ABSTRACT: This research work focused on the Marketing of Motor Insurance in Nigeria; the problems facing and hampering smooth marketing of the policy in Nigeria, as well as motor insurance has in Nigeria. The motor insurance is one of the compulsory insurance in Nigeria (third party) under section 68 of Insurance Act 2003. The motor insurance marketing has been facing various challenges ranging from the issuance of fake certificate by much room cooperative societies and unfaithful insurance Agents and Brokers. In an attempt to solve the problems identified, the objectives of the research work was outlined which includes to examine the problems facing motor insurance marketing in Nigeria, to ascertain the effect of unethical practice of insurance intermediaries and others. Upon the stated objectives, the research questions were formulated.
The researcher pointed out the significance of the research work as well as the scope and limitation of the study. Literatures relating to the topic under discussion were reviewed and the research methodology explained which show that the primary data and secondary data are the two major sources of data, the population and sample size wee obtained. The instrument used for data collection and investigation is the questionnaire. The researcher following the analysis and presentation of data collected were able to find out that motor insurance marketing has been facing various challenges and that governments are no doing well in enforcing compulsory 3rd party insurance. Following the finding, conclusions and recommendations for the way forward were made by the researcher.
TABLE OF CONTENTS
CHAPTER ONE - 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
CHAPTER TWO – LITERATURE REVIEW
2.1 An Overview 11
2.2 Meaning of Insurance 11
2.3 Historical Development of Insurance 13
2.4 Classification of Insurance 16
2.5 Historical Development of Motor Insurance 17
2.6 Types of Motor Policies 18
2.7 Definition of Marketing 20
2.8 The Marketing Mix 21
References 24
CHAPTER THREE - RESEARCH METHODOLOGY 25
3.1 Source of Data 25
3.2 Population of the Study 25
3.3 Sample Size 26
3.4 Instrument Used for Data Collection 27
3.5 Validity of Instrument Used 27
3.6 Reliability of Study 28
CHAPTER FOUR - SUMMARY OF FINDINGS
AND DISCUSSION 29
4.1 Summary of Findings 29
4.2 Discussion of Findings 30
CHAPTER FIVE - CONCLUSION AND
RECOMMENDATION 32
5.1 Conclusion 33
5.2 Recommendations 33
Bibliography 35
Appendix I 37
Appendix II 38
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Loses and risks are inevitable but human societies have created novel ways of reducing the burden of loss, the most effective being insurance.
Insurance is a means whereby a person pays some of money called premium in order to indemnify self against loss of a belonging with much more than the premium. When the belonging being indemnified is the motor vehicle, such insurance is called motor insurance or vehicle insurance. In Nigeria, there are two types of motor vehicle insurance offered by most insurance companies in Nigeria namely third party and comprehensive cover.
One of the major requirement to drive on Nigerian roads is the possession of a minimum of third party motor insurance certificate. Section 68 of the 2003 insurance Act states “No person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability, which he may thereby never in respect of damage to the property of third parties is insured with an insurer registered under this Act”.
However, most of the vehicles in the country either ignorantly in out of consciousness have continued to carry fake certificates about. The National Insurance Commission has said that over 70 percent of vehicles on Nigeria roads are in possession of fake insurance vehicle certificate and this was attributed to ineffective motor insurance marketing in Nigeria.
The motor insurance marketing in Nigeria has been on the back logged because of various factors which are generally problems facing the insurance industry in Nigeria which are delayed settlement of genuine claims, low level of regularly compliance; absence of new products, delayed remittance of premium by intermediaries, in road of banks into the industry moral hazards and sharp practices, government’s policy inconsistency, weak regularly measures, illegal commission and rebates, etc. This research work is designed to examine the marketing of motor insurance in Nigeria, problems facing it and the prospect.
1.2 STATEMENT OF THE PROBLEM
1.3 OBJECTIVES OF THE STUDY
1.4 RESEARCH QUESTIONS
| 1 - 5 of 96 Reviews |