The consequences of insurance company ownership structure on policyholder patronage is the title of this study. I looked into the issues that are frequently associated with insurance company ownership structures in Nigeria, such as a lack of funds for expansion in order to carry out day-to-day operations, bad records of previous insurance companies in Nigeria, the company’s background, and the government’s total oversight of the companies. I also looked at the study’s objectives, which included determining the impact of each ownership structure and its implications for policyholders, as well as determining a feasible solution for addressing the consequences of policyholder patronage of private indigenous enterprises. It should be noted that work has been done on through the literature review. The research that has been done so far in relation to this work has been done without taking into account the understanding of ordinary investors who are unfamiliar with the legal aspects of ownership in the insurance industry. I also investigated the research technique, which included data collection sources. Primary sources and oral interviews are among the sources. It also looked at the research instrument that was employed and its validity. I also glanced at the findings and discussion section of the summary of findings. I also looked at the conclusions, recommendations, and ideas for further research. This study aims to examine the ownership structure of insurance businesses in the country and analyze the implications for policyholder – (customer) patronage, with a focus on the attitude of policyholders.

In Nigeria, there is a great need to investigate equipment leasing as a source of funding. This study is required so that the practice, prospectus, and problems can be investigated and addressed by the authority in charge for the company’s smooth operation. This research will also provide insight on how to implement a smooth leasing system.

This research will also be beneficial in the school system, as it will add to the library’s academic offerings.

It will also serve as a good guide for anyone considering a career in leasing. It will also be very valuable to Marlum Construction Company policymakers in dealing with leasing management issues.




Insurance is critical to the economic development of a society. It pools funds for the society’s economic losses, from which it can compensate policyholders if a claim arises at any time.

The mutual solidarity that made up the insurance company structure was traditionally founded on the vast expansion of the insurance industry in Nigeria.


This investigation, titled “the impact of insurance company ownership structure on policyholder patronage,” attempts to pinpoint policyholders’ reactions to insurance company ownership across the federation.


It is essential to understand whether buyers of insurance products prefer individuals controlling insurance firms rather than the government, and what advantages they may gain from one insurance company over others.

The amalgamation of many insurance businesses in Nigeria prompted citizens with extensive experience in the insurance industry to apply to become shareholders in the various companies that they believed had a solid asset basis. This is because they are concerned that some insurance firms may not pay claims on time or at all.

People in the Llyods era, when the insurance business began, didn’t think about the structure or ownership of the company; they were simply concerned with their belongings, which needed to be suitably insured and protected. These issues were impediments to insurance growth, and they necessitated severe measures to overcome them.


The ownership of insurance businesses in the federation is confronted with the following issues and prospects:

Due to a lack of funds.

Some Nigerian part insurance businesses have a bad track record.

The company’s history is described here.


I Identifying how a lack of funds poses an issue for insurance company ownership.

(ii) Determining whether the negative records of some previous insurance businesses pose a threat to the insurance industry’s ownership structure in Nigeria.


(iii) Determining how a company’s history presents an issue for insurance company ownership.


Identifying how a lack of government oversight affects the ownership structure of insurance companies in Nigeria.


I Does a lack of funds pose a threat to the Nigerian insurance industry’s ownership structure?

(ii) Does the poor track record of some previous insurance businesses pose a challenge for insurance company ownership in Nigeria?

(iii) Does a corporation’s background pose an issue for insurance company ownership in Nigeria?

(iv) Is there an issue with the ownership structure of insurance businesses in Nigeria due to a lack of government oversight?


(a) It enabled students to be more conscientious about following their profession’s ethics.

(b) It also advised investors to potential investment locations and allowed those who had already invested to get an advantage in better understanding themselves.

(c) It educated the general public on the value of insurance goods and how to obtain the best policy coverage.

(d) It advised the insurance company on how to strengthen the insurance industry’s economy.

(e) It provided the government with potential alternatives for tightening their belts if there was a flaw in their control.


SCOPE: As part of this research, I contacted a few insurance firms, including IGI, NICON, and STANDARD ALLIANCE, to inquire about their policies. I also visited insurance brokers and agents to ask questions about the research.

LIMITATIONS: This study project has several limitations. Due to issues such as limited time, finances, and a terrible transit system, I was unable to continue beyond where I had arrived.


I Claim – This is the insured’s demand for payment under his insurance.

(ii) Conglomerate – A collection of businesses that do the same task.

(iii) Insured – These are the company’s potential policyholders.

(iv) Insurance Company – This is the business that sells the insured the service.

(v) Ownership – An individual or group of individuals that own a business.

(vi) Policy-holder — The policyholder is the individual who owns the policy and pays the premiums, which is usually the insured.

(vii) Product – A product is a specific risk that is insured.

(viii) Patronage – The various methods in which people support insurance businesses.

(ix) Premium – A little sum paid by the insured to the insurance provider in relation to the risk assumed.

(x) Proposer – Assuming responsibility.


Introduction to Insurance, Great Britain, Pitman, Dickson, G.C.A. et al., 1982.

J.O. Irukwu, J.O. Irukwu, J.O. Irukwu, J.O. Irukwu, J.O. Irukwu, J.O. Irukwu, J.O

Yearbook of Insurance (1996), pp. 5-9.

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