Ensuring Positive Consumers Attitude Towards Insurance Contract In Nigeria (A Study Of IGI Enugu)

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Ensuring Positive Consumers Attitude Towards Insurance Contract In Nigeria (A Study Of IGI Enugu)


Abstract


This project is designed to determine the attitude of the general public towards insurance contract in Nigeria. The topic to be discussed is “ensuring positive consumers attitude towards insurance contract in Nigeria. A study of IGI Enugu”. In chapter one of this work, I treated the introduction, significance of the study, statement of problems and definition of terms and also limitations of the study. In chapter two, I reviewed some related literature.

Chapter three is the research design and methodology which focused on the method employed in the course of this work. It related to the type of sample method of collecting data, it also provide the types of data used and its sources. In chapter four, I presented the summary of findings and discussion. Finally, in chapter five I presented the conclusion and recommendations. Where I for saw the need of the insurance practitioner putting more efforts towards attracting the general public in adurring the important of insurance


Table Of Content


  • Title page ii
  • Certification iii
  • Dedication iv
  • Acknowledgement v
  • Table of content vi

Chapter One

  • Introduction
  • 1.1 Background of study 1
  • 1.2 Statement of the problem 6
  • 1.3 Objective of study 6
  • 1.4 Research question 7
  • 1.5 Significance of the study 8
  • 1.6 Scope of the study 8
  • 1.7 Limitation of the study 9
  • 1.6 Definition of terms 10
  • Reference 12

Chapter Two

  • Review Of Related Literature
  • 2.1 Meaning and purpose of insurance 13
  • 2.2 The insurance market 15
  • 2.2.1 The insurance market is up of the following 15
  • 2.2.2 The insurers 16
  • 2.2.3 The insurance intermediaries 17
  • 2.3 Classes of insurance contracts 17
  • 2.3.1 Marine insurance 18
  • 2.3.2 Fire insurance 18
  • 2.3.3 Life assurance business 19
  • 2.3.4 Accident insurance 19
  • 2.4 Factor affecting the insurance contract 20
  • 2.4.1 Size and the distribution of population 21
  • 2.4.2 National income 22
  • 2.4.3 Market competition 22
  • 2.5 Consumers attitudes towards insurance contracts in Nigeria 23
  • 2.5.1 Religious effect 24
  • 2.5.2 Social clubs and age grades 24
  • 2.5.3 Ignorant 25
  • 2.5.4 Claim procedure 26
  • 2.5.5 Low standard of living 27
  • 2.5.6 Fire insurance 27
  • 2.5.7 Motor insurance 29
  • 2.5.8 Marine insurance 30
  • 2.6 Buyers/consumers behaviour. 31
  • 2.7 Claims record 32
  • 2.8 Constraints of marketing insurance products 34
  • 2.8.1 Problems of marketing insurance in Nigeria 35
  • 2.8.2 Culture 35
  • 2.8.3 Political 35
  • 2.8.4 Economy 36
  • 2.8.5 Educational system 36
  • 2.9 Odds in marketing insurance products 37
  • 2.9.1 Quality of service /poor marketing 37
  • 2.9.2 Competition 38
  • 2.9.3 Financial stability 38
  • 2.9.4 Training 39
  • 2.9.5 Fake operation 39
  • 2.9.6 Poor channel of distribution 39
  • 2.10 Legal and regulatory constraints 40
  • Reference 42

Chapter Three

  • 3.1 Research design and methodology 43
  • 3.2 Sources of data 43
  • 3.2.1 Primary data 43
  • 3.2.2 Secondary data 43
  • 3.3 Population of study 44
  • 3.4 Determination of sample size 44
  • 3.5 Reliability of the study 45

Chapter Four

  • Summary of findings and discussion
  • 4.1 Findings 46
  • 4.2 Discussion 64

Chapter Five

  • Conclusion And Recommendation
  • 5.1 Conclusion 48
  • 5.2 Recommendation 49
  • Bibliography 51
  • Appendix I 53
  • Appendix II 54

Chapter One


Introduction

1.1 Background Of The Study

This research work will first look into insurance is all about; insurance as a risk management device is, therefore a contract to the economic well-being of man. It is also endemic in any society as a way of averting and ameliorating the financial consequences of misfortune has been engaging the attention of man at every age. Before the advent of the British Merchant in Nigeria, there was no organized insurance business as we know it today. There has been some existed traditional system of risk sharing, which could be described as crud or primitive forms of mutual and social insurance schemes.

The extended family system, age-grade association, town union were some mutual insurance like schemes for showing benevolence to their members who had suffered some misfortunes such as death, ill-health, fire ravage or court case. Both the extended family system and clan or town union still exists in Nigeria today, but most of their insurance function ahs been taken over by an organized insurance system. Similarly, the age grade system still plays on important role in some parts of the country, especially in matters relating to moral development, but like the extended family system and clan unions, they no longer render any noticeable insurance servicers to their members.


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