THE IMPACT OF MOTOR INSURANCE POLICY ON THE GROWTH AND DEVELOPMENT OF THE ECONOMY
ABSTRACT
This research work titled “The impact of motor insurance policy on the growth and development of the economy” Nigeria motorist are not embracing motor insurance policies and one of the objectives are to know why Nigeria motorist embrace motor insurance policies, and the scope of the study is NICON insurance motor Department, The information for the study was collected using primary and secondary methods of data collection. For the primary data collection, questionnaires, personal observations and oral interviews were used while existing literature relevant to the topic was consulted for the secondary data. The researcher used chi-square statistical model to analyze the data. The researcher gave a summary of the findings that Nigeria motorist are not embracing motor insurance policies and one of the recommendation is that people should know the reason why they are not aware of the compensation in motor insurance policies.
TABLE OF CONTENT
Title page i
Approval page ii
Dedication iii
Acknowledgement iv
Abstract vi
Table of contents vii
CHAPTER ONE
INTRODUCTION
1.1 Background of the study 1
1.2 Statement of problem 3
1.3 Objective of the study 4
1.4 Research question 4
1.5 Research Hypothesis 5
1.6 Significance of the study 6
1.7 Scope and Limitation of the study 6
1.8 Definition of terms 7
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Historical development of NICON insurance 11
2.2 Historical development of motor insurance
company in Nigeria 14
2.3 Types of cover available in motor
insurance underwriting 16
2.4 Underwriting and rating, of motor insurance 20
2.5 Pricing of insurance products 28
2.6 Cover available in motor policies 29
2.7 The underwriting procedure of motor insurance
Policies 31
2.8 Motor insurance claim procedure 35
2.9 Problem facing underwriting and rating
of motor insurance in Nigeria 35
2.10 Suggested solution to the problem of motor
insurance underwriting and rating 38
2.11 The prospects of prudent underwriting and
rating of motor insurance in Nigeria 39
2.12 Recent development in Nigeria motor
insurance practice. 41
Reference 45
CHAPTER THREE
RESEARCH METHODOLOGY AND DESIGN
3.1 An overview 47
3.2 Sources of data 47
3.3 Population of the study 48
3.4 Sample size 48
3.5 Instrument used for the study 50
3.6 Validity and reliability of the instrument 50
3.7 Method of data presentation and analysis 50
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1 An overview 52
4.2 Data analysis 52
4.3 Testing of Hypothesis 64
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 Summary findings 72
5.2 Conclusion 73
5.3 Recommendations 74
Bibliography 75
Appendix 77
Questionnaire 78
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Before now, motorist, were at liberty to drive their cars on the public highways without any form of insurance. However, as the number of cars multiply on the highways rate of accident injured and death also multiple. Hence, the need for motor insurance. The first country that gave a lead in this direction was the great Britain. Other countries have the Traffic Act at 1930, introduced a compulsory insurance. The Act made it an offence for anyone to use or permit the use of a meter vehicle on a read unless there is in force a policy of insurance covering the liability of the motorist against death or motor accid The idea of compulsory insurance was recognized quite early in west Africa and British legislation on the subject was extended to the four west African British colonies, Nigeria, Gold Coast, Sierra Leone and Gambia, each of these territories now has it own specific legislation on this subject.
