THE IMPACT OF GLOBALIZATION OF FINANCIAL SERVICE ON THE DEVELOPMENT OF NIGERIAN INSURANCE INDUSTRY

THE IMPACT OF GLOBALIZATION OF FINANCIAL SERVICE ON THE DEVELOPMENT OF NIGERIAN INSURANCE INDUSTRY

ABSTRACT

The purpose of this study was to explore the impact of financial services globalization on the development of the insurance industry in Nigeria (Study by IGI). Globalization describes the process of transnational strengthening of economic, political, social and cultural relations, with the main aim of transnational homogenization of political and socioeconomic conditions. Enugu, an industrial property and casualty insurer, served as a case study. The purpose of this study was to identify the reasons why the Nigerian insurance industry is not participating in the international insurance market and to identify the necessary institutions that need to be put in place to facilitate globalization in Nigeria. The methodology used to acquire the data was a structured questionnaire and the validity of the hypotheses was tested using a chi-square statistical model. Data were obtained through both primary and secondary data collection. An approximate statistical scaling model was used to analyze the respondents’ responses. The research work revealed that there are many issues related to the globalization of financial services in the development of the Nigerian insurance industry in Enugu. Participate in strengthening the international insurance market.

table of contents

Title page II

Approval page iii

dedication iv

Recognitionv

Conclusion vi

Table of Contents viii

chapter One

Foreword

1.1 Research Background 1

1.2 Problem 9

1.3 Purpose of the survey 10

1.4 Research question

chapter One

Foreword

1.1 Research background

Globalization means that the whole world will become a global village. Things happen as the world comes together to become one. In general, people do not produce to please the market, but for the market as a whole. What is happening in Saudi Arabia, America, Europe, etc. is happening in Nigeria, Ghana and parts of the world. It’s globalization. Globalization is a new world order that emphasizes a global perspective of the universe as a whole, meaning that the term market is moving towards universal standards.

The world economy has changed dramatically over the past two decades, with the emergence of jet aircraft, facsimile machines, global computers and telephones, reference books, global television satellites, broadcasting, and other technological advancements, resulting in greater geographical and cultural distances. I shrunk. This has allowed companies to significantly expand their geographic market reach in purchasing and manufacturing, resulting in a much more complex insurance landscape for companies and their customers. Today, almost all companies, large and small, are affected in some way by global competition. From a neighborhood florist who buys flowers from Mexicans. From a nursery school, to a small New York clothing retailer sourcing products to compete with giant Japanese competitors in the domestic market, to a large American consumer goods manufacturer introducing new products in emerging markets abroad.

Companies in various sectors are also developing on global assembly lines. In addition is sourcing their components supplier and goods from abroad, many U.S companies are trying to sell their service abroad. But they are recognizing that to do this well they cannot do it along so they are forming strategic alliances with competitors who serve as suppliers or distributors, technological partners or joint ventures partners all of this means that we are seeing and will continue to see some surprising alliances between international competitors e,g ford and Nissan successfully designed a mini-van together and ford has also had a successful strategic alliance with mazde for the past 20 years.

General electric and SNECMA a French company have been making jet engines together, since 1971 Coca-cola and Schweppes run a large soft drink during bottling plant together that has brought both companies, tremendous cost saving. Toshiba supplier line transmitter to JVC Television.

What is internal:
The internet is a collection thousands of computer, networks of varying sizes millions of computer more than 30 million users who share a compatible means for interacting with one mother to exchange digital. Systems deployed worldwide and ready to share resources. The Internet has spawned co-ops that form end-to-end virtual communities.

Factors that make globalization necessary include:

International diffusion of technology requires scale of investment, reduction of trade barriers, and all demographic, psychological and behavioral environmental factors.

Globalization through trade agreements and market integration The success of a trading bloc in the world economy depends on member states with similar economic structures. Experience political commitment in geographical proximity and provide evidence of trade compatibility (Eieleke) 1992, (Schott 1999). and the need to address income redistribution.

(GATT) Globalization through the General Tariff Agreement and Round Table was finalized and signed in Geneva on December 15, 1993, and launched in Uruguay to see pentode resources at sea. The Uruguay Round of trade negotiations, held in September 1986, was the most ambitious attempt to liberalize trade and standardize trade rules for textiles, involving more than 100 countries. The aim was to remove as many trade barriers as possible in order to bring the world closer together.The most prominent trend in the business world today is the increasing globalization of the world’s markets for goods and services. This applies to everything from airlines to cars to banks to burgers. From clothes to computers, laundry detergent to erasers, electronics to elevators, software, toothpaste to tacos. Companies, whether Japanese, European, or other nationalities, are increasing the percentage of their sales coming from abroad. Markets is one of the 100 largest multinational companies in the United States with 39% of its revenue coming from foreign operations. Companies such as Exxon IBM, Colgate Pal Olive CPC Internationals, and Coca-Cola derive more than 60% of their revenue from international operations. International markets are important to companies such as Unilever, Dutch conglomerate Anylor, electronics giant Philips and Nestle das SWISS Food. Mammoth with a relatively small domestic market. A motivational empire of vans is born, whose sales often exceed the gross national product of many countries.

But globalization is not limited to globalization that is not limited to large multinational corporations. New kind:
Mhiaction” will open laboratories and sales departments around the world in the fall. These are typically mid-market manufacturing companies with sales of N200 million to his N1 billion, targeting specialized markets around the world in areas such as precision medical equipment and computer peripherals. Discuss the benefits of working with market customers who have a limited number of manufacturing facilities and maintain clean working relationships to compete more effectively in the global marketplace. Cardiac pacemaker manufacturer Medtronic A.U.S.S.S. has opened research and manufacturing plants in Japan and Europe to support this commercialization and develop new technologies for microfitting and miniaturization. Japanese and European companies are entering global markets, posing significant challenges to many industries previously dominated by US companies. Also, many emerging and emerging market companies are beginning to spread their wings and gain prominence in areas such as electronics, textiles, shipbuilding and steel. Furthermore, the trend of globalization is not just downstream. There is an increasing global search, not only in the consumer end-markets of manufactured goods, but also upstream in the market for raw material technology and other resources of the industry, designed to combine labor, production and logistics advantages. leading to the development of complex logistics systems that Raw materials to take advantage of material costs in different countries and increased efficiency in international transportation and communication networks.

For example, France’s Thomson Consumer Electronics manufactures parts in Malaysia and Indonesia and builds and assembles kits in its highly automated Singapore facility. Indonesia is now

1.2 Problem definition

a. The Nigerian insurance industry does not participate in the international insurance market.

b. Institutions promoting the globalization of the insurance industry are not appropriate.

c. There is no personal push for globalization.

1.3 Purpose of the survey

The objectives of this research include:

of. Find out why the Nigerian insurance industry has not joined the international insurance market.

b. Identify facilities needed to promote globalization in Nigeria. c. to identify why various personal data used for globalization are not available;

1.4 Research question

of. Is the insurance industry in Nigeria participating in the international insurance market?

b. Are you well equipped to facilitate the globalization of the insurance industry?

c. We provide human resources who promote globalization.

1.5 Research hypothesis

Ho:
The Nigerian insurance industry does not participate in the international insurance market.

Hi:
The Nigerian insurance industry participates in the international insurance market. Ho:
Institutions promoting the globalization of the insurance industry are not suitable.

fire:
An institution that promotes the globalization of the insurance industry is appropriate.

Ho:
Globalization promotion staff absent.

Ho:
Full-time globalization promotion staff.

1.6 Importance of research

What this research means is that businesses need to be customer- and market-centric in everything they do. Being product or technology driven is not enough. Too many companies develop their products without customer input and are simply rejected by the market.

Moreover, the whole world is witnessing an era of unity and harmony (mainly economic). Moreover, this study sheds more light on globalization. Educate businesses that are not up to date with the latest technology and contribute to their level of insurance knowledge. General global economic activity. Therefore, it can be used as a framework and a point of reference for other researchers.

1.7 Research scope and limitations

The study is based on the impact of globalization on the insurance industry.

The area of ​​this research work is Ogui Street, Enugu metropolis where IGI is located.

Restrictions on research, economic necessity of research activities.

Many factors are limiting, such as:

of. time:
The limited time acts as a limiting factor, the premise that management may not be easily accessible to be interviewed, and confidential information about the company is disclosed due to suspicions of industrial competitiveness and security.