AN EVALUATION OF THE CONTRIBUTIONS OF INSURANCE COMPANIES IN THE ECONOMIC DEVELOPMENT OF NIGERIA
( A CASE STUDY OF NICON INSURANCE PLC)
By
Author
Presented To
Department of Business Administration
ABSTRACT
The role of the insurer in any polity is that of bearer of risks. In other words, the
populace can feel insulated from risks when they take advantage of insurance to
rely on when the unexpected strikes. It is for this reason that the federal
government mooted the idea of an insurance company in the late 60s which is
today known as NICON Insurance Plc. Hence this project sets out to investigate
the contribution of insurance companies in the economic development of Nigeria
with keen interest in NICON Insurance Corporation Plc. In order to facilitate the
research work and to get reliable information, the data was collected through
primary and secondary sources. It is important to note that insurance has, over
the years, developed both positive and negative facets – positive in its insulative
function, negative in its refusal to perform this function. While acknowledging
delay or outright refusal to settle genuine claims by some insurance companies,
the populace in placing their insurance trust, must be made aware of the
standards that are required of insurance companies to enable the insuring public
separate the wheat from the chaff. The role of NICON in shaping the insurance
industry in the country and in the general development of the financial industry
is quite impressive. Besides, there are still more recommendations in the write-
up to help them maintain their status quo in the insurance industry.
TABLE OF CONTENTS
Title page - - - - - - - - i
Declaration - - - - - - - - ii
Certification - - - - - - - - iii
Dedication - - - - - - - - iv
Acknowledgement - - - - - - - v
Abstract - - - - - - - - vii
Table of contents - - - - - - - viii
CHAPTER ONE – GENERAL INTRODUCTION
1.1 Background/Overview to the Study - - - 1
1.2 Statement of the Research Problem - - - 2
1.3 Research Questions - - - - - - 7
1.4 Objectives of the Study - - - - - 8
1.5 Significance of the Study - - - - - 8
1.6 Scope of the Study - - - - - - 10
1.7 Limitations of the Study - - - - - 10
1.8 Definition of terms and some key variables - - 10
CHAPTER TWO – LITERATURE REVIEW
2.1 Origin of Insurance - - - - - - 14
2.2 Evolution of Modern Insurance in Nigeria - - 16
2.3 Principles of Insurance - - - - - 22
2.4 Types of Insurance - - - - - - 27
2.5 Benefits of Insurance - - - - - 36
2.6 Contribution/Role of NICON to the Nigerian Economy - 37
2.7 NICON and the Challenges of Leadership in the Nigerian -
Insurance Industry - - - - - - 39
2.8 Insurance Laws and Supervisory Bodies - - - 42
2.9 The Future of NICON and Insurance in the Year Ahead - 49
CHAPTER THREE – RESEARCH METHODOLOGY
2.0 Introduction - - - - - - - 53
3.1 Research Method - - - - - - 53
3.2 Research Population- - - - - - 54
3.3 Procedure of Data Collection - - - - 54
3.4 Sources and Methods of Data Collection - - - 55
3.5 Justification of Research Methodology - - - 58
CHAPTER FOUR – DATA PRESENTATION AND ANALYSIS
4.1 Introduction - - - - - - - 59
4.2 Historical Background of NICON Insurance Plc - - 59
4.3 Organizational Structure of NICON Insurance Plc - - 63
4.4 Analysis and Presentation of Data - - - - 65
4.5 Discussion of Findings - - - - - 70
CHAPTER FIVE – SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
5.1 Introduction - - - - - - - 74
5.2 Summary of the Major Findings - - - - 74
5.3 Conclusions - - - - - - - 74
5.4 Recommendations - - - - - - 75
Bibliography - - - - - - - - 78
Appendix - - - - - - - - 80
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