THE ROLE OF INSURANCE COMPANIES IN THE NATION’S ECONOMIC DEVELOPMENT AND GROWTH

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ABSTRACT

The purpose of writing this paper, I have evaluated and highlight the role play by insurance companies in the nations economic development and growth. The focus in the study is on the major development with in the following sectors of the economy.

Banking institution: The insurance companies have played vital roles in the development of banking institutions. These foundations of the insurance institution had helped the banks because most distressed banks are due to loan which they are unable to recover.

Individual: insurance stimulates business activities since in the event of any loss the insurance must indemnify the individual restraining the money and property which could have been on economic west.

The public: the public had almost lost faith in indigenous bodies but the establishment of NDIC has vectored the confidence in the public to deposit with these banks.

TABLE OF CONTENTS

TITLE PAGE i

APPROVAL PAGE ii

DEDICATION iii

ACKNOWLEDGEMENT iv

ABSTRACT v

TABLE OF CONTENT

CHAPTER ONE

1.0 INTRODUCTION

1.1 OBJECTIVE OF THE STUDY

1.2 SIGNIFICANCE OF THE STUDY

1.3 SCOPE AND LIMITATION OF THE STUDY

1.4 DEFINITION OF TERMS

CHAPTER TWO

2.1 OVERVIEW OF INSURANCE

2.2 DIFFERENT CLASSES OF INSURANCE AND THEIR CONTRIBUTION IN ECONOMIC DEVELOPMENT

2.3 THE ROLE OF INSURANCE

2.4 RESTRICTIVE FUNCTIONS

CHAPTER THREE

3.1 SUMMARY OF FINDINGS

3.2 CONCLUSION

3.3 RECOMMENDATION

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THE ROLE OF INSURANCE COMPANIES IN THE NATION’S ECONOMIC DEVELOPMENT AND GROWTH

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