IMPACT OF INSURANCE BUSINESS ON THE ECONOMIC DEVELOPMENT OF NIGERIA. A RESEARCH PROJECT TOPICS ON INSURANCE
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.
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.