Developing Cooperative Insurance In Nigeria; Problems And Prospects

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Developing Cooperative Insurance In Nigeria; Problems And Prospects


Abstract


This study looks into the problems and future prospects of Insurance Co-operative in Nigeria. A survey was conducted in this country to obtain field information on the view of participants in developing co-operative insurance in Nigeria.In making research, it was discovered that Insurance Co-operative has been faced with some major problems like lack of qualified professionals in insurance co-operative. This suggests that with improved training of personnel and other services, insurance cooperative in Nigeria has a bright future.


Chapter One


Introduction

1.1 Background of the Study

The economic framework of the country is not properly structured to effectively make like comfortable for all members of the society. Furthermore, life and property are procured and thus has rationally called for more sophisticated approaches to insurance for adequate safeguard against the threatening dangers of life and property.

As a means of providing socio-economic security to individuals, number of clubs are springing up, for instance, the rotary clubs, the social clubs, philanthropic organizations and co-operative societies, unfortunately, the activities of these organizations as defined in their objectives are divergent and have only made a feeble important on the overall goal of the nation; in what direction?

No research in the insurance industry today could be more responsive to the yearning of the people of this country than a study on the possibility of developing a functional co-operative insurance in Nigeria.

This is more so as individuals are already involved in co-operative ventures through social clubs, co-operative societies and philanthropic associations, which lay a latent foundation for developing of co-operative insurance.

The introduction into these associations is to cement their divergent objectives into one united force capable of achieving lofty ideas of better life for a greater number of people. These happened when the resources of individuals are fooled together for management and self security which is the noble function of co-operative insurance.

Given the absence of well developed social security system in Nigeria, it is important that attempts should be made to promote insurance consciousness among the majority of the population.

In particular, insurance co-operative could move into areas of importance to co-operative movement. Co-operative insurance is not only important for developing of domestic insurance market but also has a vital role to play to the overall development process.

Development of co-operative insurance naturally calls for harmonization of the principles of co-operative with those of insurance. The effective management of the differing identities of these components determines the workability of thee various forms of co-operative insurance.


1.2 Statement of the Problems

One of the key problems of co-operative management is how to balance the short-term interest of group entity. In other rods, the problem is how to maximize the promotional service of members or customers without neglecting to build a sound financial basis for the co-operative enterprises.

Another problem is how to balance the desire for member participation in the decision making and the requirement of every business organization to have decision made with expertise and without delay.

Again is developing co-operative insurance the probable form of the entity in view of the co-operative principles regarding distribution of surplus and societal awareness about co-operatives is called to question. The issue therefore is to determine the organization forms which co-operative insurance can take in the country.

The study derives form another’s philosophies and ideologies about co-operative insurance terms of following.

Nature of Economic: Harmony of principles of insurance as that of co-operative insurance organization and its approaches. All these have been viewed also with reports to the Nigeria situation. Naturally constraints inherent in the various situations are highlighted.


1.3 Purpose of the Study

The purpose of this study is defined in its immediate aims and objectives rather than its ultimate goal. The goal which is long term, namely the creation of effective insurance co-operative in Nigeria cannot be realize in the work.

This study therefore attempts to work into insurance and co-operative activities in this country in order to establish the following facts.

  1. Whether insurance co-operative is being carried on in Nigeria on a scale suitable for the economic development of the country and for the welfare of the citizens.
  2. Whether there is room for further development of insurance co-operative in Nigeria in view of preventing socio-economic and political problems and constrict.
  3. If there is room for future development of insurance co-operative, how a sound one can be organized.

1.4 Research Questions

  1. Are insurance co-operatives being carried on in Nigeria on a scale suitable for the economic development of the country and for the welfare of the citizens?
  2. Is there room for further development of insurance co-operative in Nigeria in view of preventing socio-economic and political problems and constrict?
  3. How can a sound insurance co-operative be organized?

1.5 Importance of the Study

Co-operative and insurance are two district business formular whose respective objectives diverge on the need of entrepreneurs, in strict response to the fundamental principles of co-operative and insurance. A harmonious correlation of the principles of insurance and those of co-operative is a very important aspect of the study.

The study therefore, examined the possible affinity of fundamental principles of insurance and of co-operations in business within the confines of Nigerian business law within this evaluation of the performance of existing co-operative insurance business could be carried out and a meaningful research into future prospects for insurance co-operatives significantly enhanced.

It is of interest to note that so far no word has been carried out with regard to extensive analysis of the impact of the existing co-operative insurance organization.


1.6 Scope and Limitations

Owing to the management practice of the existing co-operative insurance company namely. The national co-operative insurance society. It has not been possible to collect much of necessary information for the study.

Furthermore, there has been virtually no conceptual literature in the area of study.


1.7 Definition of Terms

Co operative Insurance:

Is a type of property-casualty insurance for owners of co-op apartments (or other cooperative organizations).


Chapter Five


Summary, Conclusion and Recommendation

5.1 Summary

In this study, our focus was to investigate cooperative insurance in Nigeria: problems and prospects, using selected staff of National Cooperative Society, Abuja as a case study. The study specifically was aimed at whether insurance co-operative is being carried on in Nigeria on a scale suitable for the economic development of the country and for the welfare of the citizens, whether there is room for further development of insurance co-operative in Nigeria in view of preventing socio-economic and political problems and constrict and, examine how a sound insurance cooperative can be organized. This study was anchored on Modern Theory of Financial Inter mediation.

The study adopted the survey research design and conveniently enrolled participants in the study. A total of 36 responses were received and validated from the enrolled participants who are all staff of the National Insurance Co-operative Society, Abuja.


5.2 Conclusion

Based on the finding of this study, the following conclusions were made:

  1. Insurance co-operatives being carried on in Nigeria on a scale suitable for the economic development of the country and for the welfare of the citizens
  2. There is room for further development of insurance co-operative in Nigeria in view of preventing socio-economic and political problems and constrict

5.3 Recommendations

In the light of the findings and conclusions, the following recommendations are hereby proposed:

  • Re-investment by government into the co-operative society
  • Investment by insurance society into other sectors and
  • Introduction of quality packages.

Are some of the ways a sound co-operative can be organized.


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