The Imperative of Insurance Companies and the Industry’s Development in Nigeria

The purpose of this study was to investigate the Imperative of Insurance Companies and the Industries Development in Nigerian. To carry out the study effectively, we studied ten Insurance Companies in Nigeria, their trends in the structure of insurance companies, the structure and growth in the companies, type of Ownership and the paid up capital of the insurance Industry, Premium Income and the number of Insurance Companies, Assets of the Insurance Company and the type of Business undertaken, and the investment patterns of the Insurance companies, which serve as the measures of variables in the study. Questionnaires were designed to obtain the primary data for the study. The Analysis of Variance ANOVA , Statistical Techniques were used to analyse and test the significance of data collected. The results of the analysis revealed that there is a positive difference between type of ownership and paid up capital of the Insurance Companies that a significant difference exists between the Premium Income and the number of Insurance Companies in Nigeria that the assets of the Insurance Companies and the type of business undertaken by them have no significant differences and finally, there is also a significant difference in the Investment patterns and the type of business undertaken by the Insurance Industry. The implication of the study led to the recommendation that the Government and society should design policies and programmes that could stem the evil practices prevalent in the Insurance Companies as it does have a favourable impact on the Industry's development in Nigeria. Dr. Odogu Laime Isaac | Disu Babatunde Sulaiman "The Imperative of Insurance Companies and the Industry's Development in Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-7 | Issue-3 , June 2023, URL: https://www.ijtsrd.com.com/papers/ijtsrd58571.pdf Paper URL: https://www.ijtsrd.com.com/management/accounting-and-finance/58571/the-imperative-of-insurance-companies-and-the-industry's-development-in-nigeria/dr-odogu-laime-isaac