LIMITATIONS TO THE DEVELOPMENT OF INSURANCE IN NIGERIA
(A STUDY OF NATIONAL INSURANCE CORPORATION OF NIGERIA NICON)
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DEVELOPMENT
TABLE OF CONTENTS
Title page i
Approval page ii
Dedication iii
Acknowledgment iv
Abstract v
CHAPTER ONE
INTRODUCTION
1.1 Background of the study 1
1.2 Statement of problem 4
1.3 Objective of the study 5
1.4 Research question 6
1.5 Research Hypothesis 6
1.6 Significance of the study 7
1.7 Scope and Limitation of the study 8
1.8 Definition of terms 10
References 12
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 An overview 13
2.2 History of Insurance in Nigeria 13
2.2.1 Traditional insurance system 14
2.2.2 Modern insurance 15
2.3 History of NICON Insurance company 16
2.4 The effect of insurance business on economic development in Nigeria 20
2.5 contributions of insurance to growth and development
of Nigeria 26
2.6 Role of insurance in economic growth 30
2.7 importance of insurance 35
2.8 How insurance can guaranty once future 40
2.9 problems of Nigerian insurance sector 43
2.10 challenges and prospects of insurance business 46
References 55
CHAPTER THREE
RESEARCH METHODOLOGY AND DESIGN
3.1 Research Design 56
3.2 Sources of data 56
3.2.1 Primary data 56
3.2.2 Secondary data 57
3.3 Population of the study 58
3.4 Sample size and sampling techniques 59
3.5 Instrument in determining sample size 60
3.6 Validity and reliability of instrument used 61
3.7 Method of data presentation and analysis 62
References 65
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1 An overview 66
4.2 Data presentation 66
4.3 Data analysis 67
4.4 Testing of Hypothesis 74
4.5 Discussion of findings 84
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Summary findings 86
5.2 Conclusion 88
5.3 Recommendations 89
5.4 Suggestion for further studies 90
Bibliography 91
Appendix 92
Questionnaire 93
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Regulation of Nigeria’s insurance industry has become substantially intensified in the last two decades. This paper critically evaluates the philosophy and challenges of insurance regulation in the context of post-authoritarian governance and increasing economic liberalization in Africa’s potential largest insurance market. The last two decades has witnessed among others, government regulatory intervention through the establishment of a regulator and mandatory recapitalization.
