AN EVALUATION OF THE CONTRIBUTIONS OF INSURANCE COMPANIES IN THE ECONOMIC DEVELOPMENT OF NIGERIA

( A CASE STUDY OF NICON INSURANCE PLC)

Presented To

Business Administration Department

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ABSTRACT

The role of the insurer in any polity is that of bearer of risks. In other words, the

populace can feel insulated from risks when they take advantage of insurance to

rely on when the unexpected strikes. It is for this reason that the federal

government mooted the idea of an insurance company in the late 60s which is

today known as NICON Insurance Plc. Hence this project sets out to investigate

the contribution of insurance companies in the economic development of Nigeria

with keen interest in NICON Insurance Corporation Plc. In order to facilitate the

research work and to get reliable information, the data was collected through

primary and secondary sources. It is important to note that insurance has, over

the years, developed both positive and negative facets - positive in its insulative

function, negative in its refusal to perform this function. While acknowledging

delay or outright refusal to settle genuine claims by some insurance companies,

the populace in placing their insurance trust, must be made aware of the

standards that are required of insurance companies to enable the insuring public

separate the wheat from the chaff. The role of NICON in shaping the insurance

industry in the country and in the general development of the financial industry

is quite impressive. Besides, there are still more recommendations in the write-

up to help them maintain their status quo in the insurance industry.

TABLE OF CONTENTS

Title page - - - - - - - - i

Declaration - - - - - - - - ii

Certification - - - - - - - - iii

Dedication - - - - - - - - iv

Acknowledgement - - - - - - - v

Abstract - - - - - - - - vii

Table of contents - - - - - - - viii

CHAPTER ONE – GENERAL INTRODUCTION

1.1 Background/Overview to the Study - - - 1

1.2 Statement of the Research Problem - - - 2

1.3 Research Questions - - - - - - 7

1.4 Objectives of the Study - - - - - 8

1.5 Significance of the Study - - - - - 8

1.6 Scope of the Study - - - - - - 10

1.7 Limitations of the Study - - - - - 10

1.8 Definition of terms and some key variables - - 10

CHAPTER TWO – LITERATURE REVIEW

2.1 Origin of Insurance - - - - - - 14

2.2 Evolution of Modern Insurance in Nigeria - - 16

2.3 Principles of Insurance - - - - - 22

2.4 Types of Insurance - - - - - - 27

2.5 Benefits of Insurance - - - - - 36

2.6 Contribution/Role of NICON to the Nigerian Economy - 37

2.7 NICON and the Challenges of Leadership in the Nigerian -

Insurance Industry - - - - - - 39

2.8 Insurance Laws and Supervisory Bodies - - - 42

2.9 The Future of NICON and Insurance in the Year Ahead - 49

CHAPTER THREE – RESEARCH METHODOLOGY

2.0 Introduction - - - - - - - 53

3.1 Research Method - - - - - - 53

3.2 Research Population- - - - - - 54

3.3 Procedure of Data Collection - - - - 54

3.4 Sources and Methods of Data Collection - - - 55

3.5 Justification of Research Methodology - - - 58

CHAPTER FOUR – DATA PRESENTATION AND ANALYSIS

4.1 Introduction - - - - - - - 59

4.2 Historical Background of NICON Insurance Plc - - 59

4.3 Organizational Structure of NICON Insurance Plc - - 63

4.4 Analysis and Presentation of Data - - - - 65

4.5 Discussion of Findings - - - - - 70

CHAPTER FIVE – SUMMARY, CONCLUSIONS AND RECOMMENDATIONS

5.1 Introduction - - - - - - - 74

5.2 Summary of the Major Findings - - - - 74

5.3 Conclusions - - - - - - - 74

5.4 Recommendations - - - - - - 75

Bibliography - - - - - - - - 78

Appendix - - - - - - - - 80

📄 Pages: 95 🧠 Words: 10928 📚 Chapters: 5 🗂️️ For: PROJECT

👁️‍🗨️️️ Views: 207

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