The role of the Nigerian insurance industry in the promotion of central market services is the subject of this study. The problem statements attempt to identify the issues that prompted the research, while the study objectives provide solutions to the issues. Data is collected using oral interviews and questionnaires. The instruments utilized were valid because they included a problem statement, objectives, and research questions. The instruments were credible since the rate of return was quite high. One of the findings is that modernizing the agricultural sector in order to achieve effective development will necessitate native intension of various agricultural plans. One of the proposals is that the government raise insurance company awareness in Nigeria.
BACKGROUND OF THE STUDY
The insurance industry is a part of the financial industry. Insurance businesses engage in highly marketable securities in the course of managing people’s money, so assisting economic growth.
In this scenario, we can define or say that insurance is a social activity that involves people coming together to contribute to a common fund from which they recompense the few unfortunate ones who may incur financial losses as a result of their misfortune.
Every human on the planet bears the risk that one or more of the hazards that are a part of life will fall on him at some point and cause him financial loss.
Since the country’s independence in 1960, insurance, which has been one of the most despised professions in the financial services sector of the Nigerian economy, has grown by leaps and bounds in terms of market size and premium income creation.
The goal of this study is to defend the insurance industry’s role in preserving agricultural products supported by Nigeria’s federal government. The government has enacted legislation known as the 2003 Insurance Act to regulate the activities of insurance businesses.
STATEMENT OF PROBLEM
1. The farmer’s lack of knowledge about the numerous forms of diseases that affect livestock and crops.
2. People’s carefree attitude toward their farm crops and animals.
3. Inability to acquire a loan from a financial institution due to a lack of collateral.
OBJECTIVES OF THE STUDY
1. To achieve the national development goals for agricultural goods.
2. To feed the population while also exporting surpluses.
3. Ensure that the scheme’s government policies and guidelines are fully executed.
4. To provide the country with foreign currency.
1. Does the Nigerian agricultural funding crisis have anything to do with insurance companies?
2. What are the ramifications of insufficient storage and packing facilities?
3. Can a farmer’s ignorance contribute to disease outbreaks in animals and crops?
4. Can farmers get loans from financial institutions if they don’t have any collateral?
SIGNIFICANCE OF THE STUDY
– College students:
Students who conduct further research on a comparable topic in the future would greatly benefit from our research. They will use their senses as reference points.
– The Owners of the Stake:
This study will be beneficial to all participants in the capital market. Borrowers of capital are among them.
– Insurance: What It Is and What It Isn’t
If the recommendations of the research effort are implemented, the nation will benefit from this work.
SCOPE OF THE STUDY
The research is limited to the Enugu metropolitan and its surrounding farmers. Information from the Agricultural Insurance Company in Enugu’s Zik’s Avenue was also used. There is insurance coverage available for crops and livestock.
LIMITATION OF THE STUDY
The following are some of the issues that the researcher ran into while conducting this research:
Time: The time allotted for this task is insufficient, as other obligations must be met.
Lack of Funds: Another issue is a lack of funds. The author was unable to visit rural areas to meet rural farmers due to a lack of funds.
Lack of research materials was also a major issue. Another issue that has arisen is the respondents’ lack of response. Because of this, respondents were hesitant to provide open-ended responses.
DEFINITION OF TERMS
1. Mishap: A long and winding detour that was neither expected nor planned.
2. Broker: An insurance middleman who advises and arranges insurance transactions on behalf of the insured and professional states.
3. Insurance contract: An agreement between the insurer and the insured in which the insurer agrees to pay the insured a sum of money in exchange for the payment of premiums if a specified event occurs.
4. Protection is given by the cover.
5. Claim: A demand for reimbursement under the policy by the insured after the insured event has occurred.
6. Insured: A person or business that is covered by an insurance policy.