IMPACT OF GOVERNMENT POLICIES IN REGULATING THE ACTIVITIES OF NIGERIA INSURANCE INDUSTRY ON YOUR COMPANY

ABSTRACT

The purpose of this research is concerned on the impact of the government policies in regulating the activities of insurance companies operating in Nigeria. The government responsibility to supervise, regulate and control the activities of insurance companies and intermediaries is to protect the interest of the insuring public and to save them from exploitation by unreliable insurers. Because of the intangible nature of insurance product, the government wants to make sure that those engaged in it must be competent person who will fulfill their promise and pledges when the need arises.

Also because of the complexity of insurance business, it is necessary that the government regulate it to protect the policy holders. Also because of violation of public trust that occurs in insurance transistors, the government has found it necessary to regulate insurance industries so as to control such violations. The project attempts to appraise the effectiveness of government policies in regulating the insurance companies in Nigeria. The insurance industry in Nigeria has acute shortage of high level of manpower for most classes of insurance, also many Nigerians suffer financial loss due to lack of knowledge in insurance.

Due to this problem, government should introduce programs regarding to insurance to the public as to highlight them on the benefit accrued to insurance due to constant financial loss they encounter as a result of lack of insurance knowledge. 

TABLE OF CONTENTS

Title

Abstract

Table of contents

CHAPTER ONE

Introduction

1.1     Background of the study

1.2     Objective of the study

1.3     Purpose of the study

1.4     Significance of the study

1.5     Scope of the study

1.6     Definition of terms

CHAPTER TWO

2.0     Literature review

2.1     The origin of the insurance industry

2.2     Development of modern insurance business in Nigeria

2.3     The insurance  market  and intermediaries

2.4     The socio-economic significance of insurance

2.5     Structure and performance of the insurance industry

2.6     Government regulation of the insurance companies

2.7     The impact of structural adjustment programs on insurance companies operation in Nigeria

          CHAPTER THREE

3.0     Research methodology

Introduction

3.1     Restatements of research question and hypothesis

3.2     Research design

3.3     Sources of Data

3.4     Population of study

3.5     Sample size / Design and procedure

3.6     Data collection instrument / process

3.7     Data presentation and analysis on techniques

3.8     Limitation of the methodology

CHAPTER FOUR

4.0            Data presentation and analysis

4.1     Presentation and analysis of data

4.2     Hypothesis testing

4.3     Analysis of result

CHAPTER FIVE

5.0     SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION

5.1     Summary of findings

5.2     Recommendations

5.3     Suggestions for further research

5.4     Conclusions

          References

          Appendix 

CHAPTER ONE

1.1     BACKGROUND OF THE STUDY

“Risk is a phenomenon which has been in existence since the beginning of the world. Risk exists whenever the future is unknown” (Lemon 1989: 17). This means that the word implies some element of doubt about the future and the outcome may be worse than what it had been at the moment. This man in his daily operations could be viewed as a risk manager, in that man does his best possible to reduce, eliminate, avoid, retain or share risk where they are present.

          Though there were some forms of risk management before the advent of insurance companies in Nigeria such as the extended family system, age grade association and others. Insurance in its modern form was introduced into Nigeria by British.

          In 1921, the Royal Exchange Assurance Company was established and it was the first insurance company to open full branch in Nigeria. In 1949, three other companies emerged. In 1958, Africa insurance company. By 1965, the number of insurance companies rose to 70. In 1977, the Nigeria Re- insurance company was established as a federal government owned insurance company. Nigeria was however under the British colonial rule up to 1960 when she gained her political independence and as a developing country. From 1960 to date a lot of insurance companies came into operation. Insurance is a modern method of sharing loss or spreading risk lightly over a great number of people so that the few unfortunate ones or persons who sustain or suffer loss do not heavy financial loss as a result of their misfortune to the community. The insured pay premium into a common pool outcome of which the unfortunate few who suffer loss are compensated.

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Item Type: Project Material  |  Size: 74 pages  |  Chapters: 1-5

Format: MS Word  |  Delivery: Within 30Mins.

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