THE ROLE OF INSURANCE COMPANY IN NIGERIA AS NON-BANKING FINANCIAL INSTITUTION: PROBLEMS AND PROSPECTS

THE ROLE OF INSURANCE COMPANY IN NIGERIA AS NON-BANKING FINANCIAL INSTITUTION: PROBLEMS AND PROSPECTS

ABSTRACT

This study attempt to provide a general information and knowledge about the impact of insurance companies in the business world. A case study of business organization in Benin City. The scope of the research is based on principally on their (insurers) impact o businessmen, individual and business world. There are set down objectives for this study, and to achieve those, set down objectives questionnaires and oral interview and retrieving of some secondary data from books, journals, newspapers, to collect useful information was undertaken. The data were analyzed and findings were made which revealed that the Nigeria insurance company has failed the Nigeria populace in terms of the provision of the insurance services. Some of such failures are non-payment or settlement of claims by capitalizing on the ignorance of their legal right and genuine development and expansion of business forms. Also from the findings, policy recommendations were made to insurance companies so as to regain their public fast fading confidence on them.

TABLE OF CONTENT

CHAPTER ONE  

Introduction

Background of the study

Statement of the problems

Purpose of the study

Significance of the study

Research questions

Scope of the study

Limitation of the study

CHAPTER TWO

Literature review

CHAPTER THREE        

Methodology

Research design

Population of the study

Sample of the study

Instrumentation

Validation of instrument

Method of data collection

Method of data analysis

CHAPTER FOUR

Discussion of results

CHAPTER FIVE 

Summary and conclusions

Recommendation

BIBLIOGRAPHY         

QUESTIONNAIRE

CHAPTER ONE

1.1    INTRODUCTION

Insurance in its modern form was first introduced into Nigeria by the British long before the arrival of the British a lot of organized trading activities was going on in the Nigeria territory, but there was no organized insurance business, as we know it today. The first insurance company to have a full branch office in Nigeria was the Royal Exchange Assurance. It opened its first office in Lagos in 1921 and until 1949 it practically dominated insurance business in the country. Therefore, there was high degrees of awareness of the importance of insurance services to the economic growth and business world particularly in Edo State and Nigeria in general. At the end of 1989 to 1998, insurance companies were operating as registered companies in Nigeria and most are indigenous. The leading indigenes insurance company in Nigeria is the National Insurance Cooperation of Nigeria (NICON) which is fully owned by the Federal Government of Nigeria which underwrites about 25% of the total insurance business in Nigeria.

THE ROLE OF INSURANCE COMPANY IN NIGERIA AS NON-BANKING FINANCIAL INSTITUTION: PROBLEMS AND PROSPECTS