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THE ATTITUDE OF CONSUMES BEHVIOUR TOWARDS INSURANCE CONTRACT IN NIGERIA (A STUDY OF ANAMBRA STATE)

ABSTRACT : This project is divided into different stages for ease of references and simplification of analysis who goes as follows. The attitude of consumers behavoiur towards insurance contract in Nigeria, the background of the study which states the different problems that brought about consumers attitude towards insurance contract in Nigeria provided that the producer should consider the consumer as king because without the consumer, the producer can not be in business in insurance market. I conclude that the producer should provide for the consumer the quantity and quality of the goods that will safety them at affordable price and finally I recommended that the insurance companies should try to maintain a standard and adequate claim statement system so that consumers will be satisfied one more and charge their negative attitude towards insurance product.

 

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                                         5

1.6  Scope and Limitation of the Study                     7

1.7  Definition of Terms                                          8

 

CHAPTER TWO

2.0  REVIEW OF THE RELATED LITERATURE               10

2.1  Overview                                                        10

2.2  The Insurance Market                                       13

2.3  Classes of Insurance Contract                            16

2.4  Factors Affecting the Insurance Market               19

2.5  Consumer Attitude towards Insurance Contract    22

2.6  Buyers/Consumers Behaviours                           32

2.7  Claims Record                                                 34

2.8  Constraints of Marketing Insurance Product         36

2.9  Problems of Marketing Insurance in Nigeria          37

2.10 Odds in Marketing Insurance Products                40

2.11 Legal and Retaliatory Constraints                       44

 

CHAPTER THREE

3.0  RESEARCH METHODOLOGY                               47

3.1  Sources of Data                                               47

3.2  Population of the Study                                    48

3.3  Sample Size                                                    48

3.4  The Questionnaire                                            49

3.5  Reliability of the Instrument                              50

3.6  Validity of the Instrument                                 50

 

CHAPTER FOUR

4.0  SUMMARY OF FINDINGS AND DISCUSSION         51

4.1  Summary of Findings                                       51

4.2  Discussion of Findings                                      52

 

CHAPTER FIVE

5.0  CONCLUSION AND RECOMMENDATION               54

5.1  Conclusion                                                      54

5.2  Recommendations                                           55

 

       Bibliography                                                    58

       Appendix  I                                                     59

       Appendix  II                                                    60

 

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

The determinate of every market is the ability of the producer to provide for the consumer the quantity and quality of the goods that will safety them at affordable prizes, provided to provide these gods, the producer should consider the consume as a “king” because with out the consumer, the producer cannot be in business insurance market consists of buyers intermediates and sellers of insurance policies, individuals as well as corporate organization have different attitude to insurance is greatly influence by consumers attitude.

Apparently the attitude  of a client towards the sale of insurance services is a function of two broad group factors namely the controllable and uncontrollable forces.

 

The controllable factors are bordering mainly on the usual marketing mix, comprises the element of insurance marketing, namely product planning, prizing, distribution channels, advertising and sales promotion. Th uncontrollable forces are social, economic, technological psychological, political and legal forces, outside the direct control of the insurance some social risk also contribute for the need of insurance, there are theft, burglary and house breaking, arson, strikes etc. Insurance contract in Nigeria has progress tremendously driving the century especially in the period of inflation. As far insurance is concern, Nigeria’s are easily spurred into activities only when they hear through insurance disaster has befallen on some one or there is a speculation of risk. In recent time, there has been proliferation of social clubs, more of this clubs guarantee the payment of fixed some of money to the dependent of a deceased members. Experience have shown that these club make the said payment condition stresses the satisfaction of a certain legal requirement and hence the payment of insurance money could delay for some times. Level of literary is still low in Nigeria, this in itself couples with low per-capital level of income also account for the low rate entering into insurance contract.

 

1.2  STATEMENT OF PROBLEM

The problem associated to this theses are:

1. To identify why the social-economic value of insurance is not easily appreciated by the general public
2. To identify the effect of moral laxity and poor conduct of the insurance company
3. To identify why the general public misunderstand the technical words used in drawing up insurance contract.
4. To identify why some insurance company do not settle claims on time.

1.3  OBJECTIVE OF THE STUDY

The objective of the study is as follows:

1. To improve the settlement of claims by insurance
2. To provide a mechanism frame-work that will help in educating in the general public
3. To improve on the construction of policies with such words that will not be confusing to the public
4. To portray insurance as a service capable of taking care of loss occasioned by the insurance and not by a social club.
5. To improve on how to increase public awareness of insurance such as it will be more informative.

 

1.4  RESEARCH QUESTIONS

1. How does attitude of consumers behaviour affects insurance contract in Nigeria?
2. What are the ways to improve of consumer behaviour towards insurance contract in Nigeria?
3. To what extent could attitude of consumers behaviour contribute to the risk of insurance contact in Nigeria?
4. What are the problem encountered towards insurance contract in Nigeria?

 

1.5  SIGNIFICANCE OF THE STUDY

The important of this study is to insure positive consumers attitude towards insurance contract. Apart from this there are other important attached to it, they are as follows:

1. This study will be of immense help to the general public to employ a professional, such as broke that will guide them accordingly.
2. It will also help the insurance company to observe the effect of non-settlement of claims or delay in settlement of claims.
3. This study will encourage the insurance companies to always use qualified personnel (intermediaries) that will guide the customers according to the norms or the contract.
4. This stud will help to provide a better way of designing and implementing of insurance policies to suit the target market.

 

 

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