MOTOR INSURANCE PRACTICE IN NIGERIA (PROBLEMS AND PROSPECTS)
ABSTRACT
This project work is on the topic “motor insurance practices in Nigeria, problems and prospects” the research work is divided into five chapters, chapter one deals with the background of the study, statement of the problems, objectives of the study, research question, significance of the study, scope of the limitation and definition of term. Chapter two covers literature review, historical literal development, types of cover available and so on. Chapter three deals on research methodology including source of data, instrument used and the validity of the instruments, chapter four cover findings and discussion, on finding, chapter five deals with conclusion and recommendations. The research work ended with bibliography and appendix.
TABLE OF CONTENTS
CHAPTER ONE
1.0 INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of Problems 3
1.3 Objective of the Study 4
1.4 Research Questions 5
1.5 Significance of the Study 6
1.6 Scope and Limitation of the Study 7
1.7 Definition of Terms 8
References 10
CHAPTER TWO
2.1 Literature Review 11
2.2 Brief History of Motor Insurance 11
2.3 Classification of Motor Insurance 13
2.4 Reasons for Motor Insurance 14
2.5 Types of Cover Available in Motor
Insurance Policies 16
2.6 Method of Rating Motor Insurance
Business in Nigeria 21
2.7 Motor Insurance Claims Experience in Nigeria 22
2.8 Future Prospects of Motor Insurance in Nigeria 24
2.9 The Growth of the Insurance Industry in
Nigeria and Its Prospects 25
CHAPTER THREE
3.0 RESEARCH METHODOLOGY 28
3.1 Introduction 28
3.2 Research Design 29
3.3 Area of Study 29
3.4 Population of the Study 29
3.5 Sources of Data 31
3.6 The Instruments Used 33
3.7 Validity of Instrument Used 33
3.8 Reliability of Study 34
CHAPTER FOUR
4.0 SUMMARY OF FINDINGS AND DISCUSSION 35
4.1 Summary of Findings 35
4.2 Discussion of Findings 36
References 38
CHAPTER FIVE
5.0 CONCLUSION AND RECOMMENDATION 39
5.1 Conclusion 39
5.2 Recommendations 41
Bibliography 43
Appendix I 44
Appendix II 60
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
In the early days of motor traffic in Europe the motorist was at liberty to drive his car on the high ways without any form of insurance protection, but as the number of motor vehicle playing the roads increased, so did the accident rates and subsequently deaths and injuries.
In many case the victims of these motor accidents, even when they had obtained judgement against the negligent motorist were unable to benefit from these judgement debt.
The first country that gave a load in this direction was Great Britain.
Other countries have since followed with similar legislations. The British Road Traffic Act 1930 introduced compulsory insurance other counties include.
Nigerian – the motor vehicle (third party insurance) ordinance 1948.
Sierra Leone – The motor vehicles (third party insurance) ordinance 1949.
In fact, modern insurance was established trading post in Nigeria.
The royal Exchange Assurance Company established a branch office in the year 1921.
This company traded business for about 30 years before the British parliament passed, the Road Traffic Act 1930 and subsequently part (III) of this act was incorporated in Nigeria as the road traffic act 1945 and this gave birth for the first to legal backing of motor insurance practice in Nigeria.
(The purpose of compulsory insurance) the main reason for the introduction of this system of compulsory insurance is to ensure that money is available to compensate that innocent victims, injury or killed in road accidents, whatever may be the financial position of the negligent motorists.
Section 78 of 2003 Nigeria Insurance Act provides for a security funds to take care of such cases.
1.2 STATEMENT OF THE PROBLEM
In business venture there are various problem associated with motor insurance practice in Nigeria.
It is therefore necessary to highlight the areas in which problems arises with a view to identifying them and recommending solutions.
1.3 OBJECTIVE OF THE STUDY
1.4 RESEARCH QUESTIONS
The following research questions were formulated by the author:
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