LIMITATIONS TO THE DEVELOPMENT OF INSURANCE IN NIGERIA CASE STUDY: NATIONAL INSURANCE CORPORATION OF NIGERIA NICON
The need for this research paper is partial fulfillment of the researcher’s program in insurance and as a result of the need to know the limitation of the development of insurance in Nigeria. This research has resulted in the researchers going out of the study to discuss with people not engage in the field about their views as regards to the limitations to the development of insurance in Nigeria also to conduct interviews with the insurance managers of NICON insurance company,
This research has played a vital role in the study.
The problem and prospects facing the limitation to the development of insurance I Nigeria has been fully discussed in this project.
The research study is divided into five chapters. Chapters one dealt with the introduction and objective of study, statement of the problem, the benefits of study, statement etc.
Chapters two discussed literature review as they relate to the topic of study. Chapter three dealt with research methodology, chapter four dealt with the analysis data which chapter by conducting an interview while chapter five summonsed that finding, conclusion and recommended on further areas of research
TABLE OF CONTENTS
- Background of study 1
- Statement of problem 5
- Objective Of the study 7
- The benefits Of the study 8
- Scope and limitations of study 9
2.1 The role and function of insurance 11
2.2 The Need for insurance 18
2.3 Insurance problems in Nigeria 20
Research methodology and procedure 31
- source of data 31
- primary data 31
- secondary data 32
- Method of Investigation 32
4.1 Analysis of Interpretation of Data 35
5.1 summary of research finding 46
5.2 Conclusions 48
5.3 Recommendations 49
5.4 Bibliography 51
- Appendix 52
- Questionnaire 53
The insurance business in Nigeria faces a number of problem that limit’s the development and effectiveness in planning their crucial role in the economic transformation of the nation.
BACKGROUND OF THE STUDY
This history insurance particularly in Nigeria viewed from the stand point that the concept of insurance is founded on the recognize need by a community, to heighten the burden of its individual members in the period of adversity by co-operation efforts, it is very well know that the pooling together of resources, for the protection of members of the community against possible financial and sound hardships was encourage in may Nigeria community , even before the emergency of modern practice of insurance
This also brings to mind, the tradition of ‘Ajo’ of ESUSU in some part of Nigeria which is characterized by the putting aside a fixed sum of money of periodic intervals i.e. weekly or Monthly into a common fund and the accumulated amount given in potation to the contributing members, as and when the individual contributions had the need to it.