Nigeria being a former colony of Britain, it’s been argued, received a pension tradition into her public sector that is entirely modeled after the British structure. Nigeria pension’s scheme had started in 1951 when the then colonial British administration established a scheme through an instrument called Pension Ordinance. It, however, had a retroactive effective from 1946 and applied only to Untied Kingdom officials posted to Nigeria. The law allowed the Governor General to grant pensions ... read more

Risk is integral to everyday life. Once we have said that risk is always at the centre of insurance. We should also understand that risk is at the centre of our life. This means that for every human endeavor there is ‘risk’ as a result of our different economic pursuits. According to David (2001) risk exists where the future is unknown. It represents both desirable events and undesirable event. It is a desirable event when one internationally initiates certain things in order to better his s... read more

Currently a number of studies have been carried out on the impacts of pension reform Act 2004 on both the image of pension business in Nigeria and the entire workers in Nigeria. However, much have not been discourse about impact on the new pension reform act 2004 will bring on the image of pension workers in Nigeria.

Globalization is soaring by the day since the end of the World War II. According to Samuelson (2002), “Most of the world economies have been enjoying growing economic cooperation, widening trade linkages, increasing integrated financial market and rapid economic growth”. We are therefore faced with the stark reality that no nation is an Island unto herself. International trade provides the important economic links among nations. Thus, as nations trade with other nations, there is exchange... read more

the effect of insurance industry in promoting banking services in nigeria

the growth and contribution of life assurance business in nigeria

Introduction of computer in the in the insurance sector has improved every aspect of the industry. Technology plays a major role in data management process at an insurance companies by providing flawless services from underwriting policies, producing documents to collecting various ratings and data. The state of the art implementations offers instantaneous accurate information about different insurance's to the clients. Insurance firms regularly spend a part of their yearly premiums on morde... read more

Risk is an ingredient of all human life. How best to live with, is a problem for every individual and indeed every corporate body for a long time around, men has so urgent ways of controlling the risk elements to which individual, as private or public or as commercial and business ventures as exposed. Until about 25 years ago, the idea of risk management was thought of a subject and as a result of distaste. On the part of corporate and individual insurance buyers will gross inadequate premium re... read more

The role of insurance in the economic development of the country is paramount and vital. In the observation of this fact, the federal government gave approval for the establishment of more insurance companies in the past century. Ever since the establishment and formation of insurance industry, premium has been a vital tool for the contract of insurance to be effectively binding on both parties to the contract. Premium is the monetary consideration passing from the insured to the insurer f... read more

Insurance in its modern form was first introduced into Nigeria by the British long before the arrival of the British a lot of organized trading activities was going on in the Nigeria territory, but there was no organized insurance business, as we know it today. The first insurance company to have a full branch office in Nigeria was the Royal Exchange Assurance. It opened its first office in Lagos in 1921 and until 1949 it practically dominated insurance business in the country. Therefore, there ... read more

the need for intermediaries in insurance market in Nigeria is an issue which its important cannot be over emphasized. Research has shown that the problems encountered by the intermediaries has an impact on the growth of insurance level in our society, there is a wide spread of lack of what benefit it is to the society. Research has shown that there is a significant relationship between the extent to which one understands and the importance one attaches to insurance. The more clear... read more

Insurance is the modern means of protecting himself against losses. It is the device, by which man is able to protect himself against risk. In other words, insurance is the system where an insurance company upon the receipt of a certain amount of money from a person, agrees to pay compensation or render certain services, to the person, if, and whenever that person suffers the kind of loss that was specified in the insurance agreement. What this means is that insurance is the means by which peo... read more

Insurance companies deal principally money and property. According to Brettl. J. the subject matter of insurance is money and money only. They act as mobilizers of funds from surplus units and channel them to deficit units. This channeling can be refered to as indemnity. This can be put in another way, that the primary purpose traditionally of insurance to spread the financial losses of insured members over the whole of the insuring uncertainty by compensating t... read more

There concept “insurance” has defined by many authors and from different perspectives but all those definitions are emphasizing on one thing, that is being a pool of risk also a risk transfer from one person to another. According to Fagan J.I (1989) Insurance is defined as a social derive of explosive units to make their individual losses collectively. Insurance allows the individual insure to substitute a small cost (i.e. premium) for so large but uncertain loss (not to Exceed ... read more

Insurance accounting as related to insurance company is a district and specialized account that is always referred to as ‘specialized account” just like taxation is a specialized area. Though it employs the general accounting principles, concepts and conventions, there are needs for a clear understanding of its preparations. In the days of T-form presentation of financial statement an insurance company account could be easily recognized from the sides of the “T” to which incom... read more