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DEVELOPING COOPERATIVE INSURANCE IN NIGERIA: PROBLEMS AND PROSPECTS

ABSTRACT

The issues and future prospects of Insurance Co-operatives in Nigeria are examined in this paper. In this country, a survey was performed to gather field information on participants’ perspectives on building co-operative insurance in Nigeria. In conducting study, it was determined that the Insurance Co-operative has several key issues, including a shortage of competent personnel. This shows that, with better employee training and additional services, the Nigerian insurance cooperative has a promising future.

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The country’s economic framework is not well-structured enough to make life comfortable for all elements of society. Furthermore, life and property are acquired, which has therefore called for increasingly sophisticated ways to insurance to adequately protect against life and property threats.

A variety of clubs are springing up as a means of providing socio-economic security to individuals, such as rotary clubs, social clubs, philanthropic organizations, and co-operative societies. Unfortunately, the activities of these organizations, as defined in their objectives, are divergent and have only had a minor impact on the nation’s overall goal; in what direction?

The purpose of bringing these organizations together is to merge their disparate goals into a unified force capable of realizing lofty goals of a better living for a larger number of people. These incidents occurred when individuals’ resources were pooled for the purpose of management and self-security, which is the noble role of cooperative insurance.

Given Nigeria’s lack of a well-developed social security system, it is critical that efforts be made to raise insurance awareness among the majority of the people.

Insurance cooperatives, in particular, might expand into areas that are critical to the cooperative movement. Cooperative insurance is significant not only for the development of the domestic insurance industry, but also for the general development process.

STATEMENT OF PROBLEM

One of the most difficult aspects of cooperative management is balancing the group’s short-term interests. In other words, the issue is how to boost member or customer promotional services while still ensuring that the co-operative firms have a solid financial foundation. COLLABORATIVE INSURANCE is a type of insurance in which two or more people work together to

Another issue is how to strike a balance between the need for member engagement in decision-making and the need for every corporate organization to make decisions quickly and with knowledge.

COLLABORATIVE INSURANCE is a type of insurance in which two or more people work together to

In light of co-operative principles about surplus sharing and society awareness about co-operatives, is building co-operative insurance the most likely form of the entity? As a result, the difficulty is determining the various organizational forms that cooperative insurance can take.

PURPOSE OF THE STUDY

Rather than its ultimate goal, the study’s purpose is defined by its immediate goals and objectives. The endeavor will not be able to achieve the long-term goal of establishing a successful insurance cooperative in Nigeria.

As a result, the purpose of this study is to investigate insurance and cooperative activities in this country in order to establish the following facts.

Whether insurance cooperatives are operating in Nigeria on a large enough scale to benefit the country’s economic development and citizens’ wellbeing.

Is there potential for more insurance cooperative growth in Nigeria in order to avoid socioeconomic and political challenges and constraints?

IMPORTANCE OF THE STUDY

Co-operative and insurance are two district business formulars whose separate objectives differ based on the needs of entrepreneurs, in strict accordance with the co-operative and insurance fundamental principles. The study’s most essential component is the study’s harmonious correlation of insurance and cooperative ideas.

Within the confines of Nigerian business law, the study examined the possible affinity of fundamental principles of insurance and co-operatives in business so that an evaluation of the performance of existing co-operative insurance businesses could be carried out and a meaningful research into future prospects for insurance co-operatives could be carried out.

SCOPE AND LIMITATION OF THE STUDY

Because of the existing co-operative insurance company, the national co-operative insurance society’s management practices. Much of the information required for the study could not be gathered.

In addition, there has been almost no conceptual literature in the field of research.

 

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