PUBLIC PERCEPTION OF INSURANCE POLICY

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PUBLIC PERCEPTION OF INSURANCE POLICY

CHAPTER ONE

INTRODUCTION

1.1 Background to the study

Nigeria serves as a social laboratory for studying marketing of insurance services in developing countries. In spite of being among the developing countries, Nigeria straddles the First and Third Worlds. It is a nation characterised by varying levels of development, vast income inequalities, and cultural diversity in terms of language, religion, ethnicity and resource control crises. It is this rich mix of diverse living conditions that lends itself to experimenting with the development of concepts and

instruments to adequately capture the marketing of insurance services with a view to proffering generalisable suggestions for other developing African countries except, of course South Africa.

Historically, some form of social insurance existed in Nigerian society long before the introduction of the modern insurance in Nigeria (Osoka, 1992). These social schemes evolved through the existence of extended family system and social associations such as age grades, and other unions. The simplest form of the ‗social insurance‘ was practiced by means of providing cash donations, materials or sometimes organized collective labour to assist members of ―extended family‖ and members of social or communal associations who suffer a mishap. The more modern schemes operate through funds accumulated from levies; or regular contributions imposed by an association on its members. The funds are used to assist members who may suffer misfortunes such as death, illness, unemployment; or sometimes members may be given financial assistance for marriages and other celebrations. Despite urbanization and the attendant loosening of family and communal ties, some form of social insurance is still widely practiced by community groups as well as sections of middle-class Nigerians (Osoka, 1992).

1.2 Statement of the problem

Despite Nigerian growing population, it is still lagging seriously behind in the world global market ranking. Nigeria, curiously occupies the sixth position in Africa and 65th in the global insurance market with human development index (HDI) of 0.453 and GDP percapital of $1,050. Her insurance density per capital is USD 4.3 and 0.70% as premium share of GDP (Sigma, 2005, UNDP, 2003). While lamenting the critical state of insurance marketing in Nigeria, Osoka (1992) highlights the prevalence of confusion among insurance marketers between selling and marketing. According to the author, while selling is concerned with creating demand for the products that have already been decided, marketing is directed towards identifying the needs and wants of consumers and planning to satisfy those needs. Hence, in this context, the necessity of understanding the needs and wants of consumers to marketing could be liken to the bone, the tendon, and the ligament of businesses without which no articulation can take place (Gbadamosi, 2000). Accordingly, marketers need to understand the attitudes of customers and prospects to their offerings in order to be able to take informed marketing-related decisions.

1.3 Objectives of the study

1. To understand the level of national orientation on the importance of insurance policy

2. To understand the impact of public perception of insurance policy and its impact on the growth and development of the insurance industry in Nigeria.

1.4 Research questions

1. What is the level of national orientation on the importance of insurance policy?

2. What is the impact of public perception of insurance policy and its impact on the growth and development of the insurance industry in Nigeria?

1.5 Research hypothesis

H0: Public perception of insurance policy does not have a significant impact on the growth and development of the Nigeria insurance industry

H1: Public perception of insurance policy have a significant impact on the growth and development of the Nigeria insurance industry

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