The Contributions Of Insurance In The Sports Sector Of Nigeria
In this research work titled ‘The contributions of insurance in the sports sector of Nigeria. The researcher investigated why Nigerian sports sector do not embraces insurance protection. Investigated the factors militating against the insurance industry not to create adequate awareness about sports insurance protection. The information for the study was collected using primary and secondary methods of data collection. For a primary data collection, while existing literature relevant to the topic was consulted for the secondary data.
The research used chi-square statistical model to analyze the data. four major findings were made, based on the findings the recommendations proffered are; Nigerian sports sector should be educated on the benefit of insurance policies to enable them embrace insurance protection. Nigerian insurance industry should try as much as possible to settle claim, for the public not to see them as fraudsters.
Table Of Contents
- Title page
- Approval page
- Table of contents
- 1.1 Background Of The Study
- 1.2 Statement Of Problems
- 1.3 Objective Of The Study
- 1.4 Research Questions
- 1.5 Research Hypotheses
- 1.6 Scope And Limitation Of The Study
2.0 Literature Review
- 2.1 Brief History Of Sports In Nigeria
- 2.2 Concept Of Insurance Industry
- 2.3 Nature Of Insurance Industry
- 2.4 Types Of Insurance Business
- 2.5 Fundamental Principles Of Insurance Law And Practices
- 2.6 Importance Of Insurance Companies In The National Economy
3.0 Research Methodology
- 3.1 Research Design
- 3.2 Procedure For Data Collection
- 3.3 Population Of The Study
- 3.4 Data Analysis
4.0 Results And Discussion
- 4.1 Results
- 4.2 Hypothesis Testing
5.0 Conclusion And Recommendation
- 5.1 Conclusion
- 5.2 Recommendation
1.1 Background of the Study
Nigerian insurance industry has been in a great trend of improvement from the pre-consolidation to the post consideration ear. They are smarting from the wealth sport industry from the recapitalization and expanding globally to compete internation communities. They are currently participating in the local content initiative of out and gas business energy insurance marine and aviation and other transportational and logistic risks. Hence, Nigerian supporting industry is an area that have not actually benefited from the activities of insurance since insurance has been defined as a social security welfare, it will help the participants to boast their confidence in participating in sports without fear. Nigeria is not only seen as a leading country in Africa in the field of sports but also a world achiever in the field such as world cup of various categories is over emphasized.
because he scored four goals in match.the family comprehensively recovered by way of insurance protection which is not obtainable in Africa setting Ukpai (2004) advocated that insurance in sports will create confidence, provides for retirement protection, protects various elements of disability and equally improves an economy. Mordi (1988) Opined that a country with adequate insurance protection is a sick country and s healthy country is a wealthy nation. Based on this maximum it is plausible that we evaluate the contributions of insurance business in the development of sporting sector in Nigeria.
1.2 Statement of problems
Based on the nature of sporting activities in Nigeria and their inherent, The followings are the identified statement of problems;
- Studies has shown that Nigerian sports sector do not embraces insurance protection.
- Lack of awareness has been one of the challenges faced by insurance industry.
- Another major challenge facing Nigerian insurance industry is nonpayment of claims which results to loss of image and confidence in insurance contract by the sports sector.
1.3 Objective of the Study
The aim of this research work is to evaluate the contributions of insurance in the sports sector in Nigeria. The specific objectives of this research work includes the following;
- To investigate why Nigerian sports sector do not embraces insurance protection.
- To investigate the factors militating against the insurance industry not to create adequate awareness about sports insurance protection.
- To know why insurance industry do not pay claims immediately which results to loss of image and confidence in the sports sector.
1.4 Research Questions
The researcher developed the following research questions
- Why are the Nigerian sports sector not embraces insurance protection?
- What are the factors militating against the insurance industry in terms of creating awareness about sports insurance protection?
- Why do insurance industry not pay claims immediately which results to loss of image and confidence in the sports sector.
1.5 Research Hypotheses
Based on the above research objectives and questions, the researcher formulated the following research hypotheses;
- Ho; Nigerian sports sector do not embrace insurance protection.
H1; Nigerian sports sector embraces insurance protection.
- Ho; Nigerian Insurance industry do not create adequate awareness about sports insurance protection.
H1; Nigerian Insurance industry creates adequate awareness about sports insurance protection.
- Ho; Nonpayment of claims immediately by the insurance industry does not results to loss of image and confidence in the sports sector.
H1; Nonpayment of claims immediately by the insurance industry results to loss of image and confidence in the sports sector.
1.6 Scope and Limitation of the Study
Scope of the Study
This research work will focus on the contributions of insurance in the sports sector in Nigeria. The area of this research work is Nigerian football association Enugu state chapter.
The researcher in carrying out this study encountered numerous problems which includes:
- Lack of Research materials
The researcher did not have enough money to visit the company as money times as many times as required data adequately.
The time allotted for the work was not enough. This is because I had to share the time with other academic works of the semesters. This made her unable to cover a lot of interesting areas but therefore limited her research work only at Enugu metropolis.
5.0 Conclusion And Recommendation
This study has attempted to highlight the contribution of insurance to the sports sector. It has revealed the significance of the insurance industry, in national economic development as well as the sports sector. The industry is still quite growing, however, the regulatory body is laying down regulations in an attempt to revitalize the industry. The insurance industry acts as an absorber of the risks and uncertainties normally associated with economic activities, it is our conclusion that enactment and implementation of laws that would enhance the growth of the industry that would increase its contribution to the sectoral growth and development. Hence, we must support our insurance industry to enable it play an effective role as the nation’s risk bearing industry, capable of propelling the national economy to greater heights and further growth. Also, the entire insurance mechanism and the national economy can only function effectively in a peaceful and orderly environment under the rule of law. The future of this industry looks promising if the professionals will remain united, having the same vision and pursuing the same goals.
The industry has been under serious criticisms on account of its reluctance in the settlement of claims and alleged unclear terms of insurance, which were often interpreted against the interest of the clients. These misconceptions have given the industry bad name, to the extent that members of the public consider it a waste of resources to insurance any property. According to Late Mrs. Stella Obasanjo, as quoted in a meeting tagged FIICEN (forum of Insurance Institutions chief executives and National Insurance Commission) said “There remains this belief that the insurance company will manufacture some excuse not to settle your claim in the event of accident”. According to her, an efficient and reliable insurance Industry should constitute a major element in the overall economic development plan, adding that it remains one of the ways in which investors could be persuaded on the security of their investment.
The following recommendations are made:
- A revolutionary promotion of knowledge and education: the number of professionals in this field is too limited. In an effort to improve the status of the industry, there must be a revolutionary promotion of knowledge amongst the brokers.
- Marketing culture: For the industry to develop there is the need to be more creative and innovative especially in marketing initiatives especially for the sports sector.
- Health Insurance: The present Government of the country has to give more emphasis on health insurance for the participants and stakeholders in the sports sector, because they are the areas that demand urgent coverage by insurance industry.
- Government policies and programmes should be geared towards the promotion of insurance awareness by making it mandatory by certain class of insurance in the interest of the public.
- Finally, certain control should be incorporated into the operation of the insurance companies in order to check against misuse of funds, which is supposed to be used in indemnifying people concerned, such control are to make sure that the operations are carried out and the staff are efficient. The areas of control include:
- Structural control
- Procedural control
- Custodian control
- Efficiency control
All these are along institutional line and often referred to as check and balances.
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