Key Features:
A fully complete project work
No of pages: 66
Microsoft word document
Abstract:
ABSTRACT
Insurance companies serves as an indispensable part of the financial system, performing a crucial role in intermediation which results in a flow of financial resources in an economy. Despite their crucial role in Nigeria's economic stability, insurance companies often grapple with performance inconsistencies. This study delves into the intricate web of factors influencing their success, exploring the impact of Information and Communication Technology (ICT) adoption, regulatory quality, skilled personnel availability, and public living standards/knowledge levels on insurance demand. The study was driven by the positivist research philosophy. Hence, the study adopted targeted survey design across six insurance companies. The data were analyzed using tables, frequencies, and mean. T- test was used to test the hypotheses at 0.05 significance. It was revealed that ICT has significant impact on the performance of insurance companies in Nigeria; the regulatory quality of the insurance industry in Nigeria does not significantly affect the performance of insurance companies; shortage of skilled personnel does constrain the performance of insurance companies in Nigeria and lastly it was discovered that the living standard and knowledge level of the public do not significantly determine the demand for insurance in Nigeria. The study concluded that Nigerian insurance industry stands at a crucial crossroads, driven by transformative forces like ICT and grappling with challenges like regulatory quality, workforce preparedness, and public knowledge and living standards. Therefore, the study recommended that Insurance companies should foster collaboration among regulators, embrace technology for efficient supervision, and prioritize transparency and consumer protection.
Table of Content:
TABLE OF CONTENTS
Cover page i
Title page ii
Certification iii
Approval iv
Dedication v
Acknowledgement vi
Table of Contents vii
Abstract ix
CHAPTER ONE: INTODUCTION 1
1.1 Background of the Study 1
1.2 Statement of the Problem 3
1.3 Objectives of the Study 4
1.4 Research Question 5
1.5 Research Hypotheses 5
1.6 Significance of Study 6
1.7 Scope of the Study 7
1.8 Operational Definition of Terms 7
CHAPTER TWO: REVIEW OF RELATED LITERATURES 10
2.1 Conceptual Review 10
2.2 Theoretical Review 24
2.3 Empirical Review 27
2.4 Summary of Empirical Finding 34
2.5 Research Gaps 35
CHAPTER THREE: METHODOLOGY 38
3.1 Research Design 38
3.2 Nature and Source of Data 38
3.3 Population of the study 39
3.4 Sampling technique and sampling size 39
3.5 Data collection instrument 39
3.6 Validity of the Instrument 40
3.7 Reliability of the Instrument 40
3.8 Data analysis technique 40
3.9 Decision rule 41
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION 42
4.1 Data presentation 42
4.2 Test for Hypothesis 47
4.9 Discussion of Findings 51
CHAPTER FIVE: SUMMARY OF FINDINGS, DISCUSSION, CONCLUSION AND RECOMMENDATIONS 53
5.1 Summary 53
5.2 Conclusion 53
5.3 Recommendations 54
5.4 Suggestions for Further studies 55
REFERENCES 56
Appendix 63
Introduction:
Insurance has been in existence for a very long time, right from the 13th century when individual marine insurance providers was established in Italy. Simply put, insurance is the act of transferring risk from one party (The Insured) to another party (The Insurer). The insurance company promises to reimburse the insured in the case of a liability loss where a specific event takes place that is covered under the policy (Insurance Policy). Insurance in Nigeria can be traced back to the 20th century when Nigeria’s economy was solely dependent on agriculture. There was a need for merchants to transport their cash crops to Europe and also reducing the risk of such transportation. This majorly contributed to the dominance of marine insurance in Nigeria at that time (Damilola, 2016).
The insurance industry is one of the most relevant segments for sustainable economic development, not only because it protects society’s assets, but also because it encourages the formation of long-term provisions and reserves. Thus, it is possible to guarantee that advances in income distribution, as well as family consumption, will not regress under adverse scenarios. By promoting virtuous feedback between the productive activity and the legitimate social interest, this sector plays a central role in the promotion of collective well-being. Therefore, Actuarial Science can strongly collaborate in the development of Contemporary Administration (Bispo, 2022).
Actuarial science has risk as its primary object of study. There are risks from any source or nature. A person faces the risk of becoming ill or getting injured, limiting his/her capacity to generate income or losing his/her properties and assets. A person faces the risk of premature death, leaving behind a grieving family who may be financially dependent. Companies, in turn, deal with the possibility of losing their operational capacity because of unforeseen events. There is the additional possibility of damages caused to third parties not directly linked to the action.
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