CONTRIBUTION OF NON-LIFE CLAIMS TO INSURANCE PENETRATION IN NIGERIA

admin/ December 3, 2019/ Journal of Business and Social science/ 0 comments

CONTRIBUTION OF NON-LIFE CLAIMS TO INSURANCE PENETRATION IN NIGERIA

1 EHIOGU Chizoba Perptua & 2 NDUKA, J.U

1&2Department of Insurance and Actuarial Science, Imo State University, Owerri- Nigeria

Corresponding author:chizzypep@gmail.com

 

Abstract

This study investigated the contribution of non-life claims to insurance penetration in Nigeria. Specifically, the study sought to examine the impact of fire, motor and marine insurance business on insurance penetration in Nigeria. The research employed ex-post facto method. Therefore, secondary data was used in the study. The Data were taken from Central Bank of Nigeria Statistical Bulletin of 2018 and National Insurance Commission annual industry data publication of various years. Multiple regression analysis was applied as analysis technique. It was found that fire insurance claims settlement and marine insurance claims settlement did not significantly impact on insurance penetration in Nigeria while  motor insurance claims settlement did significantly impact on insurance penetration in Nigeria. Given the findings it was concluded that not all classes of non life insurance sector significantly contribute to insurance penetration in Nigeria. Based on the conclusion of the findings of the study it was recommended that the insurance industry should create an umbrella under which traders are enjoined to buy group fire insurance policies in their interest against unexpected fire outbreaks that usually engulf our market places and also the law enforcement agencies should use data of national insurance industry data bank to determine the genuineness of motor policies presented by drivers and more marine voyages should be covered by local insurers to insurance penetration can be widened.

Keywords: Contribution, Non- life, Claims, Insurance, Penetration

 

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