THE ROLE OF INSURANCE COMPANIES IN THE DEVELOPMENT OF NIGERIAN ECONOMY

THE ROLE OF INSURANCE COMPANIES IN THE DEVELOPMENT OF NIGERIAN ECONOMY

ABSTRACT

Insurance is not an inherently modern concept. It has a history of centuries of development. The art of insurance underwriting has grown as a result of the need for life and business assets of individuals, businesses and governments. Therefore, the account type and class were those assigned to risk partners. H. Must be disclosed to corporate, government and private owners.

Therefore, on this basis, researchers focused on the role of insurance companies in the development of the Nigerian economy in this study. The general aim of the study is therefore to identify the role played by insurance companies in the development of the Nigerian economy.

In Chapter 1, a retrospective review of the historical development of insurance was conducted, followed by the research background, research objectives, research questions, and scope of the research.

Chapter 2 deals with a literature review and is carried out on seven subheadings, Modern Insurance Developments in Nigeria, Fists of the Insured, Classes of Insurance, and the Nigerian Insurance Market.

Finally, Chapter 3 is to actually summarize the results based on the observations in Chapter 2. Conclusions were then drawn for all the studies conducted. table of contents

overview

table of contents

chapter One:

1.0 Introduction

1.1 Research background

1.2 Purpose of the survey

1.3 Definition of terms

Chapter 2:

2.0 Literature review

2.1 Origins of insurance

2.2 Development of modern insurance in Nigeria

2.3 Risks that can be insured

2.4 Class of Insurance

2.5 Nigerian Insurance Market

Chapter 3:

3.0 Summary of Results

3.1 Discussion of the results

3.2 Conclusion

3.3 Recommendations

bibliography

chapter One

1.0 Introduction

Insurance is a modern way to protect yourself from loss. It is a means by which a person protects himself from danger. In other words, insurance means that when an insurance company receives a certain amount of money from a person, if that person suffers a loss under the insurance contract, it will pay compensation or provide a specified service to that person. A system that agrees to Established. This means that insurance is a means by which people can save money in dealing with unforeseen dangers or accidents. You pay a fixed amount (called a premium) to an insurance company. When the insurance company (called the insurer) receives the premium from the person seeking the insurance (called the insured), the insurer agrees to pay the amount (called the claim or compensation). Become. ) is paid to the insured when an insured loss occurs. This agreement is usually contained in a document called a policy.

Insurance premiums, that is, the cost of enrolling in insurance, are not set arbitrarily. They are usually calculated by insurance professionals, mathematicians called actuaries. Higher risk usually means higher premiums. For example, if a 20-year-old man buys life insurance, his premiums will be much lower than those of an 80-year-old man who has life insurance anyway.

Because insurance contracts can be done just like any other commercial activity. It is these principles that guarantee its effectiveness. Insurance contracts are governed by the general principles of Nigerian law and affect not only insurance but all other commercial aspects of life. They are:
Offers and acceptances, consideration, contractability, legality, consensus adidems (which the parties must agree to), and intent to create legal obligations/relationships.

1.2 Research Background:

Insurance has never been perfect and perfect, but it has evolved slowly over the centuries to meet the needs of individuals, businesses, other organizations, and those interested in government protection. rice field. Assurance is believed to have originated in ancient practices of the inhabitants of what is now Iraq’s Tigris and Euphrates valleys, around 400 BC. Before Lloyd’s of London, now the center of the world’s insurance market, it began as a small coffee house frequented by merchants, bankers and insurance companies. Initially, Llyods was the world’s leading marine risk insurer.

Modern insurance originated in Nigeria in his early 20th century, but historians and sociologists argue that what is known today as insurance is completely alien to Nigeria’s indigenous culture.

Today, insurance has grown to meet the growing demands placed on insurers. Note that following the historical evolution of insurance, we cover what impacts risk, individuals, corporate organizations, and governments to provide insight into the shape of risk protection and insured savings. need to do it.

Insurance, however, extends far beyond actual risk protection, addressing the development of the Nigerian economy at this particular time.

1.3 Purpose of the survey:

The general purpose of this research is to find out who is who.