THE IMPLICATIONS OF OWNERSHIP STRUCTURE OF INSURANCE COMPANIES ON POLICY HOLDERS PATRONAGE

  • Type: Project
  • Department: Insurance
  • Project ID: INS0021
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 50 Pages
  • Format: Microsoft Word
  • Views: 943
  • Report This work

For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

ABSTRACT

This study is titled the implications of ownership structure of insurance companies on policy holders patronage. I looked into the problem that often associates with ownership structure of insurance companies in Nigeria like lack of fund for expansion in order to carryout its day to day activities, bad records of some past insurance companies in Nigeria, the background of the company and lack of governments total supervision over the companies. I equally looked into the objectives of the study which include identifying the effect of each ownership structure and its implication on the policyholder and also identifying the possible solution in tackling the effects of policyholder’s patronage to private indigenous companies. Through the literature review, it should be noticed that work has been done on the classification of insurance business in Nigeria, the development of insurance industry, indigenization policy, decrees, basic principles of insurance and their effects on the insurance industry. prospects of adequate management of insurance companies is also highlighted. The research so far done which relates to this work has been carried out without consideration for the understanding of ordinary investors who have no knowledge of the legal aspect of ownership in an insurance industry. I equally looked into the research methodology which includes sources of data collection. The sources include primary sources and oral interview. It further looked at research instrument used and validity of the instrument. I also looked at summary of findings which include findings and discussion of findings. furthermore, I looked at the conclusions, recommendations and suggestion for further studies. This project tends to review the structure of ownership of insurance companies in the country and analyze its implications on policyholder – (customers) patronage, this will centre on the attitude of owners towards maintaining good insurance customer’s relationship, and how the policy holder claims and pays premiums.

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

Insurance plays a vital and important role in the economic development of the society. It pools funds for economic losses of the society from where It can indemnify the policyholders should the claim arise at any time.

The wide spread of insurance industry in Nigeria was traditionally based on the mutual solidarity that made up the insurance business structure.

This work captioned “the implication of ownership structure of insurance companies on policyholder patronage” is trying to pin point the reaction of policyholders over the ownership of insurance companies throughout the federation.

It is basical to know if consumers of insurance product, actually prefer individuals managing insurance companies other than government and what benefit they derive from one particular insurance company over others may be due to its structure, activities, good will, aims and objectives.

The conglomeration of different insurance companies in Nigeria made the citizens who are well vast in insurance business apply to be shareholders in the various companies which they felt have solid asset base. This is because they fear that some insurance companies do not settle claims as at when due or at all.

During the era of Llyods where the insurance business started, people never thought of the structure or the ownership of the business, they are only after their goods, business which should be adequately insured and protected. These problems were obstacles to insurance growth and needed  drastic solutions to combat them.

1.2   STATEMENT OF THE PROBLEMS

Ownership of insurance companies in the federation are faced with the following problems and prospects amongst which are:

·         Lack of fund.

·         Bad records of some part insurance companies in Nigeria.

·         The background of the company.

1.3   OBJECTIVES OF THE STUDY

(i)     Identifying how lack of fund posses as a problem to ownership of insurance companies.

(ii)    Ascertaining if bad records of some past insurance companies stand as a problem to ownership structure of insurance in Nigeria.

(iii)   Identifying how the background of a company stands as a problem to ownership of insurance companies.

·         Ascertaining how lack of government supervision posses as a problem to the ownership structure of insurance companies in Nigeria.

1.4   RESEARCH QUESTIONS

(i)  Does lack of fund act as a problem to the ownership structure of insurance companies in Nigeria?

(ii)    Does bad record of some past insurance companies stand as a problem to the ownership of insurance companies in Nigeria?

(iii)   Does the background of a company stand as a problem to ownership of insurance companies in Nigeria?

(iv)   Does lack of government supervision stand as a problem to ownership structure of insurance companies in Nigeria?

1.5   SIGNIFICANCE OF THE STUDY

(a)    It enabled the students to be more careful in obeying the ethics of their profession.

(b)    It also directed the investors on the possible areas to invest, and enabled those that have already invested to have the edge to understand themselves better.

(c)    It enabled the general public to know the importance of insurance products and how best to obtain policy covers.

(d)    It directed the insurance company on how to improve the economy of the insurance business.

(e)    It gave the government the possible solutions on how to tighten their belt if there is any loophole in their control.

1.6   SCOPE AND LIMITATION OF THE STUDY

SCOPE:  In the course of carrying out this research      work, I went to some insurance companies like IGI, NICON, and STANDARD ALLIANCE, to make inquiries. I also went to insurances brokers and agents to ask questions pertaining to the study.

LIMITATIONS:   This research work is limited in certain areas. I was hindered from going beyond where I reached due to some factors like: limited time, finance, and poor transportation system.

1.7   DEFINITION OF OPERATIONAL TERMS

(i)     Claim – This is a demand by the insured for payment under his policy

(ii)    Conglomerate – Group of companies that perform the same function

(iii)   Insured – These are the potential policy-holder of the company

(iv)   Insurance Company – This is the company that sells the service to the insured

(v)    Ownership – Individual or people that own a particular company

(vi)   Policy-holder – The person who owns the policy and who pays the premium usually the insured

(vii)  Product – This is the particular risk that is being insured

(viii) Patronage – The ways individuals patronize insurance companies

(ix)   Premium – Little consideration the insured pays to the insurance company in view of the risk insured

(x)    Proposer – Intending insured.

REFERENCES

Dickson, G.C.A. etal (1982): Introduction to Insurance, Great Britain, Pitman.

Irukwu, J.O. (1977): Insurance management inAfrica, Ibadan, caxon press.

Insurance year book (1996) a pp. 5-9.

THE IMPLICATIONS OF OWNERSHIP STRUCTURE OF INSURANCE COMPANIES ON POLICY HOLDERS PATRONAGE
For more Info, call us on
+234 8130 686 500
or
+234 8093 423 853

Share This
  • Type: Project
  • Department: Insurance
  • Project ID: INS0021
  • Access Fee: ₦5,000 ($14)
  • Chapters: 5 Chapters
  • Pages: 50 Pages
  • Format: Microsoft Word
  • Views: 943
Payment Instruction
Bank payment for Nigerians, Make a payment of ₦ 5,000 to

Bank GTBANK
gtbank
Account Name Obiaks Business Venture
Account Number 0211074565

Bitcoin: Make a payment of 0.0005 to

Bitcoin(Btc)

btc wallet
Copy to clipboard Copy text

500
Leave a comment...

    Details

    Type Project
    Department Insurance
    Project ID INS0021
    Fee ₦5,000 ($14)
    Chapters 5 Chapters
    No of Pages 50 Pages
    Format Microsoft Word

    Related Works

    Abstract This study assessed the impact of ownership structure on voluntary disclosure of information in the Nigerian listed industrial goods companies for the period of ten (10) years 2004 to 2013. Thirteen companies out of twenty three companies were selected based on pre-determined criteria. The data for the study were collected from annual... Continue Reading
    ABSTRACT The study examined the impact of capital structure on the profitability of selected quoted insurance companies in Nigeria between 2011 and 2016. The data were obtained from the published financial reports of selected firms. The panel data analysis was employed in the study. The findings showed that: Total debt ratio (β= 0.07; p>0.05)... Continue Reading
    ABSTRACT Financial management models have impact on wealth maximization. Wealth is maximized when a positive net present value is earned on investments. The use of debt and equity forms the capital structure of a company. Recent empirical studies have focused on how debt or equity affects financial performance. There has not been adequate analysis... Continue Reading
      ABSTRACT This research is carried out to appraise the insurance policy by indigenous construction companies in Nigeria, the main objective of the researcher is to give a concise analysis of the existence of their importance and the need of insurance policy in indigenous construction companies in Nigeria, The method of evaluation used were... Continue Reading
    This study attempts to examine the effect of market segmentation as a tool for improving the performance of insurance companies. Insurance companies are always seeking alternative ways to improve the level of satisfaction among their customers; market segmentation may be a useful tool. Market Segmentation is essential and necessary for any... Continue Reading
    This study attempts to examine the effect of market segmentation as a tool for improving the performance of insurance companies. Insurance companies are always seeking alternative ways to improve the level of satisfaction among their customers; market segmentation may be a useful tool. Market Segmentation is essential and necessary for any... Continue Reading
    This study attempts to examine the effect of market segmentation as a tool for improving the performance of insurance companies. Insurance companies are always seeking alternative ways to improve the level of satisfaction among their customers; market segmentation may be a useful tool. Market Segmentation is essential and necessary for any... Continue Reading
    Firms‟ ownership may be used to increase firms‟ value and also solve problems associated with managers and shareholders. Firm size is gaining importance among researchers as far as performance is concern. To-date the government has divested several SOEs using different approaches among the most popular being; public offering, pre-emptive... Continue Reading
    (A CASE STUDY OF ANNOUNCER NEWSPAPER OWERRI) TABLE OF CONTENTS CHAPTER ONE INTRODUCTION 1.1 Background of study 1.2 Statement of Research Problem 1.3 Objectives of Study 1.4 Significance of Study 1.5 Research Question 1.6 Research Hypothesis 1.7 Definition of Terms 1.8 Assumption 1.9... Continue Reading
    ABSTRACT In Nigeria, we have three kinds or types of media ownership. These include, private ownership, government ownership and mixed ownership. The essence of embarking on this research work- Media ownership and its influence on editorial policy is to x-ray the extent the publishers, or owner(s) of various media houses has gone in using their... Continue Reading
    Call Us
    Get this work
    whatsappWhatsApp Us