The Impact Of Insurance Companies In The Development Of An Economy

Get the Complete Project Materials Now

THE IMPACT OF INSURANCE COMPANIES IN THE DEVELOPMENT OF AN ECONOMY

ABSTRACT

 

        The research work conducted in the project topic title “The Impact of insurance Companies in Economic Development of an Economy”, has achieved the objectives of carrying out the study, which are:-

To establish the impact of the insurance companies have made and likely to make in future, the growth and stability of the nations economy and also areas where the insurance industry has failed in its noble objectives and make recommendation for improvements for better services of the industry.

        It has looked into the impact of insurance service to developing economy of Nigeria .  And also the contributions of insurance services to the buyer of insurance products or its benefits to the purchases of these produce such as life assurance product motor insurance, Fire insurance, Marine, accretion.  Insurance plays a significant role in gross domestic products through its financing of investment in Nigerian Companies.

        The project writing was implemented using both primary and secondary sources.  The primary consisted the Questionnaire prepared and distributed to the insuring public. Oral interviews and personal observation (Field Surveys) were also use during the research work.

        While, secondary data was based on review of some related books, Journals and newspapers.

        Response from the questionnaires collected was analyzed using random sampling techniques and frequency tables.

        Finding was emerged based on the analysis ands recombination was provided.

Finally, at the end of the research work, I was able to active the aim of knowing the impact of insurance Companies in economic development.

PROPOSAL

        Insurance is a complex Subject that  involves the people who are willing and able to have the service.

        The objectives of this research work is to establish the impact the insurance Companies has made and likely to make in future, the growth and stability of the nations economy and also areas where the insurance industry has failed in its noble objective and make recommendation for improvement of better services of the industry.

        It will also look into the impact of insurance Service to developing economy of Nigeria.    The Research will also look into the contributions of Insurance services to the buyer of insurance products or its benefits to the purchase of these product such as life Assurance product, motor insurance, fire insurance, Marine, Acration.

Insurance plays a significant role in gross domestic product through its financing of investment in Nigerian Companies.

The project will rely on both primary and Secondary Sources.  The primary data will consists of prepared closed ended questionnaires to be distributed to insuring public.

It will also make use of oral interviews and personal Observation.  (Field Surveys).

        While secondary data will be based on review of some related books, Journals and news papers.  Response from the questionnaires collected be analyzed using random sampling techniques and frequency tables.

 

 

 

 

 

 

 

 

TABLE OF CONTENTS
Title Page                                                 i
Approval Page                                          ii

 

Dedication Page                                          iii

 

Acknowledgment                                        iv
Proposal                                                     v
Table of Content                                         vi

 

 

CHAPTER ONE
1.0   INTRODUCTION                               
1.1   Background                           
1.2   Research Objective                          
1.3   Statement of the Problems   ……         
1.4   Significance of the study                    
1.5   Statement of Hypothesis                     
1.6   Scope of the Study                           
1.7   Definition of Terms                          

        Reference. 

CHAPTER TWO

2.0      LITERATURE REVIEW

2.1   Impact of insurance Company in economic development. …                              
2.2   Positive Impact…                             
2.3   Negative Impact                               
2.4   Various risk insurance Cover. …              
2.5   Factors that cause an economy to develop   ……    
2.6      Conclusion

Reference.

 

 

 

 

CHAPTER THREE

3.0   RESEARCH DESIGN AND METHODOLOGY

3.1   Sources of data                             

3.1.1Primary data                                 

3.1.2 Secondary data                               
3.2   Sample used                                   
3.3   Method of investigation                      

Reference.

 

CHAPTER FOUR

4.0   DATA PRESENTATION AND ANALYSIS

4.1      Introduction                                  

4.2      Data Presentation                            

4.3      Analysis of Data                               

4.4      Test of Hypothesis                           

4.5      Interpretation of results                      

 

 

 

 

 

CHAPTER FIVE

5.0      SUMMARY OF FINDINGS

5.1   Discussion Of Findings                                 

5.2   Conclusion                                        

5.3   Recommendations                                

        Appendix

        Questionnaire.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

1.0      INTRODUCTION

The theme of this project is “The Impact of Insurance Companies on the economic development of an economy”

(A Case Study of Nicon Insurance Plc Enugu).  It is my intention to examine the following:

(a)    Brief history or historical aspect of insurance

(b)    Meaning of Insurance

(c)     Functions

 

(A)          HISTORICAL ASPECT OF INSURANCE

Modern Commercial Insurance was introduced into Nigerian in the first quartet of the 20th – Century by early British Merchants who established trading posts on the West Coast of Africa.  Until 1921 when the Royal exchange Assurance Company Limited opened its Office in Lagos.  The business  of insurance was hither to conducted on Skeletal agency arrangement.

But today, it has increased to many Companies in Nigerian.

 

(B)     MEANING OF INSURANCE

Insurance could be defined as one of the social sciences designed mostly tasking risk and risk taking involves uncertainty of loss (OKWOR, 1985).    Therefore Insurance Company is a Service Company on which the activities of other business enterprise depend for security and protection.

 

(C)    FUNCTIONS OF INSURANCE

        Many writers have mentioned some of the functions of insurance which  the researcher will not hesitate to mention by listened to all these functions.

i.            Insurance guarantees to persons that their individual financial losses will be fairly and equitably distributed over the insured Community or group as a whole.

ii.          By offering financial Security to business and enterprises, by offering money to finance the replacement of loss and damage.

iii.        Insurance Industry serve as an effective vehicle for the mobilization of natural resources for the mobilization of natural resources for the national development efforts.

iv.         Insurance Industry is an important employer of Labour thus provided Joint opportunities for the teeming population  of this country and helping to solve the unemployment problems.

Therefore with the regards to the economy of which is in a state of depression, Insurance functions could be linked as a tool for looking into this depression since the industry  is also in Line with the financial activities of the country.

Insurance Companies provide the service of Financial sustenance to other participants in the economy.   They do this by ensuring the financial survival other business in the event of the  unfortunate occurrence of insurable risks.  Without such financial compensation as offered by the insurance industry, many a business would have been out of existence, with all the attendant economic waste.

The economic development of any nation is closely related tot he behaviour of individuals living in that country as regards how much to save and how much to consume from their earned income.

From the national accounting point of view savings equals investment.  It is also true that for a country where the inhabitants make a consistent effort to save a part of their disposable personal income, such a country will be economically viable that is ignoring the uncontrollable variables such as political instability and depression.

 

SHARE THIS PAGE!