THE ATTITUDE OF CONSUMES BEHAVIOR TOWARDS INSURANCE CONTRACT IN NIGERIA (A STUDY OF ANAMBRA STATE)

THE ATTITUDE OF CONSUMES BEHAVIOR TOWARDS INSURANCE CONTRACT IN NIGERIA (A STUDY OF ANAMBRA STATE)

ABSTRACT : 

This project is divided into different stages for ease of references and simplification of analysis who goes as follows. The attitude of consumers behavoiur towards insurance contract in Nigeria, the background of the study which states the different problems that brought about consumers attitude towards insurance contract in Nigeria provided that the producer should consider the consumer as king because without the consumer, the producer can not be in business in insurance market. I conclude that the producer should provide for the consumer the quantity and quality of the goods that will safety them at affordable price and finally I recommended that the insurance companies should try to maintain a standard and adequate claim statement system so that consumers will be satisfied one more and charge their negative attitude towards insurance product.

TABLE OF CONTENTS

CHAPTER ONE

1.0  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                                         5

1.6  Scope and Limitation of the Study                     7

1.7  Definition of Terms                                          8

CHAPTER TWO

2.0  REVIEW OF THE RELATED LITERATURE               10

2.1  Overview                                                        10

2.2  The Insurance Market                                       13

2.3  Classes of Insurance Contract                            16

2.4  Factors Affecting the Insurance Market               19

2.5  Consumer Attitude towards Insurance Contract    22

2.6  Buyers/Consumers Behaviours                           32

2.7  Claims Record                                                 34

2.8  Constraints of Marketing Insurance Product         36

2.9  Problems of Marketing Insurance in Nigeria          37

2.10 Odds in Marketing Insurance Products                40

2.11 Legal and Retaliatory Constraints                       44

CHAPTER THREE

3.0  RESEARCH METHODOLOGY                               47

3.1  Sources of Data                                               47

3.2  Population of the Study                                    48

3.3  Sample Size                                                    48

3.4  The Questionnaire                                            49

3.5  Reliability of the Instrument                              50

3.6  Validity of the Instrument                                 50

CHAPTER FOUR

4.0  SUMMARY OF FINDINGS AND DISCUSSION         51

4.1  Summary of Findings                                       51

4.2  Discussion of Findings                                      52

CHAPTER FIVE

5.0  CONCLUSION AND RECOMMENDATION               54

5.1  Conclusion                                                      54

5.2  Recommendations                                           55

Bibliography                                                    58

Appendix  I                                                     59

Appendix  II                                                    60

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

The determinate of every market is the ability of the producer to provide for the consumer the quantity and quality of the goods that will safety them at affordable prizes, provided to provide these gods, the producer should consider the consume as a “king” because with out the consumer, the producer cannot be in business insurance market consists of buyers intermediates and sellers of insurance policies, individuals as well as corporate organization have different attitude to insurance is greatly influence by consumers attitude.

Apparently the attitude  of a client towards the sale of insurance services is a function of two broad group factors namely the controllable and uncontrollable forces.

The controllable factors are bordering mainly on the usual marketing mix, comprises the element of insurance marketing, namely product planning, prizing, distribution channels, advertising and sales promotion. Th uncontrollable forces are social, economic, technological psychological, political and legal forces, outside the direct control of the insurance some social risk also contribute for the need of insurance, there are theft, burglary and house breaking, arson, strikes etc.

THE ATTITUDE OF CONSUMES BEHAVIOR TOWARDS INSURANCE CONTRACT IN NIGERIA (A STUDY OF ANAMBRA STATE)