LIFE INSURANCE PATRONAGE AND THE GROWTH OF THE INSURANCE INDUSTRY IN NIGERIA. A RESEARCH PROJECT MATERIAL ON INSURANCE
This study empirically investigated life insurance patronage and the growth of the insurance industry in Nigeria. The objective was to determine the impact of life insurance patronage and the growth of the insurance industry in Nigeria. To achieve the objective, secondary data extracted from Nigerian Insurers Association (NIA) Digest (various years) was used. Regression model was used for evaluation of data. Two hypothesis were tested using Scientific Package for Social Science (SPSS). The first hypothesis showed that there is a positive relationship between life insurance premium and total insurance premium which was used as a measure of the insurance industry’s performance. This means that total insurance income increases as the amount of life insurance premium increases. The second hypothesis showed that claims of life insurance benefits has a significant effect on the insurance industry in Nigeria meaning that other factors contribute. On this note, it was recommended that insurance companies should organize public lectures, seminars, and symposia on insurance as a way of creating awareness of life insurance and insurance policies.