CHAPTER ONE
1.0 INTRODUCTION
Insurance industry is a very vital aspect of Nigeria economy,
and its importance and roles can not be overemphasized, in this project work the researcher want to identify the history of insurance industry in the Nigerian economy and also the actual roles and the importance of insurance industry to the common man and the society at large, such roles and importance includes in every sector of the economy, like, the banking sector, Agricultural sector, aviation sector, Business sector etc.
The research work also treated the types of insurance industry in Nigeria, here the researcher compared it with the types operated overseas, and the method used to the standard. Also the project work, focused on the problem encountered by the industry and all the necessary measures that can be used to improve Nigeria insurance up to the world’s standards. Such problems are viz:
(a) Lack of government support;
(b) Illiteracy in the part of the common man, since Nigeria is still developing;
(c) Lack of adequate infrastructures etc. and the measures to solving them are:
i. public awareness campaign
ii. Adequate finding by the government
iii. Co-operation of the government and the insurance industry to help improve the economy etc.
1.1 BACKGROUND OF THE STUDY
The development of insurance industry, in Nigeria has passed
through three distinguishable phases: the initial open door phase, roughly between 1990 and 1960, the transitional phase which concludes with the first national development plan period, 1962 – 1969 and the take off phase (1990 to the present times), withness the toughening of the framework of government regulation and represents a radical change in government’s attitude toward the control the industry.
THE COLONIAL ERA:
There was when the insurance market were dominated with European companies who monopolies the insurance industry, during this early period, a number of factors did not ensure an active market. Economic activity is at low level, there was no insurance consciousness by the populace, due to non-existence of some legislation, like that of motor vehicle and other things, it made Nigerian market to grow in a low pace and also the third world war hindered the growth of the market.
After the war, Nigeria experienced a lot of improvement, and after that was the introduction of the worker’s compensation act of 1940 and the road traffic act of 1945 which came into force on 1stApril 1950. Due to the increase in insurance industry in Nigeria.
TRANSITIONAL PHASE:
This was after Nigeria had their, independent, there was a rapid increase in the number of company establishment, and an increase in insurance industries and some of the foreign companies were turned to indigenous companies. The first step was to regulate the operations of the insurance companies to ensure a sound and efficiency insurance market, which would not only discharge its duties to members of the insuring public but would constitute the solid foundation for future growth and development.
NOT THE TOPIC YOU ARE LOOKING FOR?
Once payment is made, kindly send us your project topic, email address and payment name to +234 810 144 4147
Once payment is confirmed, Project materials will be sent to your email
Importation is important for the development and growth of national economies because not all countries have the resources and skills required to produce certain goods and services thus there is need for them to import products which they deem fit is...
This study will be helpful in the academic field as it would be an addition to the issue of covid-19 and its effects on unemployment.
This study will be helpful to Lagos state Government and governments of other states in Nigeria in creating awareness of the effects of overpopulation and on how to diffuse the population properly.
This study will examine the effect of corruption in government agency on the economic growth and development of Nigeria.
This study will be helpful to organizations in creating awareness on the effects of relying only on corp members on other unemployed youths.
This study is of significance to the government as it will serve as a guide in implementing effective measures to curtail crimes and insecurity as it find means of solving the motorcycle and tricycle ban.
This study is significant as it provides an opportunity to hear Nigerian women's perspectives on their access (or lack thereof) to education and the hurdles that prevent them from participating in it.
This topic is critical to assisting policymakers in making decisions about how to allocate public funds. Future academics will be able to use these findings to learn more about the relationship between government agriculture spending and economic gro...
The government of Nigeria, students, and the general public will benefit from this study. Nigeria's ability to relieve poverty is contingent on adequate inflows of foreign investment funds and a secure investment environment.
This study it gives actual information on the current condition of government spending management and accountability.
Message Us on WhatsApp »
