ABSTRACT: The aim of this project is to bring out the reason why modern insurance is unpopular in eastern part of Nigeria a case study of Enugu states. Insurance plays a vital role in the economy but the eastern parts is yet to be insurance conscious. Chapter one of this work will deal with the introduction of the study, background of study statement of problems objective study, limitation of study and definite of term .Chapter Two literature review, and bring out more details bout the reason for unpopularity of modern insurance in Eastern State
Chapter three will be research design and methodology. The sources of data, the methods used in data collection.
Chapter Four is the presentation of data and analysis.
Finally chapter five is the summary of finding and conclusion.
TABLE OF CONTENTS
Chapter One
insurance in Enugu state 26
Reference 30
4.1 Questionnaire 34
4.2 Oral interview analysis 40
Bibliography 46
CHAPTER ONE
There is a saying that in every country, their fire wood cook their meal. This aphorism is true of insurance, which started in various countries in diverse ways. However, industrial revolution development in science, and technology have let to people seeking better and more efficient ways of doing things
Some of these early forms of insurance practice like bottomry or respondent a bonds, craft guilds, sharing of goods amongst many vessel sailing down yantez River, issue, social clubs, Town unions and communal self- help programmes have metamorphosed into modern insurance practice
Bottomry bond was the granting of a loan on the security of vessel on the understanding that the loan was not repayable, if the vessel did not survive the voyage. Respondent a bond was almost the some thing with bottomry bound except that cargo was pledged to secure the lone. The interest represents the premium for covering the risk borne by the lender
Modern insurance as a means of risk management device is the central to the economic well- being of man. It is also endemic in any society as ways of turning for the betterment of financial consequence of misfortunes have been engaging the attention of man at every age.
Before the arrival of the British merchant Nigerian, there was no organized insurance business as we know it today . there existed some traditional systems of risk sharking like crude or primitive forms of mutual and social insurance schemes. The extended family system, age grade association, town or clan unions were some mutual insurance like schemes for showing benevolence to their member who had sufferer some misfortunes such as death, illness. Fire ravages or court cases.
Both the extended family extended family system and clan unions still exist in Nigerian today, but most of their insurance functions has been taken over by an organized insurance system. It was the British merchants who established the trading posts on the west coast of Africa that introduced modern insurance business in Nigeria in the late 19th century. They arranged insurance for their trading concerns on the London insurance market. As early as 1900s at least two insurance companies were know to have appointed agent in Nigeria.
Royal Exchange Assurance company appointed a resident official in Lagos in 1921. Thus they became first insurance company to commence full –scale insurance operation in Nigeria until when three other British insurance companies were established. The state of insurance industry in Nigeria should largely be a function of the state of nation economy.
The how level of awareness of insurance can be readily perceived from student
The success of insurance depends on the co-operation of a large number of people. modern insurance operation involves payment of assessed contribution known as premium, by the person wishing to insurance known as the insurance or policyholders .
1.2 STATEMENT OF PROBLEMS
The problem of unpopularity of modern insurance in Eastern parts of Nigeria is associated by the fact that people were not aware of modern insurance services, they still believe in traditional system of insurance which the finds more convenient than modern insurance system. They remain unsatisfied with the service rendered by most insurance firms
Also some people sees insurance services as a malicious act (419) this was due to the attitude of the insurance to the policyholder at the time of claim the find one reason or the other why they should not compensate the claimant.
Another reason that contributes to unpopularity of modern insurance is the view of eastners about insurance. services, modern insura
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