The Role of Insurance Company in Nigeria as Non-banking Financial Institution: Problems and Prospects

The Role of Insurance Company in Nigeria as Non-banking Financial Institution Problems and Prospects

The Role of Insurance Company in Nigeria as Non-banking Financial Institution Problems and Prospects

 

Abstract of The Role of Insurance Company in Nigeria as Non-banking Financial Institution Problems and Prospects

This study attempt to provide a general information and knowledge about the impact of insurance companies in the business world. A case study of business organization in Benin City. The scope of the research is based on principally on their (insurers) impact o businessmen, individual and business world. There are set down objectives for this study, and to achieve those, set down objectives questionnaires and oral interview and retrieving of some secondary data from books, journals, newspapers, to collect useful information was undertaken. The data were analyzed and findings were made which revealed that the Nigeria insurance company has failed the Nigeria populace in terms of the provision of the insurance services. Some of such failures are non-payment or settlement of claims by capitalizing on the ignorance of their legal right and genuine development and expansion of business forms. Also from the findings, policy recommendations were made to insurance companies so as to regain their public fast fading confidence on them.

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