AN EVALUATION OF THE CONTRIBUTIONS OF INSURANCE COMPANIES IN THE ECONOMIC DEVELOPMENT OF NIGERIA

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Date
2014-03-13
Authors
ABEDE, Oiza Husseina
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Abstract
The role of the insurer in any polity is that of bearer of risks. In other words, the populace can feel insulated from risks when they take advantage of insurance to rely on when the unexpected strikes. It is for this reason that the federal government mooted the idea of an insurance company in the late 60s which is today known as NICON Insurance Plc. Hence this project sets out to investigate the contribution of insurance companies in the economic development of Nigeria with keen interest in NICON Insurance Corporation Plc. In order to facilitate the research work and to get reliable information, the data was collected through primary and secondary sources. It is important to note that insurance has, over the years, developed both positive and negative facets – positive in its insulative function, negative in its refusal to perform this function. While acknowledging delay or outright refusal to settle genuine claims by some insurance companies, the populace in placing their insurance trust, must be made aware of the standards that are required of insurance companies to enable the insuring public separate the wheat from the chaff. The role of NICON in shaping the insurance industry in the country and in the general development of the financial industry is quite impressive. Besides, there are still more recommendations in the writeup to help them maintain their status quo in the insurance industry
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BEING A THESIS SUBMITTED TO THE POSTGRADUATE SCHOOL IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER IN BUSINESS ADMINISTRATION (MBA). DEPARTMENT OF BUSINESS ADMINISTRATION FACULTY OF ADMINISTRATION AHMADU BELLO UNIVERSITY ZARIA.
Keywords
EVALUATION,, CONTRIBUTIONS,, INSURANCE,, COMPANIES,, ECONOMIC,, DEVELOPMENT,, NIGERIA
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