DEVELOPING COOPERATIVE INSURANCE IN NIGERIA, PROBLEMS AND PROSPECTS

DEVELOPING COOPERATIVE INSURANCE IN NIGERIA, PROBLEMS AND PROSPECTS

ABSTRACT :This study looks into the problems and future prospects of Insurance Co-operative in Nigeria. A survey was conducted in this country to obtain field information on the view of participants in developing co-operative insurance in Nigeria.

In making research, it was discovered that Insurance Co-operative has been faced with some major problems like lack of qualified professionals in insurance co-operative. This suggests that with improved training of personnel and other services, insurance cooperative in Nigeria has a bright future.

TABLE OF CONTENTS

CHAPTER ONE

1. Introduction                                                    1
2. Statement of the Problem                                 3
3. Purpose of the Study                                        5
4. Importance of the Study                                   6
5. Scope and Limitation                                        7

CHAPTER TWO

Meaning of Cooperative                                           9

CHAPTER THREE

1. Methodology, Research and Design                           29
2. Sources of Data                                              29
3. Location of Data                                              29
4. Method of Investigation                                    30

CHAPTER FOUR

Co-operative Insurance Model an Analysis                  31

CHAPTER FIVE

CONCLUSION AND RECOMMENDATION                      40

1. Conclusion                                                      40
2. Recommendations                                           41

Bibliography                                                    43

CHAPTER ONE

1.1  INTRODUCTION

The economic framework of the country is not properly structured to effectively make like comfortable for all members of the society. Furthermore, life and property are procured and thus has rationally called for more sophisticated approaches to insurance for adequate safeguard against the threatening dangers of life and property.

As a means of providing socio-economic security to individuals, number of clubs are springing up, for instance, the rotary clubs, the social clubs, philanthropic organizations and co-operative societies, unfortunately, the activities of these organizations as defined in their objectives are divergent and have only made a feeble important on the overall goal of the nation; in what direction?

No research in the insurance industry today could be more responsive to the yearning of the people of this country than a study on the possibility of developing a functional co-operative insurance in Nigeria.

This is more so as individuals are already involved in co-operative ventures through social clubs, co-operative societies and philanthropic associations, which lay a latent foundation for developing of co-operative insurance.

The introduction into these associations is to cement their divergent objectives into one united force capable of achieving lofty ideas of better life for a greater number of people. These happened when the resources of individuals are fooled together for management and self security which is the noble function of co-operative insurance.

Given the absence of well developed social security system in Nigeria, it is important that attempts should be made to promote insurance consciousness among the majority of the population.

DEVELOPING COOPERATIVE INSURANCE IN NIGERIA, PROBLEMS AND PROSPECTS