Select Currency
Translate this page


Format: MS WORD  |  Chapter: 1-5  |  Pages: 76  |  1158 Users found this project useful  |  Price NGN3,000





The main purpose of this research work is to examine the historical background of the Nigerian insurance industry with emphasis on the development of modern insurance industry in Nigeria, the role and performances of the insurance industry as well as the clarification of insurance business in Nigeria and to ascertain whether the growth of insurance industry has been consistent with the social economic development of the country. Examination of the scope and structure of the insurance industry as it may effect the growth and development of the country. The research study is divided into five chapters, thus; chapter one deals with background of the study, statement of the problems, objective of the study, research questions, significance of the study, the scope and limitations of the scope and definition of terms; chapter two deals with literature review as they related to the topic of study. Chapter three discusses research methodology subdivided into seven segments. Chapter four deals with the summary of major findings while chapter five deals with the conclusion and recommendations for efficiency and performances of insurance industry in under developing country.





British merchants introduced insurance business in Nigeria. Before then there were some existing traditional systems of risk sharing which is known as primitive terms of natural and social insurance schemes. The age grade associations, claim union were some mutual insurance like schemes for showing benevolence to their members who had suffered some misfortune, such as death, ill-health, fire ravages. In 19th century the British merchant introduced insurance business in Nigeria. The modern insurance structures developed with a lot of legal implications resulting in expressly and documented legal relationship which turned out to be control of insurance. Falegae J.I. (1991) described insurance as a contract between two parties where one of the parties called the insurer undertakes to indemnity the other party called the insured after payment of consideration called premium. Insurance deals with risk which is a probability that an event will turnout to be unfavorable. More importantly, the contract of insurance are governed by the general principles of contract. But on the other account of their special nature, all contract of insurance are in addition governed by fundamental principles of utmost good faith, subrogation and proximate cause. It was in these fundamental principles that the validity of insurance contract depends. Firstly, insurance was affected on adhoc bases usually through mutual or friendly help with the only objective of protecting their members against the insured risk. Under these, the terms, conditions and premiums were fixed in such a way that the insurance funds merely paid its way.


The problems that led to this research work include the following:-

· The image at insurance industry over the years has been shattered as a result of poor claim settlement.

· The role of the insurance industry in Nigeria capital market as a capitalist in the Nigerian economic development still has not been felt much after decades of its operations.

·  The level of competition in the insurance industry is still very low.


· To examine the historical background of the Nigerian insurance industry with emphasis on eh development of modern insurance industry in Nigeria.

· To determine whether the role and growth of the insurance industry has been consistent with the socio-economic development of the country.

· To examine the scope and the role of insurance industry as it may affect the growth and development of the country.

· To make recommendations that can be used to enhance and foster the development of the insurance industry in the future and ensuring its greater impact on the national economy in Nigeria.

At a point, the assumption of risk for insurance purposes developed into modern insurance systems run by limited liability insurance companies in Nigeria. The objective of this study is to evaluate the extents to which the insurance industry in Nigeria has grown using the industry growth variables such as structure, volume of business size, claims, settlement, profit and investment of insurance funds.


For the purpose of this study, the following research questions have been formulated.

· Does Nigerian insurance industry measure high in their volume of business?

· Does the role of insurance industry have any impact in the economic development of the country?

· Is insurance contributing equitably to the growth of the economy now?

· Has the growth of insurance industry in Nigeria contributed to the growth of the Nigerian economy?

· Can insurance companies comfortably settle claims now?


This research work will be of importance to the following:

Students: The project work will provide a source of reference to current and future students that may carry out further research on the related topic.

The stake holders: The stakeholders will benefits from this work in the sense that if the recommendation made at the end of this research are carried out, every one involve will be happy.

Insurance companies: The analysis will also be valuable in interpreting the insurance performances as well as its roles and growth in the country Nigeria.

Government: It will serve as a means of producing future experience to expose areas in the insurance industry where collective actions are necessary either for the country as a whole or to salvage a particular insurance company.



This research work covers on a general basis, the roles, performances and growth of insurance industry in the economic development of the country (Nigeria).


In the cost of preparing this work, the author has met with a lot of constraints, considering the limited time given for the completion of this work and owing to the financial constraints the researcher met difficulties in traveling to various places to obtain data to complement what are handy. Another limitation is the existence of inadequate literature on the subject matter. Similar to this was the unavailability of current data on the operation of the insurance industry. Consequently the work had to be done with only these available.

Another problem encountered is the poor response from the respondents.


1. Capacity to Contract: This means that both parties must have capacity or power to contract.

2. Claims: This refers the payment made by the insurance company to the policy holder that has suffered loss.

3. Economic Growth: This means increase overtime in a country’s real output of goods and services.

4. Investment: This means putting the insured in the same financing position he was before the loss.

5. Indemnity: This means putting the insured in the same financial position he was before the loss.

6. Intermediary: This refers to the middlemen that bring people who want to obtain insurance cover to insurers for business.

7.  Material Fact: It is an information that may influence the mind of a prudent underwriter in assessing a risk.

8.  Peril: The risk insured against.

9.  Rating: This is the unit cost of insurance.

10. Risk: The refers to the chances of loss or probabilities of an economic loss.


Not What You Are Looking For?

For Quick Help Chat with Us Now!

+234 814 010 7220

+233 54 135 1187

Here's what our amazing customers are saying

Emmanuel Essential
Kogi state University
I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟
Very Good
Azeez Abiodun
Moshood Abiola polytechnic
I actually googled and saw about iproject master, copied the number and contacted them through WhatsApp to ask for the availability of the material and to my luck they have it. So there was a delay with the project due to the covid19 pandemic. I was really scared before making the payment cause I’ve been scammed twice, they attended so well to me and that made me trust the process and made the payment and provided them with proof, I got my material in less than 10minutes
Very Good
Gbadamosi Solomon Oluwabunmi
Swift delivery within 9 minutes of payment. Thank you project master
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.


  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on +234 814 010 7220 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.


How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: +234 814 010 7220 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 814 010 7220

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!