Problems And Prospects Of Extending Insurance Services To The Rural Areas

Problems And Prospects Of Extending Insurance Services To The Rural Areas

Abstract

The interest to write in this particular content “ Problems and Prospect of Extending Insurance Services to the pastoral areas ” grow out of the present significant places of insurance assiduity in extending service to the pastoral areas. The experimenter discovered that the problems facing the extension of the service to the pastoral area by the assiduity is poverty, ignorance and geographical locales. still, the objects was to examine whether insurance companies extends service to the pastoral areas or not and if not, to identify the problems and prospects in furnishing insurance service to the pastoral areas. The compass of the study was limited to Oba in Anambra state as mark to other pastoral areas in Nigeria and leadway AssistanceCo. Ltd to represent other insurance companies due to lack of time. thus, data interpretation gave the following findings that insurance assiduity should give services to the pastoral residers that apathy and ignorance for insurance service hamper the extension of service to the pastoral people. This findings also recommended that all the insurance companies should start extending services to the pastoral areas and also help in furnishing social profitable conditioning

TABLE OF CONTENTS

Title runner ii

blessing runner iii

fidelity iv

Acknowledgment v

Abstract vii

Table of content viii

Chapter One

Preface

Background of the study 1

Statement of problem 3

ideal of the study 4

Exploration Question 5

Exploration Thesis 5

Significance of the study 7

Compass and Limitation of the study 7

Description Of Terms 7

References 10

CHAPTER TWO

REVIEW OF RELATED LITERATURE

literal development of insurance 11

The part that insurance plays in the life of a nation. 12

What are the reasons for the lack of insurance culture13

Insurance in the eye of the public 18

The task facing insurance companies 19

Creating mindfulness of insurance to the pastoral residers 21

Challenges facing the insurance assiduity 22

Step to produce applicability insurance in the pastoral areas 23

Insurance programs substantially demanded by the residers 25

Problems of extending insurance services in

the pastoral areas. 28

Prospects facing effecting services of

insurance to the pastoral areas 31

Benefits of insurance to the pastoral residers 32

Reference 34

CHAPTER THREE

exploration METHODOLOGY AND DESIGN

Research Design 35

Area of the study 35

Sources of data 36

Primary data 36

Secondary data 36

Population of the study 36

Sample size and sample ways 37

trustability of the instrument 38

confirmation of the instrument 39

system of data analysis 40

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

An overview 41

donation and analysis of data 41

Testing of thesis 55

CHAPTER FIVE

Summary of findings, conclusion and recommendation 65

Summary findings 65

Conclusion 67

Recommendations 68

Bibliography 70

excursus i 71

Appendixii 72

Chapter One

Preface

Background Of Study

In moment’s ultramodern society, the need for extending insurance services to the pastoral areas by the insurance assiduity is of a great important. The insurance diligence which part of fiscal institution live for the purpose of compensating an ensured in the case of any loss circumstance. likewise, the insurance assiduity in Nigeria and has not been accepted by its people as to take its due place in the nation’s frugality.

The significance of the provision of insurance services has been honored in ultramodern Nigeria, through the colorful products offered by insurance enterprises, which are life assurance programs that’s classified into individual life assurance, group life assurance and pension, and health insurance business while general insurance business like fire, marine, motor insurance business etc are offered to the consumers of insurance products who are individualities, social clubs, unions associationetc.

still, products offered to these groups person( s) are for protection against losses incurred by them and keeping them in business. also, it’s a fact that the major problem facing the growth and development of the assiduity in Nigeria moment is ignorance an apathy for insurance services in the country. For this purpose, business enterprises which is also veritably peculiar to the pastoral residers who aren’t fluently accessible due to geographical factors and lack of infrastructural installations in the pastoral areas of the country.

Hence, the pastoral residers are substantially engaged in small medium scale conditioning similar as subsistence forming, fishing, win wine tapping, huntinge.t.c. which they may find delicate to buy insurance protection for their benefits against losses that might arise in the course of their diurnal conditioning.

therefore, poverty and high rate of ignorance which is a real factor limiting against the development and growth of the assiduity in the pastoral area. In the substance, the assiduity should do well to break the essential difficulties faced by the pastoral residers in chancing ways and means of taking insurance services to them at affordable prices( decoration) increase their performance, effectiveness and profitability by embarking on mindfulness juggernauts and creating of good choices. also, new products should be developed to suit their requirements so as to attack and stimulate participation from the pastoral residers and to settle claims as at and when due with equity, modesty and quick response without prejudice.

Statement Of The Problems

The following are the statement of the problems

pastoral areas don’t know what’s insurance talk of assuring their threat. Poverty and high rate of ignorance which is a real factor against the development and growth of the assiduity in the pastoral areas, lack of trained labor force lead to the attainability of trained labor force who would work in original areas where the prospective insured dwells. Lack of acceptable structure lead to the absence of transportation and communication, also affect the extension of insurance services to the pastoral residers.

Ignorance and apathy to insurance services also bring about the high position of ignorance indeed among the so- called educated class and the meaning of insurance which is yet to be comprehended and by extension to the pastoral residers has affected the demand for insurance.

Objects Of The Study

The ideal of the study is to estimate the performance of the Nigerian Insurance Assiduity in the extension of insurance services to the pastoral areas. The main ideal of this work is to

ü To find out whether the insurance companies extend services to the pastoral areas or not.

üTo find out why the insurance assiduity has not been accepted by the pastoral residers.

üTo estimate the causative factors of these problems and to give possible results.

üTo determine whether geographical factors and lack of infrastructural installations affect the position of insurance companies in the pastoral areas.

üTo find out the reason for lack of insurance culture and to offer strategies for developing insurance culture in the pastoral surroundings.

üTo make useful recommendations grounded on the finding and also give possible result to it.

ü

Exploration Questions

In the cost of this exploration, certain exploration questions were generated to guide the experimenters in their findings.

– Apathy and ignorance for insurance services hamper the provision of insurance services to the pastoral areas.

-Special packages at affordable price( decoration) would attract participation from pastoral residers.

– Poverty and ignorance limit factors against the development and growth of the assiduity in the pastoral areas.

Geographical factors and lack of infrastructural installations limit the extension of insurance services to the pastoral areas.

-Prompt payments of claims encourage the acceptance of insurance services by the pastoral residers.

Exploration Of Thesis

The following suppositions from the frame