THE IMPORTANCE AND ROLES OF INSURANCE INDUSTRY IN NIGERIA ECONOMY
ABSTRACT
The need for this research paper is a result of the partial fulfillment of the Insurance Researcher Program and the need to know the importance and role of the insurance industry in the Nigerian economy. The study prompted researchers to step out of their research to discuss their views on the importance and role of the insurance industry in the economy with non-experts and also interviews with insurance managers, respectively. This study has played an important role in the research and the issues and prospects facing the importance and role of the insurance industry in the Nigerian economy are widely discussed in this project. His research is divided into five chapters, the first of which deals with the outline and background of the research, the explanation of the problems, the purpose of the research, the research questions, and the importance of research operations. Chapter 2 deals with a review of relevant relevant literature. to the research theme. Chapter 3 provided an overview, Chapter 4 provided a summary of the findings and discussion, and Chapter 5 summarized the conclusions and recommendations for the study.
table of contents
title page
Approval page ii
Devotion III
confirmationiv
Conclusion vi
Contents vii
chapter One
Foreword
1.1 Research Background 1
1.2 Problem 6
1.3 Objectives of the study 7
1.4 Research Question 8
1.5 Significance of the study program 8
1.6 Scope
chapter One
Foreword
1.1 Research background
The insurance industry is a very important aspect of the Nigerian economy and its importance and role cannot be overstated.In this project work, researchers will explore the history of the insurance industry in the Nigerian economy, and for the general public and society at large. aims to identify the practical role and importance of the insurance industry in Such roles are important in every economic sector, such as banking sector, agriculture/sector, aviation sector, corporate sector. The research paper also covers the types of insurance industry in Nigeria, where researchers compare them with those operated and used abroad. The method is standard compliant. The project work also focused on industry issues and all the necessary measures that can be used to bring insurance in Nigeria up to global standards. The development of the insurance industry in Nigeria has gone through three distinct stages. The first door phase between approximately 1990 and 1960, the transition phase ending with the first national development planning period from 1962 to 1969, and the initiation phase (1990 to the present) represent the government’s regulatory framework. A fundamental change in the attitudes of governments governing the insurance industry, testifying to the strengthening of the insurance industry. It didn’t guarantee the market.With economic activity at a low level and the absence of laws on cars and other things, there was no insurance awareness among the public.Market growth.
The post-war period saw many improvements in Nigeria, followed by the introduction of the Workers’ Compensation Act 1940 and the Road Traffic Act 1945, which came into effect on 1 April 1950. With the rise of the insurance industry in Nigeria.
After Nigeria gained independence, incorporation progressed rapidly, the insurance industry flourished, and some foreign-affiliated companies were converted to local companies. The first step was to regulate the operations of insurance companies to ensure a healthy and efficient insurance market. The insurance market not only fulfills its obligations to members of the insurance public, but also provides a solid foundation for future growth and development. It was also noted that some insurers have not invested in Nigeria due to lack of legal regulation. This led to a 1964 law stipulating that all insurance companies should invest two to one-fifth of their insurance premiums in Nigeria.
The insurance industry in Nigeria is expanding. It turned out to be run by some experienced people and had problems, so the government appointed and halted the situation.
In October 1996, UN expert Karl Reichel said that the most extensive step taken by the government to improve the insurance business in Nigeria was the creation of the Nigerian National Insurance Corporation (NICON) on 1 July 1969. It was established. In June 1970, the posts of superintendent and deputy superintendent were credited. This stage saw an increase in the adoption of direct mechanisms. Stressful conditions were the inevitable result of the growing belief that effective control of the economy must be achieved.
1.2 Problem definition
In this section, researchers focused on prevalence issues that have undermined the performance of the insurance industry in Nigeria. These issues that run counter to the insurance industry’s role in the Nigerian economy are:
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1. Worldly ignorance
2. There is a certain lack of experts in the field.
3. Poor infrastructure and information technology
4. A limited number of insurers with maximum capacity to absorb large losses.
5. Lack of information
6. Failure to comply/disclose material facts by participating insurers. 7. Poor management of the existing insurance industry
8. Low liquidity in some insurance products.
1.3 Purpose of the survey
The objectives that led researchers to work on this topic were:
Me. Examine the main role and importance of the insurance industry in the Nigerian economy. ii. Finding ways to bring reels up to par in today’s world.
iii. Explore whether there are approaches that can be used to address the low level of insurance benefits in Nigeria.
IV. Introduce the public to the importance of the insurance industry to the economy.
v. To make suggestions and recommendations that may help resolve identified issues.
1.4 Research question
1. What is the importance of the insurance industry in the Nigerian economy?
2. Does the insurance company make claims payments in accordance with the law and the terms of the relevant insurance contracts?
3. What is the role of insurance companies in the Nigerian economy?
1.5 Importance of Piloting
The purpose of this study is to highlight the importance and role of the insurance industry in the Nigerian economy. Insurance not only reduces the burden on the general public, but also reduces fluctuations in insurance money. The insurance industry plays an important role in the Nigerian economy by revitalizing the country’s economy.
The obvious contribution to national economic well-being in the area of employment opportunities, which is the source of funding for the government, public and private sectors of the economy, makes its degree most important.
1.6 Research scope and limitations
In this type of study, we would like to collect/accumulate data from many areas due to the importance of the insurance industry in the Nigerian economy. A researcher’s decision to examine the role and importance of industry in the overall economy of a country. The scope of the investigation is therefore limited to the southeastern part of the country. Also, many other issues were resolved during the research work. Some of them are:
Me. time constant
The time available for students to work on this subject, combined with other academic commitments, is very short.
ii.
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