2 The World Bank Group is a global partnership of five institutions that are working for sustainable solutions that reduce. 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.
Pdf Capital Structure And The Performance Of Quoted Insurance Industry In Nigeria
The final section suggests possible areas.
Importance of insurance in nigerian economy. In the last few decades insurance industry is one of the key sectors of the Nigerian economy and plays a vital role in the nation economy. In fact insurance companies contribute more to Nigeria economy by capital accumulation than by reparation of loses through compensatory measure. To examine the impact of insurance industry in the Nigerian economy.
The importance of insurance to economic development of a nation cannot be overemphasized the contribution in respect of. All the various insurance forms such as firewindstorm explosionburglary or theft etc fall under the four categories earlier mentionedInsurance has played a role in the Nigerian economy of returning the insured to the status quo before the occurrence of the insured event. The obvious contribution to the nation economy well-being in area of Job opportunities source of finance for government public and private sector of the economy makes the study of paramount importance.
The role of insurance in the growth and development of our economy cannot be over-emphasizedit mitigates the impact of risk and positively correlates to growth as entrepreneurs cover their exposures otherwise risk-taking abilities are hampered. The specific objectives of the study are. To educate and orient the masses on the importance and its role in the development of the economy.
The role of insurance investments in promoting economic growth cannot be over emphaized. Informing NAICOM the NIA and the Nigerian Economic Summit Group NESG a platform for public-private sector cooperation on Nigerias economic development that includes a sub-committee on insurance market development. It is based on this that the researcher therefore focused this study on the role of insurance companies in the development of Nigeria economy.
To identify how insurance services assist commercial transaction in the Nigerian economy. From the foregoing it could be observed that the number of empirical studies is relatively small especially in relation to those on banking contribution to economic growth. Insurance business plays an important role in economic growth by mitigating business risks occasioned by sudden and devastating occurrences in both developed and developing economies.
Insurance industry plays a vital role in Nigeria economy by momentum to the nation economic of the country. The fixed-effect model was adopted and relevant data within the period of 1985 and 2009 were collated and analysed with the use of co-integration analysis. In order to contribute to filling the gap the study focused on examining the importance and roles of Insurance on the Nigerian economy using Nigerian data from 1980 to 2015.
16 SCOPE AND LIMITATION OF THE STUDY. Insurance industry plays a vital role in Nigeria economy by momentum to the nation economic of the country. Sections 3 and 4 consider the importance of the industry to the Nigerian economy in its role as an earner of foreign currency and in the transfer of risks respectively.
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. The sector provides risk management and risk adjustment services to other sectors of the economy. Insurance industrys size growth and market structure while the second considers the role of the industry in the capital market.
16 SCOPE AND LIMITATION OF THE STUDY. It is very obvious that the majority of the public who are ignorant of the contributions made by the insurance industry have more faith in the banking or other financial industries. Hence the general objective of the study is aimed at ascertaining the roles which insurance companies plays in the development of Nigerian economy.
The obvious contribution to the nation economy well-being in area of Job opportunities source of finance for government public and private sector of the economy makes the study of paramount importance. The insurance industry from all indication plays a vital role in Nigeria economic development as well as in the problem of risk management in Nigeria. This article examined the short and long-run relationships between economic growth and insurance sector development in the Nigerian economy.
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