LIMITATIONS TO THE DEVELOPMENT OF INSURANCE IN NIGERIA CASE STUDY: NATIONAL INSURANCE CORPORATION OF NIGERIA NICON

LIMITATIONS TO THE DEVELOPMENT OF INSURANCE IN NIGERIA  CASE STUDY: NATIONAL INSURANCE CORPORATION OF NIGERIA NICON

ABSTRACT:

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

CHAPTER ONE

Introduction                                                                   1

1. Background  of study                                           1
2. Statement  of problem                                          5
3. Objective   Of the study                                       7
4. The benefits    Of the study                                  8
5. Scope and limitations of study                             9

CHAPTER TWO

Literature review

2.1 The role and function of insurance                          11

2.2 The Need for insurance                                            18

2.3 Insurance problems in Nigeria                                 20

CHAPTER THREE

Research methodology and procedure                           31

1. source of data                                                       31
2. primary data                                                        31
3. secondary data                                                     32
4. Method of Investigation                                       32

CHAPTER FOUR

4.1 Analysis of Interpretation  of Data                          35

CHAPTER FIVE

5.1 summary of research  finding                                  46

5.2 Conclusions                                                             48

5.3 Recommendations                                                   49

5.4 Bibliography                                                           51

1. Appendix                                          52
2. Questionnaire                                    53

CHAPTER ONE

1.1   INTRODUCTION 

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.

LIMITATIONS TO THE DEVELOPMENT OF INSURANCE IN NIGERIA  CASE STUDY: NATIONAL INSURANCE CORPORATION OF NIGERIA NICON