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THE ROLE OF
NIGERIAN INSURANCE INDUSTRY IN THE PROMOTION OF CAPITAL MARKET SERVICES
ABSTRACT
This project
is one the topic titled “The Role of Nigerian Insurance Industry in the
Promotion of Central Market Services”. The statements of problems try to
identify the problems that led to the research and the objectives of the study
supply ways of solving the problems the sources of data is through the oral
interview and questionnaires. The instruments used were valid because they
comprises the statement of the problem, the objectives and the research questions.
The instruments were reliable because the rate of return was very high one of
the findings is that modernization of agricultural sector to ensure effective
development will require native intension of various agricultural schemes. One
of the recommendations is that government should increase awareness for
insurance companies in Nigeria to insure agricultural products.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Insurance
industry belongs to the financial sector. In the course of managing people’s
fund the insurance companies invest in highly marketable securities, these by
aiding economics growth.
In this case
we may say that insurance on it’s own can be defined or said to be the social
activity which deals with people coming together to contribute in a common fund
from which they compensate the few unfortunate
ones who may suffer misfortune in form of financial losses.
All human on
earth is faced with responsibility that one or more of the hazard which form
part of life will sooner or later be fall him and cause him some financial
losses. For instance where larger farm or modern factory is damaged by fire,
the cost of putting it back may be immense and would involve the purchase of
machinery and other farm facilities from abroad or within the country. The loss
compensation to injured employees and other onerous responsibilities which the
owner would be ill-prepared to meet at a time when his assets are in ruins as a
result of fire, flood, thunder, storms as a result of fire, flood, thunder,
storms theft, etc.
Insurance,
being one of the most maligned profession in the financial services section of
the Nigerian economy has grown by leaps and bounds in terms of market size and
premium income generation since the country’s independence in 1960.
The purpose
of this research in protecting the role of insurance industry in protecting
agricultural products financed by the federal government of Nigeria. There is
legislation by the government to control the activities of insurance companies
known as 2003 Insurance Act.
1.2 STATEMENT OF THE PROBLEM
1. Ignorance on the side of the farmer about
the various types of diseases that attack animals and crops.
2. Carefree attitude of the people towards
their farm crops and animals.
3. Lack of collateral to obtain loan from
financial bodies.
1.3 OBJECTIVES OF THE STUDY
1. To meet the national objectives of
development agricultural products.
2. To feed the people and to export the
surplus.
3. To ensure that government policies and
guide lines on the scheme or fully implemented.
4. To earn foreign exchange to the country.
1.4 RESEARCH QUESTIONS
1. Does agricultural financing problem in
Nigeria have anything to do with the insurance companies?
2. What are the effects of poor storage and
packaging facilities?
3. Can the ignorance on the side of the farmer
have anything to do with disease that attack animals and crops?
4. If without collateral, can the farmers
obtain loans from financial bodies?
1.5 SIGNIFICANCE OF THE STUDY
– Students:
This
research work will be of immense benefits to students who embark on further
research on the similar topic in the future. A will sense as reference points
for them.
– The Stake Holders:
This work
will be useful to all the stake holders in the capital market. These includes
the borrowers of capitals.
– The Insurance Industry:
The nation
will benefits from this work if the recommendations of the research work is
implemented to the later.
1.6 SCOPE AND LIMITATION OF THE STUDY
Scope
The study is
limited to Enugu metropolis and farmers in its environs. Information gathered
from Agricultural Insurance Company at Zik’s avenue Enugu were also used.
Insurance cover available to form crops and livestock are carried.
Limitation
The problems
encountered by the researcher in the course of this study includes:
Time: The
time given for this work is too short as other activities are there to be
faced.
Lack of
Fund: Lack of fund is another problem faced. Because of lack of money, the
author could not travel to rural areas to meet the rural farmers.
Lack of
Research Materials: Also posed a serious problem. Poor response from the
respondents is yet another problem faced. The respondents were reluctant to
give free answers because of fear of being victimized by their employers.
1.7 DEFINITION OF OPERATION TERMS
1. Accident: A completely tortuous mistrip,
which is neither expected, nor designed.
2. Broker: An insurance intermediary who acts
on behalf of the insured and professional states in advising and arranging
their insurance business.
3. Contract of Insurance: An agreement between
the insurer and the insured whereby the insurer undertakes in return for the
payment of premiums to pay the insured compensation of a sum of money upon the
happening of a specify event.
4. Cover: Protection provided.
5. Claim: The demand by the insured a payment
under the policy after the insured even has occurred.
6. Insured: The person or organization covered
by an insurance policy.
7. Insurer: The person who indemnifies the
insurance after a claim.
8. Liability: Legal responsibility for the
injured to another person to damage to his property.
9. Premium: The consideration paid by the
insured to secure an insurance cover.
10. Indemnity: Putting the insured in the same
finance position he enjoyed before a loss accident occurred.
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