Gender Differences in Insurance Ownership and Financial Risk Management in Southwestern Nigeria

This study analyzes gender differences in insurance ownership and financial risk management behavior among households in Southwestern Nigeria, using evidence from Oyo, Osun, and Ekiti states. The gender dimension of financial inclusion has received increasing attention in African development literature, yet gender-disaggregated analysis of insurance ownership and risk management behavior within the Nigerian context remains limited. This research employs a comparative cross-sectional design with a sample of 600 adult respondents, balanced equally across male and female household financial decision-makers, drawn through multi-stage cluster sampling from the three states. Structured questionnaires assess insurance product ownership across life, health, motor, and property categories, risk perception scores, financial decision-making autonomy, and household income control patterns. Binary logistic regression models estimate the probability of insurance ownership for male and female respondents, controlling for income, education, employment, and age. Blinder-Oaxaca decomposition analysis quantifies how much of the gender gap in insurance ownership is explained by endowment differences versus behavioral differences. Preliminary results anticipate a significant gender gap in insurance ownership, with women exhibiting lower ownership rates even after controlling for income differences. The research contributes gender-disaggregated evidence to Nigerian insurance market analytics and recommends gender-responsive product design and distribution strategies. Keywords: Gender, Insurance Ownership, Financial Risk Management, Southwestern Nigeria, Blinder-Oaxaca Decomposition.