THE ROLE OF INSURANCE COMPANIES IN THE DEVELOPMENT OF NIGERIAN ECONOMY

ABSTRACT

 

Insurance by nature, is not a modern day concept.  It has a development history of so many – centuries.  The art of insurance has grown as a result of individual, corporate bodies and government need for the fortunes of lives and business.  Therefore, the types and classes of account were those which were expected to show to the venturers, i.e. the owner of business, government and individuals.

It is based on this that the researcher, therefore, focused this study on the role of insurance companies in the development of Nigeria economy.  Hence, the general objective of the study is aimed at ascertaining the roles which insurance companies plays in the development of Nigerian economy.

Thus, in chapter one, retrospective review of historical development of insurance was carried out, this is following by the background of the study, objectives of the study, research-question and scope of study.

Chapter two takes care of the literature review and was carried out in seven-subheadings, evolution of modern insurance in Nigeria, the fists that may be insured, classes of insurance, the Nigerian Insurance market.

Finally, chapter three really deals with the summary of findings, which is based on the observations of chapter two.  Then conclusion was made on the entire research carried out.

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