LIMITATIONS TO THE DEVELOPMENT OF INSURANCE IN NIGERIA

(A STUDY OF NATIONAL INSURANCE CORPORATION OF  NIGERIA NICON)

DEVELOPMENT

TABLE OF CONTENTS

Title page                                                              i

Approval page                                                               ii

Dedication                                                             iii

Acknowledgment                                                    iv

Abstract                                                                v

CHAPTER ONE

INTRODUCTION

1.1               Background of the study                               1

1.2               Statement of problem                                  4

1.3               Objective of the study                                  5

1.4               Research question                                        6

1.5               Research Hypothesis                                    6

1.6               Significance of the study                               7

1.7               Scope and Limitation of the study                  8

1.8                          Definition of terms                                                                    10

References                                                                                            12

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1      An overview                                                    13

2.2 History of Insurance in Nigeria                                  13

2.2.1        Traditional insurance system                                  14

2.2.2        Modern insurance                                                   15

2.3 History of NICON Insurance company                                16

2.4 The effect of insurance business on economic development in        Nigeria                                                                        20

2.5 contributions of insurance to growth and development

of Nigeria                                                                 26

2.6 Role of insurance in economic growth                               30

2.7 importance of insurance                                            35

2.8 How insurance can guaranty once future                          40

2.9 problems of Nigerian insurance sector                               43

2.10 challenges and prospects of insurance business     46

References                                                               55

CHAPTER THREE

RESEARCH METHODOLOGY AND DESIGN

3.1      Research Design                                              56

3.2      Sources of data                                               56

3.2.1        Primary data                                                56

3.2.2        Secondary data                                            57

3.3      Population of the study                                     58

3.4      Sample size and sampling techniques                 59

3.5      Instrument in determining sample size               60

3.6      Validity and reliability of instrument used            61

3.7      Method of data  presentation  and analysis          62

References                                                      65

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS 

4.1  An overview                                                      66

4.2      Data presentation                                            66

4.3      Data  analysis                                                 67

4.4      Testing of Hypothesis                                       74

4.5      Discussion of findings                                       84

CHAPTER FIVE

SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

5.1      Summary findings                                            86

5.2      Conclusion                                                      88

5.3      Recommendations                                           89

5.4      Suggestion for further studies                                  90

Bibliography                                                    91

Appendix                                                               92

Questionnaire                                                  93

 

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Regulation of Nigeria’s insurance industry has become substantially intensified in the last two decades. This paper critically evaluates the philosophy and challenges of insurance regulation in the context of post-authoritarian governance and increasing economic liberalization in Africa’s potential largest insurance market. The last two decades has witnessed among others, government regulatory intervention through the establishment of a regulator and mandatory recapitalization.

Get the Complete Project