MARKETING OF MOTOR INSURANCE POLICIES IN NIGERIA; PROBLEMS AND PROSPECTS

MARKETING OF MOTOR INSURANCE POLICIES IN NIGERIA; PROBLEMS AND PROSPECTS

ABSTRACT:

This research work focused on the Marketing of Motor Insurance in Nigeria; the problems facing and hampering smooth marketing of the policy in Nigeria, as well as motor insurance has in Nigeria. The motor insurance is one of the compulsory insurance in Nigeria (third party) under section 68 of Insurance Act 2003. The motor insurance marketing has been facing various challenges ranging from the issuance of fake certificate by much room cooperative societies and unfaithful insurance Agents and Brokers. In an attempt to solve the problems identified, the objectives of the research work was outlined which includes to examine the problems facing motor insurance marketing in Nigeria, to ascertain the effect of unethical practice of insurance intermediaries and others. Upon the stated objectives, the research questions were formulated.

The researcher pointed out the significance of the research work as well as the scope and limitation of the study. Literatures relating to the topic under discussion were reviewed and the research methodology explained which show that the primary data and secondary data are the two major sources of data, the population and sample size wee obtained. The instrument used for data collection and investigation is the questionnaire. The researcher following the analysis and presentation of data collected were able to find out that motor insurance marketing has been facing various challenges and that governments are no doing well in enforcing compulsory 3rd party insurance. Following the finding, conclusions and recommendations for the way forward were made by the researcher.

TABLE OF CONTENTS

CHAPTER ONE – 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

CHAPTER TWO – LITERATURE REVIEW

2.1  An Overview                                                   11

2.2  Meaning of Insurance                                       11

2.3  Historical Development of Insurance                   13

2.4  Classification of Insurance                                 16

2.5  Historical Development of Motor Insurance          17

2.6  Types of Motor Policies                                     18

2.7  Definition of Marketing                                     20

2.8  The Marketing Mix                                            21

References                                                      24

CHAPTER THREE – RESEARCH METHODOLOGY             25

3.1  Source of Data                                                       25

3.2  Population of the Study                                    25

3.3  Sample Size                                                    26

3.4  Instrument Used for Data Collection                   27

3.5  Validity of Instrument Used                               27

3.6  Reliability of Study                                           28

CHAPTER FOUR – SUMMARY OF FINDINGS

AND DISCUSSION                            29

4.1  Summary of Findings                                       29

4.2  Discussion of Findings                                      30

CHAPTER FIVE –   CONCLUSION AND

RECOMMENDATION                  32

5.1  Conclusion                                                      33

5.2  Recommendations                                           33

Bibliography                                                    35

Appendix  I                                                     37

Appendix  II                                                    38

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Loses and risks are inevitable but human societies have created novel ways of reducing the burden of loss, the most effective being insurance.

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MARKETING OF MOTOR INSURANCE POLICIES IN NIGERIA; PROBLEMS AND PROSPECTS