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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. To carryout a historical survey of origin of motor insurance in Nigeria;
2. To examine the development, practice including claims procedure and impact of inflation on motor insurance practices in Nigeria with a view to recommending measure to the general public.
3. To examine the effective of non payment of claims on the insuring public.
4. To determine whether the compulsory third party motor insurance by the 2003 insurance act has any effect on the public.

 

1.4  RESEARCH QUESTIONS

The following research questions were formulated by the author:

1. In respect to claims settlement, have motor insurance premium kept pace with inflation?
2. Does motor insurance industry in Nigeria contribute to the development of the economy?
3. Does compulsory aspect of motor insurance make it mandatory for every motorist to carry at least their party only policy over for his vehicle applying in the public highways?
4. Does motor insurance law and practice in Nigeria plays greater impact in the development and growth of motor insurance in Nigeria?
5. How can motor insurance practice in Nigeria change the image problem of insurance industry?

 

1.5  SIGNIFICANCE OF THE STUDY

This study is important to the following persons:

Students: It will add value to the bod

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