TABLE OF CONTENT
Title page
Approval page
Dedication
Acknowledgment
Abstract
Table of content
CHAPETR ONE
1.0 INTRODUCTION
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
CHAPETR TWO
2.0 LITERATURE REVIEW
CHAPETR THREE
3.0 Research methodology
3.3 Population of the study
3.4 Sampling and sampling distribution
3.5 Validation of research instrument
3.6 Method of data analysis
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS AND INTERPRETATION
4.1 Introductions
4.2 Data analysis
CHAPTER FIVE
5.1 Introduction
5.2 Summary
5.3 Conclusion
5.4 Recommendation
Appendix
INTRODUCTION
1.1 Background
of the study
The Before now, motorist, were
at liberty to drive their cars on the public highways without any form of insurance. However,
as the number of cars multiply
on the highways rate of accident injured and death also multiple.
Hence, the need for motor insurance. The first country that gave a lead
in this direction was the great Britain. Other countries have the Traffic Act
at 1930, introduced a compulsory insurance. The Act made it an offence for
anyone to use or permit the use of a meter vehicle on a read unless there is in
force a policy of insurance covering the liability of the motorist against
death or motor accident. The idea of compulsory insurance was recognized quite
early in west Africa and British legislation on the subject was extended to the
four west African British colonies, Nigeria, Gold Coast, Sierra Leone and
Gambia, each of these territories now has it own specific legislation on this
subject. Modern insurance was introduced in Nigeria by European trading
companies which establish trading post in Nigeria and their companies were
appointed agent for insurance business by British companies in London Later,
Nigeria traders and merchant of substantial status where given power to secure
insurance business issues cover meters mostly on cargo and assistance in
settlement of claim. As a result of this progress, Royal exchange Assurance
branch office was established in Nigeria in the year 1921 and this company
dominated insurance business for almost thirty years before
the establishment of other companies such as provincial insurance company, nor
which union, fire insurance company and Nigeria General insurance company
limited to mention but a few – the incorporation of Nigeria into the Board
Traffic Act by the British Parharment in 1945 imposed a statutory obligation on
the users of motor vehicle to provide security against their legal liability
for causing death of or bodily injury to the third parties. According to the
finance-growth nexus theory, financial development promotes economic growth
through channels of marginal productivity of capital, efficiency of channeling
savings to investment, saving rate and technological innovation (Levine, 1997).
Affecting economic growth through these channels is realized by functions of
financial intermediaries. These functions include the provision of means for
clearing and settling payments to facilitate the exchange of goods, services
and assets, the provision of a mechanism for pooling resources together and
channeling them to the most productive sector of the economy for investment,
risk management, and price information to help coordinate decentralized
decision making in various sectors of the economy, among
others (Merton and Bodie, 1995). Among financial intermediaries, the insurance
companies play important role, they are the main risk management tool for
companies and individuals. Through issuing insurance policies, they collect
funds and transfer them to deficit economic units for financing real
investment. The importance of insurance is growing due to the increasing share
of the insurance sector in the aggregate financial sector in almost every
developing country. Insurance companies, together with mutual and pension
funds, are one of the biggest institutional investors in stock, bond and real
estate markets and their possible impact on the economic development will
rather grow than decline due to issues such as widening income disparity and
globalization. Insurance companies are similar to banks and capital markets as
they serve the needs of business units and private households in
intermediation. The availability of insurance services is essential for the
stability of the economy and can make the business participants accept
aggravated risks. By accepting claims, insurance companies also have to pool
premiums and form reserve funds. So, insurance companies are playing an
important role by enhancing internal cash flow at the
assured and by creating large amount of assets placed on the capital market.
Theoretical studies and empirical evidence have shown that countries with
better developed financial system enjoy faster and more stable long-run growth
of which insurance companies contribute to. Well-developed financial markets
have a significant positive impact on total factor productivity, which
translates into higher longrun development. Based on Fukuyama (1995) work,
Merton (2004) noted that due to the absence of a financial system that can
provide the means of transforming technical innovation into broad
implementation, technological progress will not have significant and
substantial impact on the economic development and growth. The main objective
of this article is to investigate the link between the insurance sector
development and economic growth of Nigeria and hence to fill a gap in the
current finance-growth nexus. Thus, the study is meant to evaluate the impact
of motor insurance policies on the growth and development of the economy.
Looking of Zenith general Insurance company Ltd as a study.
Ø Nigerian
motorist are not embracing motor insurance policies.
Ø People
are not aware of the compensation in motor insurance policies.
Ø Nigerian
motor and third parties have not actually felt the impact motor insurance policies.
1.3 Objective
of the Study
The following are the objective
of the study.
Ø To know
why Nigeria motorist embraced motor insurance policies.
Ø To
create awareness of the compensation motor insurance policies.
Ø To
ensure that the Nigeria motorist and third parties actually felt impact of motor insurance policies.
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