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PROJECT TOPIC: IMPACT OF INSURANCE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA

IMPACT OF INSURANCE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA

 

ABSTRACT

This project work is entitled, the impact of insurance on the economic development of Nigeria. It was carried out in NICON Insurance Corporation Lagos as a case study. The objective of this research is to comprehensively examine the impact of Insurance on the economic development of Nigeria. This study is categorized into five (5) chapters.

Chapter one is basically an introduction from which the subsequent chapters draw their root. It talks about the background of the study statement of problem, objective of the study, relevance of study formulated and operational definition of terms. Chapter two is a review of other professional insurer as they relate to the above mentioned topic. It is sub-divided into twenty — three (23) heading where we have the fundamental principles of insurance law, insurable interest, insurable interest, types of insurance functions, the significance, the importance and problem etc.

Chapter three (3) of this study deals with the various research methodology and procedure adopted or used in administrating data collection and chapter four (4) analysis of the data collected and presentation of the result of the hypothesis stated. Conclusively, chapter five (5) being the last chapter briefly summarized the previous chapter and the research finding, conclusion and recommendation were also made in this chapter as well as reference and appendix.

 

 

 

 

 

 

 

CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

Development in our society has made living complex and risky to life and properties. This has become so great that the traditional methods of assisting those affected by misfortunes in our societies are no longer adequate. Therefore, societies call for a more reliable and adequate means by which risk or any misfortunes can be covered in the future, and here lies the importance of insurance which safeguard against risks or losses incurred by clients.

Majority of the people in our society today are either ignorant or have a misconception of what insurance entails. What role it plays or its usefulness in the promotion of trade and commerce. As a service industry insurance plays a very important role in the economic and social development of a nation. In appreciation of this, the government has continued to take steps to regulate the activities of the insurance business in order to create a sound and efficient insurance market.

Insurance business is one of the subjects that have been securing the public in this country. Many people outside the periphery of the business have looked at the institution with disdain and they are simply suspicious of the insurer and their styles of business. They claim that insurer are only interested in collecting premium and hardly settle claims, whenever they arise.

IMPACT OF INSURANCE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA

 

1.2     Statement of the Problem

 

The insurance industry is one of the misrepresented businesses in the world today. This is mainly due to lack of knowledge on the part of the public concerning their activities. The degree of knowledge varies from century to century and is relative to the state of socio- economic development in each individual country concerned, which may in turn be governed by the level of the literacy component of each community.

In developing economy, problems association with the misconception of the impact of insurance are not as pronounced as in under developed countries, industry Nigeria. All attempts in developing a sound insurance. Industry have been confronted by market distortions, high race of inflation, various government regulations, unethical practices and fraudulent tendencies of the insuring public there are overwhelming. There is little behavior, which indicates that, the Nigerian public. Literature or otherwise know little or nothing about the operation of the insurance business.

 

IMPACT OF INSURANCE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA

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