Insurance play a vital role in insurance companies in economic growth and development. In spite of these role and growing number of insurance companies in Nigeria, its growth and development is still being hindered because the insurance sector still witness a low level confidence in the insuring public, This study therefore is exploratory study designed to determine the role of insurance in economic development in Nigeria and the trend expectations of the insuring public. The population of the study comprises both staff and customers of Insurance Companies Enugu. This was divided into five chapter. The chapter one contained the introductory part of the project. Literature review, research design, data presenting and analysis, conclusion and recommendation made up other four chapters.
The researcher made use of both primary and secondary data, structured questionnaires were the methods used for the collection of primary data, and secondary data were also collected from textbook and various research materials. But using Taro Yamani, a sample size of 44 was used. In chapter four table and Chi-square was used as a statistical tool for analyzing the data. The research concluded that insurance business is a very wide concept which embraces all those efforts involved in the insurance business in the economic development of the nation and controlling those activities engage in the insurance policy and personal concerned with the priority needed to be placed on the general insurance business in the country because it virtually help citizen of the country through insuring their risk. And recommended The government and insurance companies should launch a massive educational campaign to enlighten the members of the public about their activities (insurance business).
The economic reforms initiated in the early 2011 paved the way for the growth and opening up of the financial sector, which led to a sustained period of economic growth. The insurance industry was opened up for private players in 2000, and has seen tremendous growth over the past decade with the entry of global insurance majors. Nigeria is fast emerging as one of the world‘s most dynamic insurance markets with significant untapped potential. The insurance sector plays a critical role in a country‘s economic development. It acts as mobilize of savings, a financial intermediary, a promoter of investment activities, a stabilizer of financial markets and a risk manager.
The life insurance sector plays an important role in providing risk cover, investment and tax planning for individuals; the non-life insurance industry provides a risk cover for assets. Health insurance and pension systems are fundamental to protecting individuals against the hazards of life, and India, as the second-most populous nation in the world, offers significant potential for that type of cover. Furthermore, fire and liability insurance are essential for corporations to safeguard infrastructure projects and investment risks. Private insurance systems complement social security systems and add value by matching risk with price.
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