THE IMPORTANCE AND ROLES OF INSURANCE INDUSTRY IN NIGERIAN ECONOMY

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CHAPTER ONE

 

• INTRODUCTION

Insurance industry is a very vital aspect of Nigeria economy,

and its importance and roles can not be overemphasized, in this project work the researcher want to identify the history of insurance industry in the Nigerian economy and also the actual roles and the importance of insurance industry to the common man and the society at large, such roles and importance includes in every sector of the economy, like, the banking sector, Agricultural sector, aviation sector, Business sector etc.

The research work also treated the types of insurance industry in  Nigeria, here the researcher compared it with the types operated overseas, and the method used to the standard.  Also the project work, focused on the problem encountered by the industry and all the necessary measures that can be used to improve Nigeria insurance up to the world’s standards.  Such problems are viz:

(a)      Lack of government  support;

(b)     Illiteracy in the part of the common man, since Nigeria is still developing;

 

(c)      Lack of adequate infrastructures etc. and the measures to solving them are:

1. public awareness campaign
2. Adequate finding by the government

• Co-operation of the government and the insurance industry to help improve the economy etc.

 

• BACKGROUND OF THE STUDY

The development of insurance industry, in Nigeria has passed

through three distinguishable phases: the initial open door phase, roughly between 1990 and 1960, the transitional phase which concludes with the first national development plan period, 1962 – 1969 and the take  off phase (1990 to the present times), withness the toughening of the framework of government regulation and represents a radical change in government’s attitude toward the control the industry.

THE COLONIAL ERA:

There was when the insurance market were dominated with European companies who monopolies the insurance industry, during this early period, a number of factors did not ensure an active market.  Economic activity is at low level, there was no insurance consciousness by the populace, due to non-existence of some legislation, like that of motor vehicle and other things, it made Nigerian market to grow in a low pace and also the third world war hindered the growth of the market.

After the war, Nigeria experienced a lot of improvement, and after that was the introduction of the worker’s compensation act of 1940 and the road traffic act of 1945 which came into force on 1^st April 1950.  Due to the increase in insurance industry in Nigeria.

 

 

 

TRANSITIONAL PHASE:

This was after Nigeria had their, independent, there was a rapid increase in the number of company establishment, and an increase in insurance industries and some of the foreign companies were turned to indigenous companies.  The first step was to regulate the operations of the insurance companies to ensure a sound and efficiency insurance market, which would not only discharge its duties to members of the insuring public but would constitute the solid foundation for future growth and development.  It was also discovered that some of the insurance companies are not investing in Nigeria, because there was no provision in the law.  This lead to the Act of 1964 which states that  any insurer should invest two – fifth of its premium in Nigeria.

As Nigerian’s insurances industry increases, it was discovered that it is operated by some inexperience people, and it led to problems, and the government arrested the situation by appointing Dr Karl Reichel in October 1966 a United Nations expert.  The most far reaching action of government, which improves insurance business in Nigeria was the establishment of the National Insurance Corporation of Nigeria (NICON) in 1 July, 1969.  in June 1970 the post of the superintendent and deputy superintendence was credited.  This phase experience increase in adoption of direct mechanism, a charging situation which was the inevitable result of the growing belief that effective control of the economy must necessarily accomply the achievement of political independence.

 

PRESENT STAGE:

This was were all the problems and weakness, in the previous stages was corrected, and the government had control or exclusive public ownership of very strategic industries.  The policy of the Federal Military government to participate in a number of key industries was formulated and implemented.  They set up their own institutions and also participated in equity holding of viable foreign owned enterprises.  The government also helped in the promotion, supervision and control of insurance industry in other to protect the investing public.

One of the recent development is the creation of reinsurance, which was mainly operated by Europeans and others.  And also the lunch of the National health Insurance Scheme (NHIS) by president Olusegun Obasamnjo GCFR on 29^th may, 205.

The present stage has thus exhibited the features of the “take of phase”, the market is greatly boosted by legislative provisions for compulsory insurance; set owned industries dot the industrial map of the company, again with the indirect effect of boosting the insurance business new legislation is passed with a view to indulgencing the insurance industry and providing a strong financial base for the companies and ensuring a high standard of insurance practice in Nigeria.

 

 

 

 

• STATEMENT OF PROBLEM

In this section the researcher focused on the prevalence

problems that has led to the insurance industries in Nigeria not performing so well.  These problem militating against the insurance industries roles in Nigeria economy are as follows:

1. Ignorance in the part of the member of the public.