LIMITATIONS TO THE DEVELOPMENT OF INSURANCE IN NIGERIA CASE STUDY: NATIONAL INSURANCE CORPORATION OF NIGERIA NICON
ABSTRACT: The need for this research paper is partial fulfillment of the researcher’s program in insurance and as a result of the need to know the limitation of the development of insurance in Nigeria. This research has resulted in the researchers going out of the study to discuss with people not engage in the field about their views as regards to the limitations to the development of insurance in Nigeria also to conduct interviews with the insurance managers of NICON insurance company,
This research has played a vital role in the study.
The problem and prospects facing the limitation to the development of insurance I Nigeria has been fully discussed in this project.
The research study is divided into five chapters. Chapters one dealt with the introduction and objective of study, statement of the problem, the benefits of study, statement etc.
Chapters two discussed literature review as they relate to the topic of study. Chapter three dealt with research methodology, chapter four dealt with the analysis data which chapter by conducting an interview while chapter five summonsed that finding, conclusion and recommended on further areas of research
TABLE OF CONTENTS
CHAPTER ONE
Introduction 1
CHAPTER TWO
Literature review
2.1 The role and function of insurance 11
2.2 The Need for insurance 18
2.3 Insurance problems in Nigeria 20
CHAPTER THREE
Research methodology and procedure 31
CHAPTER FOUR
4.1 Analysis of Interpretation of Data 35
CHAPTER FIVE
5.1 summary of research finding 46
5.2 Conclusions 48
5.3 Recommendations 49
5.4 Bibliography 51
CHAPTER ONE
1.1 INTRODUCTION
The insurance business in Nigeria faces a number of problem that limit’s the development and effectiveness in planning their crucial role in the economic transformation of the nation.
BACKGROUND OF THE STUDY
This history insurance particularly in Nigeria viewed from the stand point that the concept of insurance is founded on the recognize need by a community, to heighten the burden of its individual members in the period of adversity by co-operation efforts, it is very well know that the pooling together of resources, for the protection of members of the community against possible financial and sound hardships was encourage in may Nigeria community , even before the emergency of modern practice of insurance
This also brings to mind, the tradition of ‘Ajo’ of ESUSU in some part of Nigeria which is characterized by the putting aside a fixed sum of money of periodic intervals i.e. weekly or Monthly into a common fund and the accumulated amount given in potation to the contributing members, as and when the individual contributions had the need to it.
This practice was however, simple in form since it repaired to complex structure or any complicated legal frame work to technical expertise, but rather a simple body of rules, based on ordinary understanding and trust between the parties concerned.
Without mixing words, the issues of public image of the insurance business in Nigeria has been a problem as it must be admitted that admitted that Nigeria insurance does not enjoy the required public goodwill to operate to for capacity.
This is outing to the incalculable. Damage done to the practice of the profession by the « mush Room» insurance comaries who went to the business with letter regard to the principles ethince of there profession.
This problem area of the poor image nevertheless has been salvaged by the anrellenters comporate affairs method adopted by various agencies in the industry to correct the image the Nigeria insurance loss. The public still has a misconception of the proper role that the insurance company can play and this appears to have arisen because of ignorance and religious.
Insurance have also been accused of using all sorts of excuses to delay when claims are presented for payments.
In this present advance economic climate, the image which any organization or institution present to its public is a serous matter which should be of concern to the management of the institution corporate image is a reality and is the result of the action of the manager and other employees or functionaries of the origination in question. If a company which in performing very well happen to have a poor public image the proprietors or managers of the institution will only have themselves to blame for being bad communicators who have failed to communicate their time image to the public, if on the other hand a company which is not performing well also has a poor image reflecting, its time position as a company that is not performing well, then the managers or proprietors of the organization also have themselves to blame for being bad managers.
Image of a company particularly insurance business in Nigeria is very essential since insurance business is concerned with the marketing of a most intangible product and the settlement of claims arising from accidents and other misfortunes in circumstance that are usually fertile
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