The Role Of National Insurance Commission Towards Insurance Penetration To The Grassroot

The Role Of National Insurance Commission Towards Insurance Penetration To The Grassroot

Abstract

The end of this design is to dissect the part of the National Insurance Commission in depending insurance service among the vast population of Nigeria. This can be achieved thorough is oversight functions and use of invention tools like MOR, micro insurance, Islamic complaint insurance and Agricultural Insurance to meet the maturity of Nigeria living in the pastoral areas. In the course of the study numerous problems encountered are to be answered by the recommendations that will insure acceptable content of the limitations. The type of exploration system used is primary source of data collection

Chapter One

Preface

National Insurance Commission is a body that insure is effective administration, supervision, regulation and control of insurance diligence in Nigeria.

The public insurance Commission( NAICON) under the suitable watch ofMr. Fola Daniel is on top of the situation. The assiduity is poised to take advantage of periodical despoilment and corruption ennobled every where in our profitable geography that bean into nullity value that enables the society. The insurance consumer Association of Nigeria( INSCAN) and NGO adeptly led by hinder Crewmate Isaac Areola is guarding the insurance consumer in Nigeria against illegal practice from insurers.

Insurers should thus enhance later. trade service, similar as prompt payment/ agreement of claims as well as effective intermediation model. And also develop environmentally friendly products, grounded on request exploration and insure an efficient marketing that will speak to the guests in the lawn root.

The nethermost line for effective insurance content is a prompt payment of claims. Insurance driver should insure that they take agreement of claim seriously for that will guarantee acceptable penetration of insurance to lawn root. The manager for insurance Fola Daniel sates that the easiest way to attract the public to patronize insurance is treating those who are formerly ensured through prompt payment ofclaims.However, that single complaint is able of stopping further than 20 peoples from buying insurance in future ” in his statement, he said that prompt payment of claim remain the stylish instrument, “ If one tells his friend that his insurance company didn’t pay claim after his loss. For insurance mindfulness and penetration discoursing on its utmost significance, that manager state that NACCOM will continue to insure that drivers live up to their claim responsibility adding that the commission had entered 86 claims complaint out of which 52 valued at1.2 billion have been resolved and 34 in court. He read the ‘ hoot act ’ that the dismissal will be yielded on drivers who constantly fail to settle discharged claim instantly by losing their license. Insurers had been commanded to administer claim. In agreement for that will enable those at grassroot to grasp insurance and in order to regularize insurance practice.

also, the weak legal frame for the regulation and supervision of insurance assiduity in Nigeria has been attributed to the poor public perception of the sector; low position of mindfulness amongst the crowd; high political profitable and fiscal systemic threat; non remittance of accumulated decoration and investment losses performing from decline in insurance penetrations.

likewise, a lot of companies are being erected in the civic area forgetting that numerous Nigerian are living in the pastoral area without having the knowledge of what insurance is each about and are eager to boy the policy if well explained.

According toMr. Fola Daniel, he said that decide to access insurance into the grassroot will see the insurance request growing in an accelerated rate of hitting 864 in the net four times. According to the manager of insurance, ultraexpensive income will increase from N300 billion in 2012 to N1 trillion in 2017, motor insurance will increase by ten percent( 10), life insurance by three percent( 3) and oil painting and gas by two and half percent 2 ½.

The assiduity’s donation to the Gross Domestic product will be three percent( 3) and the insurable population will increase to twenty- two percent( 22). The Nigeria insurance penetration is anticipated to rise above six percent( 6) when compared to Kenyan3.2 and South African 15.

Background Of The Study

The Nigerian Insurance Assiduity has come of age, the birth of the assiduity in 1921 had gone through metamorphosis. It transubstantiate and from the insurance companies Act 1961, the insurance( eclectic provision) Act 1964, the companies decree 1968, the insurance decree 59 of 1976, the insurance Decree 58 of 1991, insurance decree 2 of 1997 to the present insurance Act 2003. There’s still room for correction following strident calls for further connections was upgraded to National Insurance Supervision. Board headed by Chief Oladipo Bailey who come the first manager of insurance when the National Insurance Commission was set up by Decree N0 1 of 1997, He was latterly replaced by Barr. Emmanuel Chukwulozie and the peremptory Fola Daniel.

Objects Of The Study

The following are the objects of the study,

1. To examine the part of the National Insurance Commission towards Insurance penetration to the lawn root.

2. To lay an emphasis on the strategies and way through which National Insurance Commission is using towards piercing insurance to the lawn root.

3. to know how insurance growth can contribute to GDP of the country.

Statement Of Problem

utmost of the problems defying the commission from carrying out effective administration on insurance diligence in Nigeria are inexperienced operation platoon, shy fund for carrying out the places of the commissionetc.

Exploration Questions

1. Has National Insurance Commission contributed to the growth of insurance diligence in Nigeria?

2. Does the position of the commission influence the performance of the diligence?

3. What’s the part played by the manager in Nigeria?

4 What are the sweats of the commission to access insurance to lawn root.

5 What are the achievements of the commission so far in the country?

exploration thesis

HO That NACCOM contributes immensely to the growth of the assiduity in Nigeria.

Hi That NACCOM doesn’t contribute to the growth of the assiduity in Nigeria

Ho That the function of the commission is completely executed.

Hi That the function of the commission isn’t completely executed.

Significance Of The Study

The significance are as follow

1. To educate the anthology of this design about the part of National Insurance commission and the system and strategies used towards insurance penetration to lawn root.

2. To warn the commission on several ways of maintaining a strong administration.

Compass Of The Study

This study will cover only the National insurance Commission zonal office Enugu, Nigeria and stresses on the places they play towards insurance penetration. The analysis and conclusion will predicate on the data supplied by the commission.

Limitation Of The Study

There are figures of factors which militated against the smooth conduct and prosecution of this exploration work they’re as follows

– Difficulties in carrying applicable information about the commission.

– The failure of energy, hence the high cost of transportation limit the experimenter’s movement to colorful places where necessary information for the exploration work could be attained.

-fiscal and time constraint. The exploration work would haven’t been carried out as one would have wanted some other system of collecting information couldn’t be used for illustration observation of work and asset couldn’t be effectively carried out.

Description Of Terms

A) NATIONAL INSURANCE COMMISSION Is a body that icing effective administration, supervision, regulation and control of insurance business in Nigeria.

B)CO-OPEARTIVE SOCIETY This is an insurance association registered under any enactment or law relating to united society. They aren’t allowed to give cover to non members. It’s guided by a united principle of republic, equivalency, religion and political impartiality patronage rate and open class.

C) INSURANCE BROKER They’re experts and professionals in the field of insurance and have a advanced duty of care to their star.

Thy are described as agent of the ensured.

D) INSURANCE AGENT They connect the insurer and the ensured in the insurance request. They aren’t professionals or experts. They’re described as he agent of the insurer, they bring business to the insurer and advice the insurer on request situations.