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INSURANCE
COMPANIES AND THEIR IMPACT ON ECONOMIC DEVELOPMENT OF NIGERIA
ABSTRACT
Business
produce goods and services to satisfy the demand of customers. Muchas these
businesses declare profit year-in-year-out, they also face element of riskand
uncertainties that may causes losses. This includes fire, theft, damage byartificial
or natural agents and so forth. The business men in the olden daysengage into
economic activities with pessimism and fear of incurring losses. Thisinhibits
large scale production which is capital intensive. However, with the adventof
the insurance business, things improved for the between, as business menbecome
encouraged to commit more of their resources in production activities,knowing
fully well that the insurer will reimburse item in the event of damage orloss.
Simply put, insurance is a contract of utmost good faith in which the
insurerwill pay compensation to a policy holder for loss or damage of insured
items.Meanwhile, the practice of insurance has become a lucrative business in
itself,such that it contributes enormously to the national development in items
ofemployment opportunity provision as well as Gross Domestic Product (GDP)Thus,
the interest of the research is aroused to carry out a study in this
important,yet neglected sector of the economy with a view of sensitizing the
students,business men and the entire public of the benefits derivable from the
insurancebusiness. The public policy makers shall be intimated as to the areas
that requirefurther regulations and or deregulations.6The researcher therefore
employed and secondary sources of data collection inorder to do justice to the
topic. Chi-square technique of data analysis was used tofully digest the
sourced information. This technique is quantitative and its choicewas informed
by its ability to give a pictorial view of the research findingsnumerically.
Similarly, NICON insurance company was the focus as a case study.The most
important among the research findings include the lack of awareness oninsurance
issues by the teaming Nigerian populations, minimal coverage of theindustry’s activities
in such important sector as health and agriculture, lack ofadequate government
as well as private sector participation in insurancebusiness, death of
professionally qualified staff operating with the industry toboost the
confidence of patronizers; vague and intricate operational mechanismand of
course public suspicion about the sincerity of purpose with which theinsurance
business is dispended, the researcher, hence, proffered such
remedialrecommendations as infusion of deep sense of professionalism by
practitioners inthe industry with a view to fostering public confidence,
inclusion of insurancetraining in schools curriculum right from secondary to
post secondary institutionsas mandatory especially for science students,
sponsored programmes on pointand electronic media outfits on insurance matters,
increased governmentparticipation and deregulation of stringent rules barring
the engagement of privatesector into insurance business and up-front settlement
of genuine claims as theyfall due.7TABLE OF CONTENTSTitle iDeclaration
iiCertification iiiAcknowledgement ivAbstract viTable of contents viiCHAPTER
ONE: INTRODUCTION1.1 Background of the study 11.2 Statement of the problem 21.3
Assumption of the study 31.4 Objective of the study 41.5 Significance of the
study 51.6 Hypothesis of the study 61.7 Scope of the study 61.8 Limitation of
the study 61.9 Plan of the study 7-8Reference 9CHAPTER TWO: LITERATURE
REVIEW2.1 Introduction 102.2 Insurance Companies and their Impact on
theEconomic Development of Nigeria. 102.3 Function of Insurance Companies.
1282.4 The Risk that can be insured 142.5 Types of Insurance 172.6 The Nigerian
Insurance Market 222.7 How Modern Insurance Works 272.8 Fundamental Principles
of Insurance Lawand Practice 282.9 Importance of Insurance Companies in
theNational Economy. 322.10 Summary 34Reference 36CHAPTER THREE: RESEARCH
METHODOLOGY3.1 Introduction 373.2 Research Design 373.3 Method of Data
Collection 383.4 Documentary 383.5 Procedure for Data Collection 393.6
Population of the Study 393.7 Method used in Analysing Data Collected 403.8
Summary 41Reference 42CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS4.1
Introduction 434.2 Hypothesis Testing 534.3 Five-Year Analysis of the
Performance9of the Insurance Industry. 60Reference 63CHAPTER FIVE: SUMMARY,
CONCLUSION AND RECOMMENDATION5.1 Introduction 645.2 Summary 645.3 Conclusion
655.4 Recommendation 675.5 Suggestion for Further Studies 70Reference
73BibliographyQuestionnaire10CHAPTER ONEBACKGROUND OF THE STUDYThe developments
in our society have made living complex and risky to lifeand properties. This
has become so great that the traditional methods ofassisting those affected by
misfortunes in our societies are no longeradequate. Therefore, societies call
for a more reliable and adequate meansby which risk or any misfortunes can be
covered in the future, and here liesthe importance of insurance which safeguard
against risks or lossesincurred by clients.Majority of the people in our
society today are either ignorant or have amisconception of what insurance
entails, what role it plays or its usefulnessin the promotion of trade and
commerce. As a service industry insuranceplays a very important role in the
economic and social development of anation. In appreciation of this, the
government has continued to take stepsto regulate the activities of the
insurance business in order to crate a soundand efficient insurance
market.Insurance business is one of the subjects that have been securing
thepublic in this country. Many people outside the periphery of the
businesshave looked at the institution with disdain and they are simply
suspicious of11the insurer and their styles of business. They claimed that
insurer are onlyinterested in collecting premium and hardly settle claims,
whenever theyarise.1.2 STATEMENT OF THE PROBLEMThe insurance industry is one of
the misrepresented or misunderstoodbusinesses in the world. This is mainly due
to lack of knowledge on the partof the public concerning their activities. The
degree of knowledge variesfrom century to century and is relative to the state
of socio-economydevelopment in each individual country concerned, which may in
turn begoverned by the level of the literacy component of each community. In
adeveloping economy, problems associated with the misconception of theimpact of
insurance are not as pronounced as in under developedcountries, including
Nigeria.All attempts in developing a sound insurance industry have
beenconfronted by market distortions, high rate of inflation,
variousgovernmental regulations, unethical practices and fraudulent tendencies
ofthe insuring public there are overwhelming. There are a few behaviors,which
indicate that the Nigerian public, literate or otherwise, know little ornothing
about the operation of the insurance business.12Consequently, many questions
have been asked. Should insurancecompanies/brokers continue to exploit the
general public as a result of theirignorance about the industry? Is there any
need to control the business atall? What are the control measures? These are
the questions, which shallbe address my self within the essay together with
same brief suggestions,and methods by which the loopholes discovered could be
corrected.Therefore, this research work aims at highlighting the various
function orimportance of insurance industry to individuals and whole society
ofNigeria.1.3 OBJECTIVE OF THE STUDYOn a cursory look at the insurance
mechanism, it would be seen thatinsurance is a service rendering business.
There are special socialcharacteristics of insurance that set it apart from
tangible goods industries.Being mostly a contract of indemnity and more so that
insurance is acommodity, which people pay for in advance and whose benefits
arereaped in the future.Furthermore, the objective of the study is to throw
more light on theactivities of the insurance with the view to arousing the
awareness of thepolicyholders and prospective ones. This will be achieved by
highlighting13the insurance mechanism, discovering the weak areas that need to
bestrengthened and recommendations will be proffered for further study.Also the
study is to highlight the fundamental principles of insurance, whichthe society
has not been able to recognize. This work is made in such wayas to highlight
the need for insurance in our society. Taking all these intoconsideration, the
following are the objectives of this study:The main objective of this study is
to outline the functions, roles andcontribution of insurance companies to the
development of thenational economy.To identify if insurance companies are
useful to our day-to-dayactivities.To ascertain if insurance companies actually
perform their financialroles diligently.To suggest ways of improving the
functions of the insurancecompanies.
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