar 2021a; 

Shahriar 2021b; Zayed et al., 2021a; and Zayed et al., 2021b; Ahmed et al., 2022; Al-Quraan et al., 2022). 

 

Micro Insurance as an Emerging Microfinance 

Micro insurance is a crucial aspect of the microfinance services offered to support the financial needs of low-income 

households and their businesses. By providing access to financial services, microfinance helps individuals at the bottom of 

the socioeconomic pyramid to improve and expand their sources of income, accumulate assets, and move beyond merely 

surviving day to day to making plans for a better future. This can lead to improvements in their standard of living, including 

better nutrition, housing, health, and education, and also result in increased productivity (Pareek et al., 2022; ; Faisal-E-

Alam et al., 2022; Khan et al., 2022a; Khan et al., 2022b; Mia et al., 2022; Rubi et al., 2022; Zayed et al., 2022a). 

Ramm and Ankolekar (2015) found that micro insurance is a tool to mitigate risks and vulnerabilities faced by low-

income and poor households, especially those in the informal economy. Micro insurance is not intended to replace public 

social protection systems, but rather it is most effective when integrated into a comprehensive social protection framework 

that includes both public and private risk management strategies, as well as preventive measures, coping strategies, and 

mitigation efforts. 

According to Naik (2015), micro insurance provides low-premium policies with minimal coverage for people with 

limited financial means. These insurance products aim to protect the interests of the underprivileged, who are frequently 

disregarded by traditional insurance options. Micro insurance helps lessen risks encountered by people living in poverty in 

both rural and urban regions by giving financial security. It provides a solution by offering low-cost insurance options to 

those in need. 

Combining micro insurance, micro savings, and micro credit has the potential to end poverty and promote financial 



   Al-Imran et al., American International Journal of Business and Management Studies 4(1) (2022), 12-21 

  

14 
 

 

inclusion. Developing inclusive programs that address the unique needs of different income groups is necessary to provide 

basic social services, break the cycle of poverty, and ensure access to affordable healthcare (Platteau et al., 2017; Ali & 

Faisal-E-Alam, 2022; Zayed et al., 2022b; Zayed et al., 2022c; Zayed et al., 2022d; Bhuiyan et al., 2022;; Shayery et al., 

2022; Edeh et al., 2023).  

A study conducted by Babajide (2015) found that micro insurance is a crucial aspect of financial services for people 

of lower socioeconomic status. People with fewer resources are exposed to greater risks and are more susceptible to the 

impact of these risks. However, it has become increasingly evident that micro insurance requires stronger support and 

supervision from governing and regulatory bodies such as the insurance regulatory development authority and the 

government to fully serve this population. 

 

MATERIALS AND METHODS 
Study Area  

This study took place in Somalia, which is located in the Horn of Africa and is bordered by Djibouti, Kenya, the Gulf of 

Aden and Yemen, the Indian Ocean, and Ethiopia. It consists of six government-recognized states and one self-declared 

state. Somalia has a total land area of 637,657 square km, with 45% as rangelands, 30% as desert, 14% as forested, and 

11% as fertile for agriculture. It has two international river basins, the Shabelle and Juba, which can sometimes become 

sources of flooding, especially during the rainy season. The populations living in riverine areas face challenges from these 

floods and the Ethiopian government is responsible for addressing these issues. 

 

 
Figure 1. Map of Somalia 

Source: World Atlas (2021) 

 

Study Design  
A qualitative survey was designed to conduct the study. The survey is a research methodology that involves gathering 

information from a group of participants by asking them questions and collecting their responses (Check & Schutt, 2012; 

Reza & Faisal-E-Alam, 2022). So that this design was used to describe how the drought impacts on small scale farmers to 

collect information based on proposed questionnaire and summarize according to the respondent’s feedback accordingly 

that this type of survey design simplifies the researcher to understand and simply summarize the problem.  

 

Sample Size  

The researcher planned to determine the sample size using the formula suggested by Lemeshow et al. (1990), however, due 

to factors such as time and resource constraints, the final sample size could not be determined. The study was conducted 

through an online survey, with an unlimited target population and respondents limited to certain disaster-stricken areas in 

Somalia. However, the number of populations in those districts was uncounted but it is assumed that 100 participant were 

included in the study. 

 

Sample Procedure  

In this study, the researcher chose to use a non-probabilistic sampling method and employed purposive sampling to 

determine the sample size. This method was chosen because it allowed the researcher to deliberately select participants who 

were residing in disaster-prone areas of Somalia and were knowledgeable about the issue. The purpose of using purposive 

sampling was to gather focused information, and the researcher chose it for its efficiency in terms of saving time and money. 

Additionally, the researcher's inability to be physically present in Somalia made the situation more challenging. 

 



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Research Instrument  

This research utilized a questionnaire as the primary method of collecting data, which was administered through Google 

Forms. The use of a questionnaire was deemed appropriate due to the nature of the information being collected, the time 

constraints, and the goals of the research. The purpose of the paper was to understand the impact of drought on minor scale 

farmers in Somalia and its effects on various aspects such as economics, health, agriculture, and livelihoods. The use of a 

questionnaire was deemed efficient for collecting responses from a large sample size. Additionally, the ongoing COVID-19 

pandemic and limitations in conducting field visits also played a role in the decision to use an online survey through the 

questionnaire.  

 

Data Collection and Analysis Procedure 

Data was gathered for this study's purposes from both primary and secondary sources. The core data came from an online 

poll conducted using Google Forms, while the secondary data came from publications like books and journals as well as 

earlier research. Microsoft Excel and SPSS Version 23.0 were used to analyze the data. 

 

Ethical Consideration  

Ethics play a crucial role in research. Although gaining knowledge through research is valuable, it should never be achieved 

at the cost of violating human dignity. In this study, the researcher utilized both personal and institutional data with 

consideration for ethical considerations. 

 

RESULTS AND DISCUSSIONS 

Socio-Demographical Information   

The demographic categories relevant to this study's research include gender, marital status, age, and the level of education. 

Table 1. Gender, Marital Status, Age, and Level of Education 

 
Demography Category Frequency Percentage 

Gender Male 88 73.3 

Female 32 26.7 

Total 120 100.0 

Marital Status Single 89 74.2 

Married 31 25.8 

Total 120 100 

Age Below 18 9 7.5 

18-25 73 60.8 

25-35 33 27.5 

Above 40 5 4.2 

Total 120 100.0 

Education Level Primary 9 7.5 

Secondary 17 14.2 

University 85 70.8 

None 9 7.5 

Total 120 100.0 

                       Source: Primary Data  

 

This table 1 reveals that 73.3% of respondents are male and 26.7% are female, indicating that males made up the 

majority of those who responded to the poll while females didn't participate as frequently. The respondents' marital status 

In contrast, 25.8% of respondents are married, meaning that 74.2% of respondents are single. Majority of the respondents 

which are Below 18 is 7.7%, age between 18-25 is 60.8% that shows the most respondents they are all most 18-25, also the 

age between 25-35 is the second highest one and it shows that is 27.5% and age above 40 is 4.2% that shows the age above 

40 is the least of this survey. The majority of the participants of the research are university students that accounted 70.8%, 

other responders where secondary students are 14.2% and primary students are 7.5% while the respondents that they have 

none education background is 7.5 %or in their life did not attend any academic level are rare .and this shows that the primary 

students and None education levels they are same.  

 

Financial Protection for Low-Income with Micro Insurance 

Table 2. Micro insurance serves as a safeguard against financial dangers that are encountered by individuals with limited 

financial means. 

 
Indicator Frequency Percent 

Strongly Agree  48 40% 

Agree  40 33% 

Neutral  16 13% 

Disagree  9 8% 

Strongly Disagree  7 6% 

Total  120 100 

Source: Primary Data 

 

 



   Al-Imran et al., American International Journal of Business and Management Studies 4(1) (2022), 12-21 

  

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The majority of the respondents (73%) agreed that micro insurance serves as a safeguard against financial dangers 

that are encountered by individuals with limited financial means. 40% strongly agreed, while 33% simply agreed. 13% of 

the respondents were neutral, while 8% disagreed and 6% strongly disagreed, according to the above table 2 and below 

figure 2.  

 

Figure 2. Micro insurance serves as a safeguard against financial dangers that are encountered by individuals with limited 

financial means. 

 

 

 

  Source: Primary Data 

 

Mitigating Risks and Vulnerability for Low-Income Households with Micro Insurance 

Table 3. Micro insurance serves as a means to reduce exposure to hazards and diminish the fragility of economically 

disadvantaged households. 

 
Indicator Frequency Percent 

Strongly Agree  45 37% 

Agree  42 35% 

Neutral  17 14% 

Disagree  9 8% 

Strongly Disagree  7 6% 

Total  120 100% 

Source: Primary Data 

  

The majority of the respondents (72%) agreed that micro insurance serves as a means to reduce exposure to hazards 

and diminish the fragility of economically disadvantaged households. 38% strongly agreed, while 35% simply agreed. 14% 

of the respondents were neutral, while 8% disagreed and 6% strongly disagreed, according to the above table 3 and below 

figure 3.  

 

 

 

 

 

 

 

 

 

 

Figure 3. Micro insurance serves as a means to reduce exposure to hazards and diminish the fragility of economically 

disadvantaged households. 

Source: Primary Data 

Micro Insurance Increases Creditworthiness 

Table 4. Micro insurance increases creditworthiness 

 
Indicator Frequency Percent 

Strongly Agree 50 42% 

Agree   39 33% 

Neutral 16 13% 

Disagree 10 8% 

Strongly Disagree 5 4% 

Total 120 100 

Source: Primary Data 



   Al-Imran et al., American International Journal of Business and Management Studies 4(1) (2022), 12-21 

  

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The majority of the respondents (75%) agreed that micro insurance increases creditworthiness. 42% strongly 

agreed, while 33% simply agreed. 13% of the respondents were neutral, while 8% disagreed and 4% strongly disagreed, 

according to the above table 4 and below figure 4.  

  

Figure 4. Micro insurance increases creditworthiness 
Source: Primary Data 

 

Combating Poverty with Micro Insurance for Financial Support in Disasters 

Table 5. Micro insurance helps alleviate poverty by offering financial assistance to those in need during unexpected events, 

thereby alleviating their financial stress. 

 
Indicator Frequency Percent 

Strongly Agree 53 44% 

Agree  35 29% 

Neutral 20 17% 

Disagree 7 6% 

Strongly Disagree 5 4% 

Total 120 100 

Source: Primary Data 

 

The majority of the respondents (73%) agreed that micro insurance helps alleviate poverty by offering financial 

assistance to those in need during unexpected events, thereby alleviating their financial stress. 44% strongly agreed, while 

29% simply agreed. 17% of the respondents were neutral, while 6% disagreed and 4% strongly disagreed, according to the 

above table 5 and below figure 5.   

 
Figure 5. Micro insurance helps alleviate poverty by offering financial assistance to those in need during unexpected events, 

thereby alleviating their financial stress. 
Source: Primary Data 

 

  

CONCLUSIONS  

The following recommendations for policy can be made based on the study's findings on the evaluation of micro insurance 

as a developing kind of micro lending for the underprivileged in Somalia: 

 Financial Literacy Promotion: It's crucial to encourage financial literacy among the underprivileged in order to 

guarantee the adoption of micro insurance. This can be accomplished by developing awareness campaigns, 

financial education initiatives, and accessible resources on micro insurance goods and services. 

 Promoting Public-Private Collaborations: Together, the public and private sectors may build an environment that 

fosters micro insurance’s expansion and uptake, lowering the vulnerability of low-income households and fostering 

financial stability. 

 Supporting Microfinance Organizations: Microfinance organizations are essential to the poor people's access to 

micro insurance services. To increase these organizations' capacity to offer micro insurance products and services, 

the government should help them financially and technically. 



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18 
 

 

 Monitoring and Assessment: To ensure the sustainability and efficacy of micro insurance, regular monitoring and 

evaluation of its effects on the poor is crucial. The government should develop a framework for monitoring the 

success of the micro insurance industry and making adjustments as needed in conjunction with the pertinent 

stakeholders. 

 Regulations: Regulations should be strengthened so that the development of micro insurance is supported by the 

Somalian government. The regulatory framework may need to be clarified, accountability and openness 

encouraged, and local and international companies encouraged to participate. 

Finally, by putting these recommendations into practice, the Somalian government can contribute to the 

development of a favorable environment for micro insurance, which has the potential to significantly reduce poverty. 

  

 

 

Author Contributions: Conceptualization, M.A.I., M.S.C., A.D.A. and A.A.M.; Methodology, M.A.I.; Software, M.A.I.; Validation, M.A.I.; Formal 

Analysis, M.A.I., M.S.C., A.D.A. and A.A.M.; Investigation, M.A.I.; Resources, M.A.I., M.S.C., A.D.A. and A.A.M.; Data Curation, M.A.I.; Writing – 

Original Draft Preparation, M.A.I.; Writing – Review & Editing, M.A.I., M.S.C., A.D.A. and A.A.M.; Visualization, M.A.I., M.S.C., A.D.A. and A.A.M.; 

Supervision, M.A.I.; Project Administration, M.A.I.; Funding Acquisition, M.A.I., M.S.C., A.D.A. and A.A.M. Authors have read and agreed to the 

published version of the manuscript. 

Institutional Review Board Statement: Ethical review and approval were waived for this study, due to the fact that the research does not deal with 

vulnerable groups or sensitive issues. 

Funding: The authors received no direct funding for this research. 

Acknowledgement: Not applicable.  

Informed Consent Statement: Informed consent was obtained from all subjects involved in the study. 

Data Availability Statement: The data presented in this study are available on request from the corresponding author. The data are not publicly available 

due to restrictions. 

Conflicts of Interest: The authors declare no conflict of interest.                                                                                                                                                                                                                                   

 

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