INSURANCE COMPANIES AND THEIR IMPACT ON ECONOMIC DEVELOPMENT OF NIGERIA
By
Author
Presented To
Department of Business Administration
ABSTRACT
Business produce goods and services to satisfy the demand of customers. Much
as these businesses declare profit year-in-year-out, they also face element of risk
and uncertainties that may causes losses. This includes fire, theft, damage by
artificial or natural agents and so forth. The business men in the olden days
engage into economic activities with pessimism and fear of incurring losses. This
inhibits large scale production which is capital intensive. However, with the advent
of the insurance business, things improved for the between, as business men
become encouraged to commit more of their resources in production activities,
knowing fully well that the insurer will reimburse item in the event of damage or
loss. Simply put, insurance is a contract of utmost good faith in which the insurer
will pay compensation to a policy holder for loss or damage of insured items.
Meanwhile, the practice of insurance has become a lucrative business in itself,
such that it contributes enormously to the national development in items of
employment opportunity provision as well as Gross Domestic Product (GDP)
Thus, the interest of the research is aroused to carry out a study in this important,
yet neglected sector of the economy with a view of sensitizing the students,
business men and the entire public of the benefits derivable from the insurance
business. The public policy makers shall be The researcher therefore employed and secondary sources of data collection in
order to do justice to the topic. Chi-square technique of data analysis was used to
fully digest the sourced information. This technique is quantitative and its choice
was informed by its ability to give a pictorial view of the research findings
numerically. Similarly, NICON insurance company was the focus as a case study.
The most important among the research findings include the lack of awareness on
insurance issues by the teaming Nigerian populations, minimal coverage of the
industry’s activities in such important sector as health and agriculture, lack of
adequate government as well as private sector participation in insurance
business, death of professionally qualified staff operating with the industry to
boost the confidence of patronizers; vague and intricate operational mechanism
and of course public suspicion about the sincerity of purpose with which the
insurance business is dispended, the researcher, hence, proffered such remedial
recommendations as infusion of deep sense of professionalism by practitioners in
the industry with a view to fostering public confidence, inclusion of insurance
training in schools curriculum right from secondary to post secondary institutions
as mandatory especially for science students, sponsored programmes on point
and electronic media outfits on insurance matters, increased government
participation and deregulation of stringent rules barring the engagement of private
sector into insurance business and up-front settlement of genuine claims as they
fall due.
TABLE OF CONTENTS
Title i
Declaration ii
Certification iii
Acknowledgement iv
Abstract vi
Table of contents vii
CHAPTER ONE: INTRODUCTION
1.1 Background of the study 1
1.2 Statement of the problem 2
1.3 Assumption of the study 3
1.4 Objective of the study 4
1.5 Significance of the study 5
1.6 Hypothesis of the study 6
1.7 Scope of the study 6
1.8 Limitation of the study 6
1.9 Plan of the study 7-8
Reference 9
CHAPTER TWO: LITERATURE REVIEW
2.1 Introduction 10
2.2 Insurance Companies and their Impact on the
Economic Development of Nigeria. 10
2.3 Function of Insurance Companies. 12
2.4 The Risk that can be insured 14
2.5 Types of Insurance 17
2.6 The Nigerian Insurance Market 22
2.7 How Modern Insurance Works 27
2.8 Fundamental Principles of Insurance Law
and Practice 28
2.9 Importance of Insurance Companies in the
National Economy. 32
2.10 Summary 34
Reference 36
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Introduction 37
3.2 Research Design 37
3.3 Method of Data Collection 38
3.4 Documentary 38
3.5 Procedure for Data Collection 39
3.6 Population of the Study 39
3.7 Method used in Analysing Data Collected 40
3.8 Summary 41
Reference 42
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Introduction 43
4.2 Hypothesis Testing 53
4.3 Five-Year Analysis of the Performance
of the Insurance Industry. 60
Reference 63
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Introduction 64
5.2 Summary 64
5.3 Conclusion 65
5.4 Recommendation 67
5.5 Suggestion for Further Studies 70
Reference 73
Bibliography
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