THE ROLE OF INSURANCE IN THE DEVELOPMENT OF STEEL INDUSTRIES IN NIGERIA.(A CASE STUDY OF OSOGBO STEEL ROLLING COMPANY)

THE ROLE OF INSURANCE IN THE DEVELOPMENT OF STEEL INDUSTRIES IN NIGERIA.(A CASE STUDY OF OSOGBO STEEL ROLLING COMPANY)

ABSTRACT : This project deals with the projection of the Nigeria Economy, through the successful implementation of the various insurance cover on the risk involved in the production of steel products in Nigeria. Prospecting for steel product is very risky and hazardous and some of the equipments used such as power plant, magnetic crane, automatic binding machines, centre. Lathe machine, are equipments used in dispatching of steel products and other risky ones, the risk from the use motor vehicles, public liability and marine risks on the importation of both consumable and non-consumable product. The implication of any of these risks can not be over emphasized. Anyone of them would directly or indirectly result in a loss of production with a resulted economic loss.

In this regard, the insurance industry however provides different insurance covers for these risks. Covers available for the protection of steel production are: fire insurance, Group personal accident, vehicle fleet / staff motor fleet insurance cover, public liability cover, uniformed occupational pension scheme respectively. It was discovered that there is only one insurance company underwriting and covering all the risks involved in the production of the various types of steel products in Nigeria. As much emphasis is placed on steel products and considering the nature of high risks in the industries, it would be desirable if more insurance companies are involved in covering various risks facing the company and their staff during production processes.

TABLE OF CONTENTS

CHAPTER ONE

1.1 Introduction                                                                      1

1.2 Statement of Problems                                                      3

1.3 Objective of study                                                             4

1.4 The significance of the study                                             5

1.5 Limitation of study                                                            5

1.6 Definition of terms                                                            6

CHAPTER TWO

2.0 Review of related literature                                               8

2.1 SFEMED steel and insurance                                            8

2.2 Staff welfare and insurance                                                         10

2.3 Importance  f brothers to steel companies                         10

2.4 Importance of pension scheme to the steel companies      11

2.5 Insurance covers available to the steel industries              12

2.6 Fire insurance cover                                                                    14

2.6.1 Group personal accident Insurance Cover                     17

2.6.2 The Benefit of Individual Staff Motor Vehicle Fleet Cover      19

2.6.3 Public Liability Cover                                                              21

2.6.4 Marine Cover                                                                           23

CHAPTER THREE

3.0 Research methodology                                                                27

3.1 Source of data                                                                             27

3.2 Primary source                                                                            27

3.3 Secondary source                                                                        27

3.4 Method of distribution and collection of data                             28

CHAPTER FOUR

4.0 Presentation and analysis of data                                               29

CHAPTER FIVE

5.0 Summary of finding and Conclusion                                          38

5.1 Conclusion                                                                                  39

5.3 Recommendation                                                                        40

Bibliography                                                                           49

Appendix

CHAPTER ONE

INTRODUCTION

Appreciation of the topic to be discussed will not be fully attained if a brief historical review of the steel industry is not given.

THE ROLE OF INSURANCE IN THE DEVELOPMENT OF STEEL INDUSTRIES IN NIGERIA.(A CASE STUDY OF OSOGBO STEEL ROLLING COMPANY)