MOTOR INSURANCE RATING IN NIGERIA (PROBLEMS AND PROSPECTS)

MOTOR INSURANCE RATING IN NIGERIA (PROBLEMS AND PROSPECTS)

ABSTRACT : This project is a comprehensive frame work in the topic, Motor Insurance Rating in Nigeria, (Problems and Prospects) it entails the meaning, rating motor insurance in Nigeria motor insurance rating is aimed at stipulating what covers certain motor insurance coverage aught to attract. It is equally examines how motor policy will be indemnified if he suffers loss, damage, injuries as the case may be. This work is aimed at studying how motor insurance rating can affect the insuring public as well as the generability of the public. To achieve this aim, the researcher reviewed related literatures written by reputable professionals, approved authorities, institutions and organization from the research question and analysis the researcher discovered that motor insurance rating is yet to be made uniform in the country. Remedies were recommended on how this issue can be addressed to be in the interest of the insuring public as well as the country at large. Conclusions were finally made on the findings.

TABLE OF CONTENTS

CHAPTER ONE                                                                      

1. BACKGROUND OF THE STUDY                                1
2. STATEMENT OF THE PROBLEMS                             3
3. OBJECTIVE OF THE STUDY                                    5
4. SCOPE AND LIMITATION OF THE STUDY                 6

CHAPTER TWO           

2.1    LITERATURE REVIEW                                           8

2.2    TYPES OF COVER AVAILABLE                                 10

THE EXTRACTS, UNDERWRITING

OF MOTOR INSURANCE                                                15

2.3    MOTOR TARIFF IN NIGERIA                                   26

2.4    MOTOR INSURANCE CLAIMS PROCEDURE                28

2.5    DEFINITION OF TERMS                                         38

REFERENCE                                                        41

CHAPTER THREE

3.1    RESEARCH DESIGN AND METHODOLOGY         42

3.2    SOURCE OF DATA                                                        42

3.3    LOCATION OF DATA                                                     43

3.4    METHOD OF INVESTIGATION                                        44

CHAPTER FOUR

RESEARCH FINDINGS                                                   45

CHAPTER FIVE

RECOMMENDATION/CONCLUSION                                  48

5.1    RECOMMENDATION                                                     48

5.2    CONCLUSION                                                              49

QUESTIONNAIRE                                                 51

CHAPTER ONE

1.0    INTRODUCTION

1.1  BACKGROUND OF THE STUDY

In retrospect, motorist was at liberty to drive his car on the highway without any form of insurance protection. But as the number of motor vehicle playing the road increases. So did the accident rate and the subsequent death and injuries.

In many cases, the victims of these motor accidents even when the court might as the motorist to pay a certain sum as compensation, they were unable to receive such award because the motorists were without adequate funds. The lead to public out cry and a solution has to be found. The only sensible solution was to make it compulsory for every motorists to be insured so as to ensure that the victims of motor accident obtained adequate compensation in appropriate cases.

An European trading company that established post in Nigeria and appointed their companies as agents for insurance business introduced motor insurance rating in Nigeria. During that time Nigeria traders were given power to secure insurance business, issue cover notes mostly for cargos and also giving helping hand in claim settlements.

MOTOR INSURANCE RATING IN NIGERIA (PROBLEMS AND PROSPECTS)