Poor Image Of Insurance As A Trait To Its Development

INTRODUCTION

Insurance practice is said to date back to the period when the Phoenician traders playing the Mediterranean sea over 3000 years ago had a system of insuring against loss during their maritime adventure. Marine insurance is therefore the first class of insurance business ever transacted. It was followed by fire insurance which came after the great fire of London in 1966. In 1950, life assurance was introduced and the industrial revolution of the 18th century gave birth to accident insurance (the principle of marine insurance H.A. Tuner) (1971).

However, the present day modern insurance started in Nigeria in 1921, about seven years after the birth of a Nigeria nation in 1914. The united African company otherwise known as the uniliver group of companies, had trading posts in Nigeria. As an offshoot of colonialism it did a lot of trading from U.K. to Nigeria and in order to ensure that claims under its polices were processed on time, it established agencies in Nigeria. It was not until most later that the first British issuance company “the royal exchange assurance was established. This was followed by the Norwich union fire insurance society limited.

Until 1960 when Nigeria gained her independence the development of insurance in the country was allow because of the exploitation of her colonial masters for at independence in 1960, there were about twenty insurance companies owned and managed by expatriate excepting “African Insurance company limited that was founded by the late Dr. K.O. Mbadiwe in 1950 and general insurance company limited founded in 1951. After independence and more especially after the civil war in 1970, there are now over 145 insurance companies almost all of them wholly owned and managed by Nigerians. Since all this insurance companies are established, there has been lots of trait to its development and these trait is caused by poor image of insurance.

The image of anything or being can be described as the mental concept of that thing or being. The public image of an individual, an organization, or a professional group therefore is simply the character of the person or body as perceived by the general public.

TABLE OF CONTENTS

Title page

Approval page

Dedication

Acknowledgement

Table of contents

Abstract

CHAPTER ONE

Introduction

1.1 Background of the study

1.2 Statement of the problem

1.2.1 Framework for regulating insurance company

1.2.2 Failure of government policy

1.2.3 The practice of supervising insurance companies in Nigeria

1.3 Purpose of the study

1.4 significance of the study

1.5 Limitation of the study

1.6 Definition of terms

CHAPTER TWO

Review of related literature

2.1 The insurance market

2.2 The role of intermediaries as a tool

2.3 Level of literacy or illiteracy

2.4 Public ignorance

2.5 marketing

2.6 Image problem

2.7 SAP and the economy

2.8 Political instability

2.9 Prompt claims settlement

2.10 Shortage of manpower

2.11 Inflation

Foot notes

CHAPTER THREE

3.1 RESEARCH DESIGN AND METHODOLOGY

3.2 AREA OF STUDY

3.3 POPULATION OF THE STUDY

3.4 SAMPLE AND SAMPLING PROCEDURE

3.5 SOURCES OF DATA

3.6 RELIABILITY OF INSTRUMENT

CHAPTER FOUR

4.1 DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.2 ANALYSIS OF RESEARCH QUESTIONS PART ONE RESPONDENTS INDICATION OF SEX

CHAPTER FIVE

5.1 Professional practice and ethics

5.2 Recommendation

5.3 Conclusion

Bibliography

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"Poor Image Of Insurance As A Trait To Its Development.." ProjectStoc.com. 02, 2015. Accessed 02, 2015. https://projectstoc.com/read/6078/poor-image-of-insurance-as-a-trait-to-its-development-6332.

Poor Image Of Insurance As A Trait To Its Development

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