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.
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.
Ugwu, A.
(2018). THE IMPORTANCE AND ROLES OF INSURANCE INDUSTRY IN NIGERIAN ECONOMY. Afribary. Retrieved from https://afribary.com/works/the-importance-and-roles-of-insurance-industry-in-nigerian-economy-9496
MLA 8th
Ugwu, Anderson
"THE IMPORTANCE AND ROLES OF INSURANCE INDUSTRY IN NIGERIAN ECONOMY" Afribary. Afribary, 29 Jan. 2018, https://afribary.com/works/the-importance-and-roles-of-insurance-industry-in-nigerian-economy-9496. Accessed 08 Feb. 2023.
MLA7
Ugwu, Anderson
. "THE IMPORTANCE AND ROLES OF INSURANCE INDUSTRY IN NIGERIAN ECONOMY". Afribary, Afribary, 29 Jan. 2018. Web. 08 Feb. 2023. < https://afribary.com/works/the-importance-and-roles-of-insurance-industry-in-nigerian-economy-9496 >.
Chicago
Ugwu, Anderson
. "THE IMPORTANCE AND ROLES OF INSURANCE INDUSTRY IN NIGERIAN ECONOMY" Afribary (2018). Accessed February 08, 2023. https://afribary.com/works/the-importance-and-roles-of-insurance-industry-in-nigerian-economy-9496
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