THE ROLE OF NATIONAL INSURANCE COMMISSION TOWARDS INSURANCE PENETRATION TO THE GRASSROOT

ABSTRACT

The aim of this project is to analyze the role 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 innovation tools like MOR, micro insurance, Islamic complaint insurance and Agricultural Insurance to meet the majority of Nigeria living in the rural areas. In the course of the study many problems encountered are to be solved by the recommendations that will ensure adequate coverage of the limitations. The type of research method used is primary source of data collection. 

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Table of content

Abstract

CHAPTER ONE

1.0   Introduction

1.1      Background of the study

1.2      Objectives of the study

1.3      Statement of problems

1.4      Research questions

1.5      Research hypothesis

1.6      Significance of study

1.7      Scope of the study

1.8      Limitations of the stud

1.9      Definitions of terms

CHAPTER TWO

2.1   Literature review

2.2   Reasons for insurance penetration to the Grassroot levels

2.3   Reasons why insurance are not full penetrated in the

level in the country

2.4   Supervision of the commission

2.5   Reasons for regulation

2.6   Meaning and strategies of marketing development restructuring initiative of national insurance commission towards insurance penetration to grassroot.

2.7   Micro-insurance means of penetrating insurance to grssroot

2.8   Islamic Complaint insurance means of penetrating insurance to grassroot

2.9   Agricultural insurance means of penetration insurance to grassroot

CHAPTER THREE

3.1       Research Methodology

3.2   Primary source of data collection

3.3   Population of the study

3.4   Sample size

3.5   The sample method used

3.6   Method of data analysis

3.7   Formula used

CHAPTER FOUR

4.1      Data  analysis

4.2      Analysis and evaluation of data

CHAPTER FIVE

5.0   Summary, Conclusion and Recommendation

5.1   Summary

5.2   Conclusion

5.3   Recommendation

        References

        Appendix 1

        Questionnaires

CHAPTER ONE

1.0   INTRODUCTION

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

The national insurance Commission (NAICON) under the able watch of Mr. Fola Daniel is on top of the situation. The industry is poised to take advantage of serial despoliation and corruption enthroned every where in our economic landscape that poll into insignificance value that enables the society. The insurance consumer Association of Nigeria (INSCAN) and NGO ably led by rear Admiral Isaac Areola is protecting the insurance consumer in Nigeria against unfair practice from insurers.

Insurers should therefore enhance after. Sale service, such as prompt payment / settlement of claims as well as effective intermediation model. And also develop environmentally friendly products, based on market research and ensure an efficacious marketing that will speak to the customers in the grass root.

        The bottom line for effective insurance coverage is a prompt payment of claims. Insurance operator should ensure that they take settlement of claim seriously for that will guarantee adequate penetration of insurance to grass root. The commissioner for insurance Fola Daniel sates that the easiest way to attract the public to patronize insurance is treating those who are already insured through prompt payment of claims. “If one tells his friend that his insurance company did not pay claim after his loss, that single complaint is capable of stopping more than 20 peoples from buying insurance in future” in his statement, he said that prompt payment of claim remain the best instrument. For insurance awareness and penetration expatiating on its utmost importance, that commissioner state that NACCOM will continue to ensure that operators live up to their claim responsibility adding that the commission had received 86 claims complaint out of which 52 valued at 1.2 billion have been resolved and 34 in court. He read the ‘riot act’ that the axe will be yielded on operators who consistently fail to settle discharged claim promptly by losing their license. Insurers had been mandated to administer claim. In accordance for that will enable those at grassroot to embrace insurance and in order to standardize insurance practice.

        Moreover, the weak legal framework for the regulation and supervision of insurance industry in Nigeria has been attributed to the poor public perception of the sector; low level of awareness amongst the populace; high political economic and financial systemic risk; non remittance of accumulated premium and investment losses resulting from decline in insurance penetrations.

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Item Type: Project Material  |  Size: 39 pages  |  Chapters: 1-5

Format: MS Word  |  Delivery: Within 30Mins.

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