The Insurance Industry in Sudan: Scope, Significance, Challenges and Economic Impact
Author : Eltayeb Mohamed Suliman FadlEelseed
Abstract :
This paper will explore the current organization, importance, issues, and economic effect of the Sudanese insurance industry. Analysis is used to point out the role of insurance in economic stability, mobilization of investments and social wellbeing and to counter the obstacles that inhibit the expansion of insurance sector. The research is done based on a dataset of 321 respondents out of total target population of 400 in various cities of Sudan and is used to explore and investigate the differences in demographics, insurance awareness, and perceived insurance contributions to economic well-being. The evidence has indicated that the Sudanese insurance sector is still underdeveloped but this sector has great potential of contributing to national development given that it is strengthened by policy changes, creation of awareness and capacity development of the institutions. The research ends by providing strategic suggestions on how insurance penetration, financial inclusion and sustainable development in the Sudanese environment can be improved.
Keywords :
Insurance, Financial Inclusion, Policy Reform, Sustainable Growth, National Development.
