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

2.2.1The insurance market is up of the following            15

2.2.2The insurers                                                            16

2.2.3The insurance intermediaries                                  17

2.3      Classes of insurance contracts                                        17

2.3.1Marine insurance                                                    18

2.3.2Fire insurance                                                         18

2.3.3Life assurance business                                           19

2.3.4Accident insurance                                                  19

2.4      Factor affecting the insurance contract                    20

2.4.1Size and the distribution of population                   21

2.4.2National income                                                       22

2.4.3Market competition                                                  22

2.5      Consumers attitudes towards insurance contracts in

Nigeria                                                                    23

2.5.1Religious effect                                                         24

2.5.2Social clubs and age grades                                     24

2.5.3Ignorant                                                                   25

2.5.4Claim procedure                                                      26

2.5.5Low standard of living                                              27

2.5.6Fire insurance                                                         27

2.5.7Motor insurance                                                      29

2.5.8Marine 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

3.2.1Primary data                                                            43

3.2.2Secondary 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. Then the determinant of every marketing is the ability of the producers to provide for the consumers the quality and quantity of goods that will satisfy then at affordable price, provided at accessible place. In event to provide these goods, the producer should consider and see the customer or clients as the “king”, this is because wit

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