IMPACT OF INSURANCE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA
ABSTRACT
This project work is entitled, the impact of insurance on the economic development of Nigeria. It was carried out in NICON Insurance Corporation Lagos as a case study. The objective of this research is to comprehensively examine the impact of Insurance on the economic development of Nigeria. This study is categorized into five (5) chapters. Chapter one is basically an introduction from which the subsequent chapters draw their root. It talks about the background of the study statement of problem, objective of the study, relevance of study formulated and operational definition of terms.
Chapter two is a review of other professional insurer as they relate to the above mentioned topic. It is sub-divided into twenty − three (23) heading where we have the fundamental principles of insurance law, insurable interest, insurable interest, types of insurance functions, the significance, the importance and problem etc. Chapter three (3) of this study deals with the various research methodology and procedure adopted or used in administrating data collection and chapter four (4) analysis of the data collected and presentation of the result of the hypothesis stated. Conclusively, chapter five (5) being the last chapter briefly summarized the previous chapter and the research finding, conclusion and recommendation were also made in this chapter as well as reference and appendix.
CHAPTER ONE
Introduction
1.1 Background to the Study
Development in our society has made living complex and risky to life and properties. This has become so great that the traditional methods of assisting those affected by misfortunes in our societies are no longer adequate. Therefore, societies call for a more reliable and adequate means by which risk or any misfortunes can be covered in the future, and here lies the importance of insurance which safeguard against risks or losses incurred by clients.
Majority of the people in our society today are either ignorant or have a misconception of what insurance entails. What role it plays or its usefulness in the promotion of trade and commerce. As a service industry insurance plays a very important role in the economic and social development of a nation. In appreciation of this, the government has continued to take steps to regulate the activities of the insurance business in order to create a sound and efficientinsurance market.
Insurance business is one of the subjects that have been securing the public in this country. Many people outside the periphery of the business have looked at the institution with disdain and they are simply suspicious of the insurer and their styles of business. They claim that insurer are only interested in collecting premium and hardly settle claims, whenever they arise.
1.2 Statement of the Problem
The insurance industry is one of the misrepresented businesses in the world today. This is mainly due to lack of knowledge on the part of the public concerning their activities. The degree of knowledge varies from century to century and is relative to the state of socio- economic development in each individual country concerned, which may in turn be governed by the level of the literacy component of each community.
In developing economy, problems association with the misconception of the impact of insurance are not as pronounced as in under developed countries, industry Nigeria. All attempts in developing a sound insurance. Industry have been confronted by market distortions, high race of inflation, various government regulations, unethical practices and fraudulent tendencies of the insuring public there are overwhelming. There is little behavior, which indicates that, the Nigerian public. Literature or otherwise know little or nothing about the operation of the insurance business.
1.3 Research Questions
Consequently, many questions have been asked.
- Should, Companies/brokers continue to exploit the general public as a result of their ignorance about the industry?
- Is there any need to control the business at all?
- What are the control measures?
1.4 Objective of the Study
On a cursory look at the Insurance mechanism, it would be seen that insurance is a service rendering business. There are special social characteristic of insurance that set it apart from tangible goods industries. Being mostly a contact of indemnity and more so that insurance is a commodity, which people pay for in advance and whose benefits are reaped in the future. Furthermore, the objective of the study is to throw light on the activities of the insurance with the view to arousing the awareness of the policyholder and prospective ones. This will be achieved by highlighting the insurance mechanism, discovering the weak areas, that need to be strengthened and recommendation will be proffered for further study.
Also the study is to highlight the fundamental principle of insurance, which the society has not been able to recognize. This work is made in such way as to highlight the need for Insurance in our society. Taking all these into consideration, the following are the objective of this study:
- The main objective of this study is to outline the functions, roles and contribution of insurance business to the development of the national economy.
- To identify if insurance business are useful to our day to − day activities and the entire society.
- To ascertain if insurance business actually perform their financial roles diligently.
- To suggest way of improving the function of the insurance business.
1.5 Statement of Hypotheses
To establish the fact about insurance business and impact on economic development in Nigeria the following hypothesis have been formulated:
- The Insurance business does not play any significant role in the economic growth of anation.
- Trade cannot achieve its desired goals in a nation with the aid of insurance business.
- People who insure their insurable properties have no advantage over those who do not in terms of losses
1.6 Scope of the Study
The scope of the study has been limited to the insurance companies in Nigeria. The research work is centered on the impact of insurance companies on economic development in Nigeria and the importance of insurance to individuals. The importance includes the function, benefit of insurance to the society as whole.
1.7 Significance of the Study
The research is done a way that it will contribute to the body of knowledge of Insurance. The research work will help in popularizing the importance of insurance business towards the achievement of the economic is of the country.
The research work will give the general public the chance to learn about the principle on which insurance business operate and o remove doubt in the mind of the people with regards to the business style of insurance business.
Finally, it is hoped that this research work would also make a great Contribution to academic development.
1.8 Limitation of the Study
The problems encountered that limits the success of the project, such as:
Time Factor:
There was little time for the researcher to gather all the necessary data required in carrying out this study.
Data Collection Problem:
Availability of current and accurate data made things difficult for the researcher.
1.9 Operational Definition of Terms
Risk:
This can be said to be anything that occurs to an individual inform of loss something that is unforeseen, which could be detrimental partly or fully.
Fraudulent:
This is illegal misappropriation of fund, which is recognized by law.
Inflation:
This is where too much money is in circulation.
Distortion:
This means the change in dimension of any matter or state of an event.
CHAPTER TWO
2.0 Literature Review
2.1 Introduction
The review of relevant literature is the main topic of this chapter. A literature review covers theoretical and methodological contributions to a certain issue in addition to the state of knowledge at the time of writing. It provides information about the state of the art in relation to the subject you are writing about. It examines the body of work on the chosen subject. The literature evaluation in this study comprises the …
Procedure for Downloading the PDF (Docx) Material
Impact of Insurance Business on the Economic Development of Nigeria can be downloaded by requesting the full set of materials at the project or seminar cost. The document will be sent via Microsoft Word (MS-Word) format via WhatsApp (e-mail) following payment confirmation.
| Seminar Material Cost ₦3,000 | Project Material Cost ₦5,000 |
Request Complete Material
 | Click here to request the Complete Material via WhatsApp including;
|
TABLE OF CONTENTSPRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Impact of Insurance Business on the Economic Development of Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
PRELIMINARY PAGES
- Title page
- Approval page
- Dedication
- Acknowledgement
- Table of Contents
- Abstract
INTRODUCTION
- 1.1 Background …
- ⋮
LITERATURE REVIEW
- 2.1 Introduction
- 2.2 Conceptual Review
- 2.3 Theoretical Framework
- ⋮
- 2.4 Empirical Studies
- 2.5 Research Gaps
- 2.6 Summary of Literature Review
CHAPTER THREE
RESEARCH METHODOLOGY
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of Study
- 3.4 Sampling and Sampling Technique
- 3.5 Validation of Research Instrument
- 3.6 Method of Data Collection
- 3.7 Method of Data Analysis
- 3.8 Questionnaire Administration
- 3.9 Ethical Consideration
- 3.10 Statistical Analysis
CHAPTER FOUR
DATA ANALYSIS, RESULT AND DISCUSSION
- 4.1 Introduction
- 4.2 Presentation and Analysis of Data
- 4.3 Re-statement of Research Questions
- 4.4 Test of Hypotheses
- 4.5 Discussion of Findings
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
- 5.1 Introduction
- 5.2 Summary of Findings
- 5.3 Conclusion
- 5.4 Recommendation
- 5.5 Suggestion for Further Study
REFERENCES
APPENDIX A - “QUESTIONNAIRE”
Disclaimer for Complete Material Utilization
The displayed research work titled "Impact of Insurance Business on the Economic Development of Nigeria" is stated as a research guideline towards accomplishing your assigned project / seminar research work. All the research materials on this website are ONLY for research purposes and should be used as a guideline in developing your research work. For no reason should you copy word for word as projectlist.com.ng will not be liable for any who copied the material. By ordering the complete research guideline, it signifies that you've accepted our terms of service.
Frequently Asked Questions (FAQ)
Can this topic “The Impact of Government Expenditure on Poverty Alleviation” be used for Economics Project?
Yes it can be utilized for research — This study was designed to explore the significant impact of government expenditure on poverty alleviation in Lagos state. For the purpose of the study secondary data were collected from Central Bank of Nigeria Statistical bulletin 2008. The data collected span from 1977-2007. The data collected were subjected to regression analysis with the aid of statistical package for social science (SPSS). After testing the various hypotheses, it was established that there is a correlation between government expenditure and poverty alleviation in Nigeria most especially in Lagos state. It is recommended that the current poverty alleviation programme should be reviewed and citizens and residents of Lagos State should be consulted before polices are made and they should be involved in the implementation process. …
Is the topic “Performance Evaluation of NNPC (1999-2015) Using Regression Analysis Techniques” recommended for Statistics Project?
Yes it is highly recommended — The oil industry which is the leading sector of the economy should have some spill over into the other sectors of the economy. The Nigerian economy has become dependent oil revenues over the past decades. During the 1986-92 periods, oil export revenues increased at an average of 13 percent per annum which GDP measure in current US Dollars, decrease by an average while oil export revenues alongside the continuing decline of the non-oil economy implies higher dependency. Over the years, the contributions of the oil industry to the growth of Nigeria economy are great. On this promise, the researchers want to evaluate the performance of the NNPC on the Economic development of Nigeria. The aim of this study is to …
Is the topic “Design and Implementation of a Computerized System for Pharmaceutical Centre” recommended for Computer Science (CS) Project?
Yes it is highly recommended — The need to develop a system that would improve the management of stocked pharmaceutical items in the pharmacy became beatable due to some set backs experienced by the current operations of pharmaceutical establishment. The information got from the staff of the pharmacy and head of Osco pharmaceutical centre, Warri, Delta State, has been most useful in developing a program that would achieve the aim of this project. This project would be useful to both large and small pharmacy establishments and other private business that deals with managing stock items. …
Can this topic “Teacher Factor as a Correlate of Students’ Academic Achievement” be used for Education Project?
Yes it can be utilized for research — This study examined the relationship between teacher factors and students’ academic achievement (in the Faculty of Education, University of Lagos) Akoka − Yaba, Lagos. The purpose of the study is to investigate the correlation between teachers’ qualifications, experiences, competences, modes of instruction, motivation and students’ academic achievement. A descriptive survey research design was used for the study. Five research questions and five research hypotheses guided the study. The population of the study consisted sixty students across all the departments in the Faculty of Education, University of Lagos. A carefully prepared questionnaire was used as the instrument for data collection. To analyse data the research utilized Pearson Product Coefficient Correlation to test each of the hypotheses postulated for the study. The result …
Is the topic “Strategies for Managing Disciplinary Problems Among Secondary School Students” recommended for Education Project?
Yes it is highly recommended — This study is aimed at investigating strategies for managing disciplinary problems among secondary school students in Izzi Local Government Area of Ebonyi State. Four research questions were formulated to guide the study. Survey research design was used for the study. The population for this study was five thousand, six hundred (5,600) students from eighteen (18) public secondary schools in Izzi Local Government Area of Ebonyi State. A simple random sampling technique was adopted to draw ten (10) secondary schools from the study area. Also simple random sampling was used to draw (37) students from each of the ten (10) secondary schools chosen for the study, which gave a total of three hundred and seventy (370) respondents as sample for the …
Can the material for “Evaluation of the Impact of Wages and Salaries on the Productivity of Secondary School Teachers” be used as a guide for Education Project?
Yes it can be used — Wages and salary payment is an integral part of organizational success because it inspires employees to exert more effort in discharging their duties within the workplace, which produces a positive influence on their effectiveness and efficiency, especially among teachers. The study was carried out to evaluate the impact of wages and salaries on the productivity of secondary school teachers. In achieving this aim, the following specific objectives were laid out to find out the problems public secondary schools are facing in implementing teachers wages and salaries and determine the influence of wages and salaries policies on the performance of Secondary School Teachers in the area under study. The research design used in this report is descriptive design, utilizing questionnaire method to …
Can the material for “The Effect of Early Childhood Education on Speech Development of Primary School Children in Jos North LGA of Plateau State” be used as a guide for Early Childhood and Primary Education Project?
Yes it can be used — The study scrutinizes the Effect of Early Childhood Education on Speech Development of Primary School Children in Jos North LGA of Plateau State. In achieving this aim, the following specific objectives were laid out to examine whether there is relationship between Early Childhood school education and speech development among children in schools and investigate whether there is a difference between Early Childhood school education and speech development among children in schools. Many children fail to develop the appropriate language skill may be because their teachers in the school, their parents at home have lost the focus and have failed to see the need in assisting the child to develop his/her linguistic prowess or skills which is very important in human …
Can the material for “Correlation Between English Language and Literature in English” be used as a guide for English Literature and Language Project?
Yes it can be used — This study examined the Correlation between English – language and literature – English using MELL, UDUS, Sokoto as a case study. The research centers on finding out the reason why most students in tertiary institutions being scared of some aspects of the genres of literature with emphasis majorly on poetry. Research questions were formulated based on the above variables. Two research questionnaires (for students of MELL) which is the case study and B. ed English – language students of UDUS, as a pilot study. The findings were analyzed in percentage and frequency statistical tools. Finally, summary, conclusion and recommendation were proffered. …
Can the material for “Economic Data Usage and the Performance of Small and Medium Scale Enterprises in Nigeria” be used as a guide for Economics Project?
Yes it can be used — The study examined the relationship between economic data usage and the performance of SMEs in Nigeria. More precisely, the study sought to assess the influence of selected macroeconomic indicators such as exchange rate, inflation rate, inflation rate, employment rate, gross fixed capital formation, domestic credit to private sector and economic growth rate on SMEs performance in Nigeria between 2001 and 2015. The study adopted the Ordinary Least Square technique via the multivariate regression analysis to estimate the model. Findings from the study revealed that exchange rate, employment rate, gross fixed capital formation and economic growth rate positively but insignificantly contributed to the performance of SMEs in Nigeria. It was found that domestic credit to private sector positively and significantly contributed to …
Can the material for “An Assessment of the Effects of Non-audit Services on Audit” be used as a guide for Accountancy / Accounting Project?
Yes it can be used — This research paper investigates the effect of non-audit services on auditor independence, and the importance of non-audit services as a source of income for audit firms in the Nigeria. There is a positive relationship between audit fees and the purchase of both recurring and non-recurring non-audit services at the same time. When two-stage least squares are used to control for joint determination of audit services and non-audit services, there is no relationship. The lack of relationship (or positive relationship) is consistent with previous studies in this area and the results of the non-recurring non-audit services support. The study’s findings are that companies that purchase either type of non-audit services are significantly larger than those that do not purchase non-audit services. …