The Growth And Contribution Of Life Assurance Business In Nigeria

The Growth And Contribution Of Life Assurance Business In Nigeria

Abstract

This exploration work, the experimenter examined the growth and donation of life assurance business in Nigeria. The information for the study was collected using primary and secondary styles of data collection. For the primary data collection, questionnaire was used while being literature applicable to the content was consulted for the secondary data. The sample size was determined using Taro Yamani formula the chance system was used for data analysis while Chi-square statistical mode was used to test the formulated thesis. The experimenter set up out that Life assurance companies in Enugu specializes in life assurance business but they’re passing shy patronage. Life assurance companies use brokers, agents and incompletely employed clerks in marketing of life assurance policy to the assuring public. Grounded on the findings the experimenter recommended that Government should establish insurance educational centers which should organize lectures, forums , educational conferences and study programmes for the good of the public.

TABLE OF CONTENTS

Title runner i

blessing runner ii

fidelity iii

Acknowledgement iv

Abstract v

Table of content vi

CHAPTER ONE

preface

Background of the Study 1

Statement of the Problem 4

ideal of the Study 5

exploration Questions 6

exploration thesis 6

Significance of the Study 8

compass and Limitations of the Study 8

description of functional Terms 9

CHAPTER TWO

REVIEW OF RELATED LITERATURES

Concept of life assurance 11

types of life assurance policy 12

significance/ donation of life assurance Business

in Nigeria frugality 26

Factors affecting the growth and benefactions of

life assurance business in 31

Prospects of effective marketing of life Assurance

business in Nigeria 36

colorful ways of marketing life assurance

products in Nigeria 39

Strategies for marketing life assurance products in

Nigeria 41

The future of life assurance growth in Nigeria 43

Reference46

CHAPTER THREE

exploration METHODOLOGY AND DESIGN

An Overview 48

Source of Data 48

Primary data 48

Secondary data 49

Population of the Study 50

Sample size and slice ways 51

Validity and trustability of the Instrument 53

system of data donation and Analysis 54

CHAPTER FOUR

DATA PRESENTATION ANALYSIS, DISCUSSION OF Chancing

An overview 56

Data donation 56

Data Analysis 59

Testing of thesis 69

Discussion of Findings 74

CHAPTER FIVE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS.

Summary of Findings 75

Conclusions 77

Recommendations 78

Suggestions for farther Studies 82

Bibliography 83

Excursus I 85

Excursus II 86

Chapter One

Preface

Background Of The Study

The development of life assurance can be traced back to as far back as 1983. It was in this time that we’ve the first substantiation of life assurance known moment. A policy was taken on 18th June 1985 on the life of William Gibbons for a sum of 382. The contract was for twelve months and the plutocrat was to be paid if Gibbons failed within twelve months. He did infact failed on 8th may 1984. After a slight disagreement over whether twelve months meant twelve timetable months, the plutocrat was paid( Nwite, 2007).

Olufawo( 2005) states that, “ moment, we’ve thousand of life assurance programs issues in Nigeria in form of whole life assurance, talent assurance, term assurance, common life assuranceetc. interestingly, in advanced countries, life assurance business has come the topmost area of investment because it indeed encourage savings.

Lerhari and Wesis( 1974) state that, the advantage for policy proprietor is “ peace of mind ”, in knowing that the death of the ensured won’t affect to fiscal hrardship for loved bones and lenders. It’s possible for life assurance policy payouts to be made in order to help condense withdrawal benefits.

In Nigeria, pension business was handled for numerous times by insurers until a group vended the idea of a contributory pension scheme to the government, which former scheme( old state scheme) where pensioners couldn’t get their pension( benefit) after queuing for days led to the collapse of the old pension scheme.

The repeal of the old pension act of 1979 and consequential correction of the Nigeria social insurance trust fund Act of 1993 brought in the new pension Reform Act 2004. moment, the pension fund has grown extensively and is in excess of N1. 6 trillion, about 10times the decoration of N164.5 billion recorded in the Nigerian insurance sector in 2008( Fola, 2012).

In the present division, the sector stands the chance to get thrills from some of the statutory programs set for enforcement. The workmen’s compensation Decree of 1987 handed cover for endless or partial disability, accident, sickness and death of worker arising in the course of their employment. Section 9( 3) f the Act state that “ employers shall maintain life assurance policy in favor of their workers for a minimum of three times periodic total registration of the hand, under the group life scheme.

According to Aneke( 2007) the pension Reform Act for 2004 delegate to the life in insurers, but their share of the fund depends on their capability to win the confidence of its huge population. Nigeria is the biggest life insurance request on the mainland. He editorialized that, it the country’s life assurance business is well deposited it can attain a leadership position on the mainland.

thus, it’s against this background that this exploration study will investigates the growth and benefactions of life assurance business in Nigeria.

Statement Of Problem

The following problems led to the conformation of this exploration work;

Sub-standard programs designed by the coach’s couldn’t meet the current change in the society towards satisfying individualities needs.

High rate of poverty that affect to on interest or concern by the individualities has affected the development of life assurance programs Nigeria.

c. The low demand for life assurance programs has to lesser extent affected the marketing of life assurance business.

Studies has shown that high rate of ignorance is one of the major problems which affects the growth of life assurance business in Nigeria.

Ideal Of The Study

In this study, the main ideal is to examine the growth and benefactions of life assurance business in Nigeria. The specific objects of this exploration work include the following;

To examine the goods ofsub-standard programs on the development of Life assurance business in Nigeria.

To find out the extent at which high position of poverty in the country affects the patronage of life assurance business.

To examine the effect of low demand for life assurance programs marketing of life assurance business

To examine the effect of ignorance on the growth and development of Life assurance business in Nigeria.

Exploration Questions

a. What are the goods ofsub-standard programs on the development of Life assurance business in Nigeria?