Full Project - INSURANCE COMPANIES AND THEIR IMPACT ON ECONOMIC DEVELOPMENT (2023)

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SUMMARY

Businesses produce goods and services to meet customer demand. As much as these companies report earnings year after year, they also face risk and uncertainty that can result in losses. These include fire, theft, damage from natural or man-made causes, etc. Entrepreneurs have historically engaged in economic activities with pessimism and fear of loss. This prevents large-scale production, which is capital intensive. However, things have improved for the medium with the advent of the insurance business, as business people are encouraged to devote more of their resources to productive activities, knowing that the insurer will reimburse the item in the event of damage or loss. Simply put, insurance is a highly bona fide contract whereby the insurer pays the insured compensation for loss of or damage to insured items. national development in the areas of employment opportunities and gross domestic product (GDP) thus stimulating research interest to conduct a study in this important but neglected economic sector in order to raise awareness among students, business people and the general public about the benefits from the insurance business. Politicians should be informed about areas that need further regulation and/or deregulation.6 In order to do justice to the topic, the researcher therefore used secondary data collection sources. Chi-square data analysis technique was used to fully process the source information. This technique is quantitative and its choice was justified by its ability to give a pictorial view of the search results numerically. The insurance company NICON was also in focus as a case study. Key survey findings include the lack of awareness of insurance issues among the Nigerian population, minimal coverage of industrial activities in such vital sectors as health and agriculture, lack of adequate government as well as private sector involvement in insurance business, deaths of highly qualified personnel, the Works with the industry to build manager confidence; vague and complicated operation and, of course, public distrust of the sincerity of the purpose the insurance business is renounced, the researcher therefore offered remedial recommendations as an infusion of deep sense of professionalism by industry professionals aimed at promoting public confidence, involvement of Insurance training in the school curriculum from high school to post-secondary institutions as mandatory, especially for science students, sponsored programs on electronic media devices and timely on insurance issues, increased government involvement and deregulation of strict rules that prevent private sector involvement in insurance business and discourage early unwinding of genuine ones problem cases at maturity. Study 31.4 Purpose of Study 41.5 Importance of Study 51.6 Hypothesis of Study 61.7 Scope of Study 61.8 Limitation of Study 61.9 Design of Study 7-8 Reference 9CHAPTER TWO: LITERATURE REVIEW 2.1 Introduction 102.2 Insurance Companies and Their Impact on Nigeria's Economic Development. 102.3 Role of Insurers. 1282.4 The insurable risk 142.5 Types of insurance 172.6 The Nigerian insurance market 222.7 Functioning of modern insurance 272.8 Basic principles of insurance law and insurance practice 282.9 Importance of insurance companies in the national economy. 322.10 Summary 34Reference 36CHAPTER THREE: RESEARCH METHODOLOGY 3.1 Introduction 373.2 Research design 373.3 Method of data collection 383.4 Documentation 383.5 Method of data collection 393.6 Study population 393.7 Method of analyzing the collected data 403.8 Summary 41Reference 42CHAPTER FOUR: PRESENTATION DATA ANALYSIS.1 PRESENTATION DATA ANALYSIS. Introduction 434.2 Hypothesis Test 534.3 Five Year Analysis of Insurance Industry Performance9. 60Reference 63CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION 5.1 Introduction 645.2 Summary 645.3 Conclusion 655.4 Recommendation 675.5 Suggestions for Further Study 70Reference 73BibliographyQuestionnaire10CHAPTER ONE STUDY BACKGROUND Developments in our society have made life complex and risky for life and property. This has become so large that traditional methods of helping those affected by misfortune in our societies are no longer sufficient. Therefore, societies need more reliable and reasonable means by which to cover risks or calamities in the future, and herein lies the importance of insurance that protects customers from risks or losses. Most people in our society today do not know or have a misconception as to what insurance entails, what role it plays, or how useful it is in promoting trade and commerce. As a service industry, insurance plays a very important role in a country's economic and social development. In recognition of this, the government has taken further steps to regulate insurance business activities in order to create a sound and efficient insurance market. The insurance business is one of the topics that has secured the public in this country. Many people outside the periphery of the business looked down on the institution and were simply suspicious11 of the insurer and its style of doing business. They argued that insurers are only interested in collecting premiums and are unlikely to pay claims as they arise. This is mainly due to the public's lack of knowledge of their activities. The level of knowledge varies from century to century and depends on the level of socio-economic development of the country in question, which in turn can be determined by the literacy level of the community in question. In a developing economy, the problems associated with misjudging the impact of insurance are not as pronounced as in developed countries, including Nigeria. the fraudulent tendencies of the insurance public are overwhelming. There are some behaviors that indicate that the Nigerian public, educated or not, knows little or nothing about the operation of the insurance business.12 As a result, many questions have been asked. Should insurance companies/brokers continue to exploit the general public due to their ignorance of the industry? Does the business need to be checked? What control measures are there? These are the questions I am asked throughout the essay, along with the same brief suggestions and methods for correcting any gaps discovered. Therefore, this research paper aims to highlight the different functions or importance of the insurance industry for the individual and the whole Nigerian society. There are special social characteristics of insurance that distinguish it from the hardware industry. Insurance is largely an indemnity contract and more so a commodity that people pay for in advance and the benefits of which are reaped in the future. In addition, the aim of the study is to shed more light on the insurance situation in order to raise the awareness of policyholders and future policyholders. This is achieved by highlighting the insurance mechanism13, identifying weaknesses that need to be strengthened and providing recommendations for further study. The study also aimed to highlight the core principles of insurance that society failed to recognize. This work is being done to highlight the need for insurance in our society. With all this in mind, the objectives of this study are as follows: The main objective of this study is to outline the functions, roles and contribution of insurers to the development of the national economy. Identifying whether insurers are useful in our day-to-day activities. Checking whether insurers are actually diligent in fulfilling their financial functions. Suggesting ways to improve insurers' functions

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Full Project – INSURANCE AND ITS IMPLICATIONS ON NIGERIA'S ECONOMIC DEVELOPMENT