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IMPACT OF THE NIGERIA CAPITAL MARKET ON THE GROWTH OF INSURANCE SECTOR IN NIGERIA

IMPACT OF THE NIGERIA CAPITAL MARKET ON THE GROWTH OF INSURANCE SECTOR IN NIGERIA

 

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CHAPTER ONE

  • Introduction ……………………………………………………1
  • Statement of problem……………………………………….……7
  • Objective of study ………………………………………..……10
  • Significance of the study ………………………………………11
  • Scope and limitation of study …………………….…………13

CHAPTER TWO

  1. Review of related literature ………………………….…..……1

2.0     Introduction ……………………………………………………1

2.1     Types of  insurance business …………………………………15

2.2     The role of the insurance sector in the economy ………………20

2.3     What is the capital market …………………………..………24

2.4     Role of capital market in economic development …………….26

2.5     Factors in the growth of the capital market …………………30

2.6     The security market …………………………………………36

2.7     Back ground to the development of Nigeria capital market…42

2.8     Nigeria’s capital market problems ……………………….43

2.9     Composition of Nigeria’s capital market…………………….50

2.10   The stock exchange …………………………………………..59

CHAPTER THREE

3        Research methodology ………………………………………64

3.1    Introduction ……………………………….………………64

3.2     Research design ……………………………….…………….65

3.3     Source and method of data collection …………………………65

3.4     Population and sample size ………………………………….66

3.5     Method of data analysis ………………………………..67

CHAPTER FOUR

4        Data presentation, analysis and interpretation …..…………….69

4.1     Introduction …………………………….………………69

4.2     Hypothesis testing ……………………………………84

4.3     Finding ……………………………………………90

CHAPTER FIVE

5        Summary, recommendation and conclusion ……..……….…..91

5.1     Summary ………………………………………………92

5.2     Recommendation ………………………………………96

5.3     Conclusion …………………………………………100

Appendix ……………………………………..……103

Reference ……………………………………….……105

 

ABSTRACT

The aim of this study is to analyze he impact and benefit of the capital market in the realization of the insurance industry contribute to the economy. Despite the low number of insurance companies listed in the stock exchange, there are positive prospects of improvement after the recent capitalization. The problems encountered during the research would be addressed through the implementation of the suggested solution. It was finally conclude that capital market contributes to the growth of insurance sector in Nigeria.

 

 

CHAPTER ONE

1.1   INTRODUCTION

For any country to be economically sound, she must experience a growing economic sector. It is of interest to Nigeria and other third world countries to attain a steady economic growth rate, as this would enhance National development. Economic growth and development involves an increase overtime of per capital real gross National product (G.N.P) and the welfare of the population.

 

For economic growth to be achieved, a certain issues that act as constraints ought to be tacked. These issues include technological development, human resources development, low productivity, capital formation, price stability etc. (Iniodu 1996). And as Nwankwo (1991) observes, capital formation which is the function of an efficient financial system is very vital” capital formation involves the mobilization and channeling or resources form the surplus spending units (ssu) to the deficit spending unit (Osu). The Nigeria capital market is a critical part of the financial system which performs this allocative role.

The market is the long term end for financial market. It is made up of the market and institutions, which facilitate the issuance and secondary trading of long term financial instruments. Unlike the money market which function basically to provide short-term funds, the capital market provides funds to industries and government to meet their long-term requirements.

 

The capital market has it’s mission statement that is “promoting the Nigeria capital market to respond to the socio-economic development need of the nation”. The objective of the capital market is to mobilize long-term funds for investment. The capital market is performing various functions. The capital market provides an additional channel for engaging and mobilizing domestic savings for productive investment and represents alternative to bank deposit, real estate investment and the financing of consumption loans. It also provides deposit with better protection against inflation and currency and depreciation.

 

Another major function of Nigeria capital market is to improve the efficiency management changes as compared with the administrative or potential mechanism of public sector corporations. The capital market facilitates the transfer of enterprises from the public sector to the private sector and encourages privatization by increasing the marketability of new issues. The capital market employs some instruments used to raise funds, these instruments are equities-ordinary shares  and preference shares. Debt government bonds (federal state and local government). Industrial loans / debenture stocks and bonds.

The players in the capital market are the funds providers who are individuals, unit trusts, pension funds, insurance companies, government intermediaries are the stock broking firms, issuing housing, registers, audit firms and regulators e.g. securities and exchange Commission. The Nigeria stock exchange central bank of Nigeria and the federal ministry of finance.

However, there is a growing concern about the efficiency or otherwise of the Nigeria capital market and to the role f the insurance sector. Ajayi (1984) sees it as “efficient in the sense that, the capital market has increased the nation’s output and equitable distribution of the output.

But, Williams (1988) see that capital market as “inefficient in pooling funds for investment” he observe further that by participation of only a few elites, it has helped to widen the gap between the rich and poor.

This project attempts to determine the influence of this market on the growth of the insurance companies in Nigeria. In particularly, its sees to clarify the role of the insurance companies as key players in the capital market and how role has strengthened insurance business in Nigeria.

1.2   STATEMENT OF THE PROBLEM

To understand the subject matter we will look at the capital market on the growth of insurance in Nigeria. We want to, also believe that the insurance company is a member of the capital market which function among others involves in the channeling of long-term funds from the surplus to the deficit for investment, but after the finding of William (1988) was sees the capital market as being inefficient, implying that insurance company is inefficient in pooling funds fro investment. He also added that only a few elites get such funds thereby creating a gap between the rich and the poor.

At this point I will like to identify those factors that have render the insurance sector the efficient and that must be done to correct those capital of both life and general insurance to #20 million and #50 million, where the general business includes oil and gas insurance, among another activities. Reinsurance has a minimum paid-up capital of #150 million (Akpan 1999). One of the major sources of capital insurance companies is the capital market that has being fully descried in the introduction.

Examining the performance of the five companies quoted on the stock exchange, prestige assurance, Nigeria insurance and Allco insurance company’s profit before taxation and also an increase in the profit after taxation. Dividends were also recommended a dividend payout of NGN, 55,440, 625, while Allco recommended NGN 70 million to share holders. This was made possible by the allotment of right issues in the year 2003 per all three insurance companies which was as a result of the company’s recapitalization plan.

The same cannot be said for crusade and unic insurance, which recorded a slight decrease in 2002 and 2001 despite the impact of the capital market. This can be as a result of the general impact of variable knowing fully well that the main function of an insurance company is indemnity which is taking an individual to where he or she was before he or she suffers loss and finally is want to know why only few insurance companies are quoted.

1.3   OBJECTIVE OF THE STUDY

The objective of this research are as following:

1)     Examine the capital market in the development of the insurance sector..

  1. ii) Appraise the impact of the Nigeria capital market on the growth of the insurance business in Nigeria.

iii)    Identity the problem confronting the insurance companies as beneficiaries of the services provide by the Nigeria capital market.

  1. iv) Make recommendations on the efficient management of the Nigeria capital market.

1.4   SIGNIFICANCE OF THE STUDY

At this time, the Nigeria government is intensifying efforts to boost the country’s economy, the need to research on the fact that led to economic growth in Nigeria cannot be understated. This study will aid our understanding of economic development via the insurance sub-sectors participation in the capital market.

Thus, this research work is considered to be important to:

  1. i) The government for policy formulation.
  2. ii) The business community for the purpose of investment and capital formulation.

iii)    The result of work will serve as a reference materials for  researches.

  1. iv) This study will enhance the knowledge of the researcher more about the capital market and the insurance sector.

1.5   SCOPE AND LIMITATION OF THE STUDY

In the course of carrying out this research work the researcher was faced with some limitation. Such as:

1)     Time constraint: The duration allowed for this study is limited and insufficient for wide traveling together materials.

 

CHAPTER TWO

REVIEW OF RELEVANT LITERATURE

2.0   INTRODUCTION

 

 

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the impact of the prudential guidelines in the insurance industry

the impact of the prudential guidelines in the insurance industry

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PROPOSAL

What I intend to achieve as the researcher of this project topic the prudential guidelines on insurance companies will hold for the industry in the nearest future.  This is to centered on the impact the issued of guidelines by the various regulatory bodies like the insurance Decree of 1996 and 1991 and the establishment of various bodies like the Nigerian insurance stock brokers and others.

I also want to achieve the performance apprisal of the insurance companies with view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued.

In an effort to access the impacts of the implementation of the prudential guidelines one must first and for most achieve why the guidelines were issued and what they were intended to achieve.

Hence the need to findings lasting solutions to sanities the insurance industry to bring about a more better future for its existence.

Chapter one

Vividly speaking this will base on Introduction, Background of study, statement of problems, objectives of study, significance of the study, scope limitation and delimitation and lastly Definition of terms.

Chapter two

This particularly involve the Review of related literature, objectives of insurance regulation, insurance Decree of 1976 and insurance Decree No 58 of 1991.

 

Chapter Three

Under this chapter we have Research designed and methodology, Data source, Data type, Data location and method of investigation applied.

 

          Chapter Four

This will basically base on presentation and analysis of data, General review of Nigerian insurance market and claims.

Chapter Five

This will contained the following findings, recommendation and conclusion.

ABSTRACT

          This project work is aimed at giving an insight of what the prudential guidelines on insurance companies hold for the industry in the nearest future.

It is centered on the impact of issued guideline by the various regulatory bodies like the insurance.  Decree of 1976 and 1991 and the establishment of the various bodies like the NISB and others.

It also examine the performance apprisal of the insurance companies with a view of improving revenue profits, identifying the problems faced as a result of this prudential guidelines issued.

Hence the need to finding lasting solution to sanitize the insurance industry to bring about a more better future for its existence.

 

 

 

 

 

TABLE OF CONTENT

CHAPTER ONE

1.0            Introduction                                                                   1

1.1     Background of study                                                     2

1.2            Statement of problems                                         3

1.3            Objective of study                                                          4

1.4            Significance of the study                                                5

1.5            Scope limitation and delimitation                                  6

1.6            Research  Hypothesis                                                    8

1.7            Definition of terms                                                         9

 

CHAPTER TWO

2.0            Review of Related Literature                                13

2.1     Objectives of insurance regulations                      15

2.2            Insurance Decree of 1976                                              17

2.3            Insurance Decree No 58 of 1991                                    17

2.4            Insurance Association                                                    18

2.5            Brief History of Insurable interest                                 27

2.6            Claims settlement                                                          29

 

CHAPTER THREE

3.0            Research Design And Methodology                     52

3.1     Data source                                                                    52

 

CHAPTER FOUR

4.0            Presentation and analysis of data                                  58

4.1     Introduction                                                                   58

4.2            Presentation of Question                                               58

4.3            Analysis of Data                                                            68

 

CHAPTER FIVE

5.O    Summary of Findings                                                    76

5.1            Decision of Findings                                                      78

5.2            Conclusion                                                           79

5.3            Recommendation                                                 81

 

Bibliography/References                                                83

CHAPTER ONE

1.0     INTRODUCTION

          Insurance companies deal principally money and property.

According to Brettl. J. the subject matter of insurance is money and money only.  They act as mobilizers of funds from surplus units and channel them to deficit units.

This channeling can be refered to as indemnity.

This can be put in another way, that the primary purpose traditionally of insurance to spread the financial losses of insured members over the whole of the insuring uncertainty by compensating the unfortunate few from the contributions of all members.

Premium changed by the insurance company is its primary sources of manning income, therefore the insurance companies help on premium for its insured or person, financial rights or liability to mention but a few.

However, the financial compensation promised by the insurer is what is called the subject matter of the contract.

Insurance contract is subject to the general Principles of Nigerian Law of Contract as in any other commercial activity.  It these principles that makes for its validity.  Not only does it affect insurance but it operates in every other commercial aspect of life.

 

1.1     BACKGROUND OF STUDY

The role of insurance as one of the major economic activities of a nation has long received would acclamation.  It is not a dispute that insurance has attained a high degree of commercial sophistication.

Insurance business plays a major role in shaping the economic furtunes of the business enterprise institutions and individuals.

The economic profits of any country usually has an impact on both cost and benefits of insurance.  Thus one should consider the examination of the subject of insurance regulation timely in view of current economic climate.

 

1.2     STATEMENT OF PROBLEMS

It has been a concern within the insurance industry on the introduction of the prudential guidelines, as it affects the performance appraisal of the insurance companies.

This research work is geared towards investigating the impact of this guideline as it affects the insurance industry in Nigerian.

In 1979 there was an act guiding the operations of insurance and ie- insurance business in Nigeria.

This act stipulated that minimum of 25 percent of the total assets of the insurance companies should be held by government and semi-government securities.

Non life insurance companies should invest not less than 10 percent of their total assets in real estate,  while the minimum proportion for life insurance companies was fixed at 25 percent.

However, in recognition of the financial intimidation role of insurance companies by government the lending operation of the companies were brought under the control of the C.B.N with effect from April 1978.  From then an insurance companies required to render monthly returns of their operation to the bank within 30 days from the end of each month.

 

1.3     OBJECTIVES OF STUDY

  1. To ascertain the impact of the prudential guidelines on insurance companies.
  2. To examine the facts contained in the prudential guidelines issues.
  3. To examine the performance of insurance companies with regards to premium income and profit since the introduction of the prudential guidelines.
  4. To identify the problems insurance companies face as a result of the introduction of prudential guidelines.
  5. To know whether insurance companies now send monthly report to regulatory bodies.
  6. Recommendations on the researcher’s findings.

 

1.4     SI9GNIFICANCE OF THE STUDY

  1. INSURANCE COMPANIES

This licensed companies will, through this research, work improve on their performance since the researcher will let the public know all that is required of the insurance companies as contained in the prudential guidelines issued on licensed insurance companies.

 

b.       THE GOVERNMENT

Since the government though it regulatory bodies like NISB, C.B.N, etc issued the prudential guidelines this research will help the government know whether to let the prudential guideline continue or to withdraw it from being used by insurance companies.

 

 

 

 

C       THE PUBLIC

The public here includes, the “insured” and the intending ones.  This research work will help particularly the intending policy buyers to be aware of the new insurance policy on the insured.

 

1.5            SCOPE LIMITATION AND DELIMITATION

SCOPE

This research work covers the facts of the guidelines, premium income and profits position of insurance companies before and after the prudential guidelines, how the insurance companies welcome this new guidelines the impact the guidelines have made so far and the problems facing insurance companies as a result of the guidelines.

 

LIMITATION

 

 

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Management of life assurance fund in nigeria insurance industry

Management of life assurance fund in nigeria insurance industry

(a case study of union assurance limited)

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Table of content

Chapter one

Introduction

Literature review

  • Background of study ——————————–1
  • Statement of problem ——————————-5
  • Objective of the study ————————— —5
  • Research questions ——————————- -6
  • Research hypothesis ——————————–7
  • Significant of the study —————————–7
  • Scope and limitation of the study —————-8
  • Definition of the terms —————————–9

 

 

Chapter two

Literature review

2.1   an overview —————————————– 12

 

2.2   historical development of the case of study —-14

2.3   history of life assurance program  ————- -16

2.4   meaning and purpose of fund ——————–17

2.5   management of insurance fund ——————21

2.6  model to guide life assurance fund—————-22

2.7   problem recounted red in investment of insurance fund—————————————————–24

2.8   prospect of adequate management ————— 26

 

 

 

Chapter three

Research methodology band design

3.1   an overview ——————————————-30

3.2   source of data —————————————-31

3.3   population of study———————————–33

3.4   sampling size determination ———————–34

3.5   questionnaire administration ———————-35

3.6   method of data analysis—————————–36

 

 

Chapter four

Data presentation analysis and discussion of findings

4.1   data presentation———————————38

4.2   testing of hypothesis——————————53

4.3   discuss of finding ——————————— 56

 

 

 

Chapter five

Summary of finding conclusion and recommendation

5.1   summary of finding———————————58

5.2   conclusions——————————————61

5.3   recommendation————————————64

5.4   suggestions for further studies——————–65

Bibliography ——————————————67

Appendix———————————————-69

Research questionnaires———————————-70

 

 

 

Abstract

It is common to see report of business falling than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation, the company will not meet their solvency margin thereby running away from their obligation as to settle claims which in turn portray ugly insurance image. This study there for is exploratory study designed to determine how life assurance fund are properly managed. The population of the study comprises both staff and customers of union assurance enugu. A sample size of fifty (50) was selected made up of 20 staff and 300 customer both primary and secondary data were collected.

 

 

Questionnaire coupled with personal interview were the main research instrument. The data was analyzed by the use of chi square statistical method. The study came out that for proper management of life insurance fund, the premium should be invested both in short band long term investments so that insurance company will meet their obligation as to settle claims. It was recommended that all the stakeholders, including management of insurance companies, policy makers and policy holder should collaborated come out with conductive business climate to ensure effect management of life assurance funds for great returns to investors.

Table of content

 

 

 

Chapter one

Introduction

  • Background of the study

It is common to report of business failing than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation the company will not meet their  solvency margin thereby running away from their obligation image. However it will also have a drastic effect on the nigeria economy when it failed. In order top nurture the interaction, this research focus on insurance industries and how they management life assurance premium, to know if the premium are invested as stipulated by law, how they handle claim and the beneficiaries and also how life assurance fund help in the economic development of nigeria.

Moreover, management of life assurance fund in insurance industry related primarily to the way the industry management life assurance premium in order to achieve organizational goal and objective using available fund efficiently and effectively.

 

 

However in context to management, union assurance limited. Limited is an associate of union bank of nigeria plc. The company was registered as an insurer on november 18, 1993 and actually commence business in 1998. At the time, it was the first attempt by any bank top venture into universal banking. It therefore become the life assurance specialist’s underwriter with in the same period. Recently, union assurance is redefining those strong potential to challenge industry management with the top five brackets. Apart from restructuring its operations, the company is diversifying and expanding at a period where competitor mare contracting due to uncertain economic conditions. (a new management driving change and excellence is  in place and venturing into new frontiers that were uncultivated. The changed in management has also brought to bear on the company’s operation innovation which are impacting passively on the work culture in union assurance) union assurance also has a robust investment portfolio cutting across assets in the equity, money bond and property marked totaling over n5 billion they also employs a conservative but dynamic investment strategy geared towards increasing the company income and profitability.

 

 

More so, in managing life assurance fund money is pooled together with that of other investors to create a single strong fund that provide significant investors benefits which include an instant increase in buying strength there by contributing towards economic development in nigeria. However, life assurance fund accumulate through payment made by the assured person called premium so that should death occur, prior to a specified date or upon survival at an agreed period funds would be made available from the scheme to pay whatever benefits that are due. The idea for assistance and association is not new to the nigeria society various town and clan union and social clubs have various ways of showing benevolence to their bereaved. It is customary for people to pay condolence visit and present a sympathy purse. Practices are similar to mutual life assurance.

 

 

In addition to this, there are also the long-term needs to create and sustain an enable environment that will engender safe practice against destructive runs in managing life assurance funds, protecting and ensuring fair play among insures in the industry.

 

 

1.2  state of problem         

Complex set of interrelated problem are identify as following:

  1. Mismanagement
  2. Inability to invest life assurance fund in varieties of security due to lack of experts.
  • Ineffective investment management of life assurance fund which affect expectations of the insuring public and growth of the industry.

 

 

1.3  objective of the study

Having been exposed to the problem the research tends to achieve the following:

  1. To described implication and suggest possible ways of managing life insurance fund.
  2. To assess the factors that determines the area of investments of life assurance fund.
  3. To ascertain whether life assurance fund are invested more on short- term investment than on long-term investment instrument or vice versa.
  4. To promote investors confidence toward life assurance.

 

 

 

  • Research question
  1. What appropriate strategies can be put in place to ensure effective management of life assurance funds?
  2. What factors determine the areas of investment of life assurance fund?
  3. What form of investment is life assurance fund put into most (long term or short-term investments insurance)?
  4. What are the trend expectation of the insuring public?

 

  • Research hypothesis

The research work tends the following hypothesis listed below:

Ho:   management of life assurance has no positive effect on the economic growth and development of nigeria.

H1management of life assurance fund has positive on the economic growth and development of nigeria.

 

 

  • Significance of the study

It is aimed that study will help the insurance to plan organize and control life assurance fund in order to maintain proficiency and standard in insurance practice thereby investing life assurance fund in varieties of investment. In turn have adequate fund to settle claim which portray good insurance image and bring development in nigeria economy.

It will also aid the candidate or student having hnd in insurance to know the various areas where insurance can invest.

 

 

 

  • The scope limitations of the study

This research work limit to one of the insurance companies in enugu, union assurance company of nigeria to be precise.

There are a lot of constraints in the gathering of information of the research work but the major constrain are following are to be precise.

  1. Time: in report to the theoretical and practical work the time allowed the project was limited beside there was carried out with other academic assessments.
  2. Financial: due to high rate of academic fees, i could not be able to carry out research with easy as i was planned.

 

 

 

  • Definition of terms
  1. Management: this is the act of running and controlling a business or similar organization so as achieve the organizational goal.

Ii.     Insurance: is a contract between two parties insured whereby the insured pay small amount of money called premium and the insurer promise to compensate the insured when the specified risk insured against occur.

 

 

Iii.    Life assurance: is a contract of insurance on party called the insurer agreed that subject to some term exception and condition and condition that he would pay some money on the dearth of life assured on the precious maturity of the policy

  1. Fund: this is an amount of money that have been saved or made available for particular purpose.
  2. Premium: is the monetary consideration paid by the insured for insurance covers ie the price of service rendered.
  3. Investment: to put money effort time into some things to make a profit or get an advantage. It can buying of property or share in a company as to make profit out of it
  • Management: to organize or control a business badly.
  • liquidation: to cause a because to close, so that its assets can be also to pay its debts ie the process by which a company or part of a company is bought to an end, and the asset and property of a company redistributed these can also be seen as winding up of a firm by selling off its free (unpledged) assets to convert them into cash to pay the firm’s unsecured creditors.

 

 

  1. Solvency margin: this is a minimum excess on an insurance assets over its liabilities set by regulator. It can be regard as similar to capital adequacy. It is also company ability to pay claim.
  2. Policyholder: is a person or a corporation whop owns an insurance policy. It also the owner if an insurance policy: usually, but not always the insured.
  3. Stakeholder: a person group or organization that has interest or concern in an organization ie person, group
  • Organization member or system who affect or can be affected by an organizations.

Continue reading Management of life assurance fund in nigeria insurance industry

Impact of pure water production on the economic development

Impact of pure water production on the economic development of nigeria

 

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Chapter one- introduction

1.0 background to the study…………………………………….……………….2

1.2 statement of the research problem…………………………………………….2

1.3 objectives of the study………………………………………………………………………….3

1.4 research question…………………………………………………………….4

1.5statement of the research hypothesis………………………………………4

1.6 scope of the study…………………………………………………………..4

1.7 significance  of the study……………………………………………………5

1.8 limitation of the study……………………………………………..………….5

 

 

Chapter two  -literature review

2.1production techniques…………….………………..……….………………..6

2.2 packaged water production system…….………………….…….…………7

2.3 quality issues in packaged water production………….……………………7

2.4 procedures for packaged water production……………………………….….8

2.5 the nafdac mandate……………………………………………………….9

2.6 steps taken by nafdac in ensuring effective regulation & control of water production..11

 

 

 

Chatpter three-research methodology

3.0 introduction…………………………………………………………………….14

3.1 design of the study……………………………………..……….……………14

3.2 area of study……………………………………………..….………………..14

3.3 population of the study……………………………………….………………14

3.4 instrument for data collection………………………………………………..15

3.5 method of data collection ………………………………………………16

3.6 validation of the instrument …………………………………………….16

3.7 method of data analysis …………………………………………………16

3.8 decision rule………………………………………………………………18

 

 

 

Chapter four- presentation and analysis of data

4.0 introduction………………………………………………………………………19

4.1 bio data of respondents………………………………………..…………19

4.2 analysis of the research questions………………………………………24

 

 

 

Chapter-five-summary,conclusion and recommendarion

5.1 summary……………………………………………..………………………30

5.2 conclusion ………………………………………………………..………….31

5.3  recommendations…………………..…………………..……………………31

References……………………………………………………………………32

Appendices ……………………………………………………………………33

 

 

                                                           abstract

Almost every nook and cranny in nigeria is littered with sachet water nylon, popularly called “pure water”, as noted by edoga et al. (2008), about 70 percent of nigerian adults drink at least a sachet of pure water per day resulting in about 50 to 60 million used daily across the country. This has significant impact on the economy of nigeria.

 

 

This study recommends that the pure water business should be allowed to thrive. This is because it provides employment for labour and profitable to the owners. The study further suggest that the pure water production should be encouraged in nigeria under a guided atmosphere such that non-registered pure water factories are not allowed to produce untreated water for human consumption, that the water source be subjected to periodic test by analysts and that pure water should be produced under hygienic condition that conforms with the standard required by the nafdac.

 

 

 

                                      Chapter one

                                      introduction

 

  • Background to the study

Water has been identified to be very important to human existence because it is very necessary for survival.a reliable supply of clean wholesome water is crucial in an attempt to promote healthy living amongst the inhabitants of a well defined geographical region (mustapha and adam, 1999). In an attempt to proffer solution to water problem, it was estimated that 1.2 billion people around the world does not have access to clean safe water and about 2.5 billion people are not provided with adequate sanitation (third world water forum, 2003). Majority of the affected people that lack access to clean safe water and adequate sanitation are located in the developing countries because the standard industrialized global model for safe water delivery and sanitation technology is not affordable (gadgil and derby, 2003).

 

 

 

1.2 statement of the research problem

Narrowing down to nigeria, the supply or provision of public drinking water is not reliable (egwari and aboaba, 2002). As a result, this has adversely affected the good health of nigerians most especially during the dry season (adesunkanmi and ajao, 1986). In nigeria, ground water and pipe borne (tap) water are the major sources of drinking water. These sources are said to be unsafe sources of drinking water because findings indicated that ground water sources contain trace elements, dissolved solids and pathogens in excessive quantities that may be dangerous to the health of the people. Consequently, most of the investigations carried out on ground water samples from different parts of nigeria revealed that most of the available sources of water or water types are polluted or contaminated hence, were not fit for drinking purpose (ogunbanjo,2004 and tijani, 2003) cited in olaposi (2009) unpublished phd thesis. In addition, physical assessment of many public supplied pipe-borne water samples also testified to their poor quality.an example of locally developed alternative of safe water provision in nigeria is the drinking water sold in polythene sachets and plastic bottles. There are few studies on  the impact of pure water production on the economy of nigeria to employment creation, income generation and wealth creation, hence this study.

 

 

 

1.3 objectives of the study

The broad objective of this study is to assess the impact of pure water production on the nigeria economy with specific attention to nnewi north l.g.a of anambra state .

The specific objectives are to:

  1. Analyse how pure water production has impacted positively on the nigeria economy
  2. Assess the extent to which  pure water production has created income generation.

 

 

1.4 research questions

I.what are the impact of pure production on the economy of nigeria?.

Ii.has the production of pure water created income generation in nigeria?

 

 

1.5 statement of the research hypothesis

This study would be guided by the following hypothesis

1 ho.pure water production has not impact positively on the economy of nigeria.

Hi. Pure water production has impact positively on the economy of nigeria.

2 ho. Pure water production do not contribute towards economic development of nigeria.

Hi. Pure water production contribute towards economic development of nigeria

 

 

 

1.6 scope of the study

With the aim of examining the impact of pure water production on the economy of nigeria, pure water should be produced under hygienic condition that conforms with the standard required by agencies such as nafdac.

 

 

1.7 significance  of the study.

Most researchers in nigeria have not taken time to document the nature, production techniques and processes involved in pure water production as well as the impact of pure water production on the economy of nigeria, hence this study .the researcher examined the impact of pure  water production on the nigeria economy which include:provision of employment for labour,provision of clean and treated water among others.

 

 

1.8 limitation of the study

Some factors may limit the level of accuracy and reliability of this study. Factors include:

  1. Difficulty in obtaining data
  2. Low response rate from individual parties.

 

 

Continue reading Impact of pure water production on the economic development

Management of life assurance fund in nigeria insurance industry

Management of life assurance fund in nigeria insurance industry

(a case study of union assurance limited)

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Table of content

Chapter one

Introduction

Literature review

  • Background of study ——————————–1
  • Statement of problem ——————————-5
  • Objective of the study ————————— —5
  • Research questions ——————————- -6
  • Research hypothesis ——————————–7
  • Significant of the study —————————–7
  • Scope and limitation of the study —————-8
  • Definition of the terms —————————–9

 

 

 

Chapter two

Literature review

2.1   an overview —————————————– 12

 

2.2   historical development of the case of study —-14

2.3   history of life assurance program  ————- -16

2.4   meaning and purpose of fund ——————–17

2.5   management of insurance fund ——————21

2.6  model to guide life assurance fund—————-22

2.7   problem recounted red in investment of insurance fund—————————————————–24

2.8   prospect of adequate management ————— 26

 

 

 

Chapter three

Research methodology band design

3.1   an overview ——————————————-30

3.2   source of data —————————————-31

3.3   population of study———————————–33

3.4   sampling size determination ———————–34

3.5   questionnaire administration ———————-35

3.6   method of data analysis—————————–36

Chapter four

Data presentation analysis and discussion of findings

4.1   data presentation———————————38

4.2   testing of hypothesis——————————53

4.3   discuss of finding ——————————— 56

 

 

Chapter five

Summary of finding conclusion and recommendation

5.1   summary of finding———————————58

5.2   conclusions——————————————61

5.3   recommendation————————————64

5.4   suggestions for further studies——————–65

Bibliography ——————————————67

Appendix———————————————-69

Research questionnaires———————————-70

 

Abstract

It is common to see report of business falling than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation, the company will not meet their solvency margin thereby running away from their obligation as to settle claims which in turn portray ugly insurance image. This study there for is exploratory study designed to determine how life assurance fund are properly managed. The population of the study comprises both staff and customers of union assurance enugu. A sample size of fifty (50) was selected made up of 20 staff and 300 customer both primary and secondary data were collected.

 

 

Questionnaire coupled with personal interview were the main research instrument. The data was analyzed by the use of chi square statistical method. The study came out that for proper management of life insurance fund, the premium should be invested both in short band long term investments so that insurance company will meet their obligation as to settle claims. It was recommended that all the stakeholders, including management of insurance companies, policy makers and policy holder should collaborated come out with conductive business climate to ensure effect management of life assurance funds for great returns to investors.

Table of content


Chapter one

Introduction

  • Background of the study

It is common to report of business failing than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation the company will not meet their  solvency margin thereby running away from their obligation image.

 

 

However it will also have a drastic effect on the nigeria economy when it failed. In order top nurture the interaction, this research focus on insurance industries and how they management life assurance premium, to know if the premium are invested as stipulated by law, how they handle claim and the beneficiaries and also how life assurance fund help in the economic development of nigeria.

Moreover, management of life assurance fund in insurance industry related primarily to the way the industry management life assurance premium in order to achieve organizational goal and objective using available fund efficiently and effectively.

 

 

However in context to management, union assurance limited. Limited is an associate of union bank of nigeria plc. The company was registered as an insurer on november 18, 1993 and actually commence business in 1998. At the time, it was the first attempt by any bank top venture into universal banking. It therefore become the life assurance specialist’s underwriter with in the same period. Recently, union assurance is redefining those strong potential to challenge industry management with the top five brackets. Apart from restructuring its operations, the company is diversifying and expanding at a period where competitor mare contracting due to uncertain economic conditions. (a new management driving change and excellence is  in place and venturing into new frontiers that were uncultivated. The changed in management has also brought to bear on the company’s operation innovation which are impacting passively on the work culture in union assurance) union assurance also has a robust investment portfolio cutting across assets in the equity, money bond and property marked totaling over n5 billion they also employs a conservative but dynamic investment strategy geared towards increasing the company income and profitability.

 

 

More so, in managing life assurance fund money is pooled together with that of other investors to create a single strong fund that provide significant investors benefits which include an instant increase in buying strength there by contributing towards economic development in nigeria. However, life assurance fund accumulate through payment made by the assured person called premium so that should death occur, prior to a specified date or upon survival at an agreed period funds would be made available from the scheme to pay whatever benefits that are due. The idea for assistance and association is not new to the nigeria society various town and clan union and social clubs have various ways of showing benevolence to their bereaved. It is customary for people to pay condolence visit and present a sympathy purse. Practices are similar to mutual life assurance.

In addition to this, there are also the long-term needs to create and sustain an enable environment that will engender safe practice against destructive runs in managing life assurance funds, protecting and ensuring fair play among insures in the industry.

 

 

 

1.2  state of problem         

Complex set of interrelated problem are identify as following:

  1. Mismanagement
  2. Inability to invest life assurance fund in varieties of security due to lack of experts.
  • Ineffective investment management of life assurance fund which affect expectations of the insuring public and growth of the industry.

 

 

1.3  objective of the study

Having been exposed to the problem the research tends to achieve the following:

  1. To described implication and suggest possible ways of managing life insurance fund.
  2. To assess the factors that determines the area of investments of life assurance fund.
  3. To ascertain whether life assurance fund are invested more on short- term investment than on long-term investment instrument or vice versa.
  4. To promote investors confidence toward life assurance.

 

 

  • Research question
  1. What appropriate strategies can be put in place to ensure effective management of life assurance funds?
  2. What factors determine the areas of investment of life assurance fund?
  3. What form of investment is life assurance fund put into most (long term or short-term investments insurance)?
  4. What are the trend expectation of the insuring public?

 

 

  • Research hypothesis

The research work tends the following hypothesis listed below:

Ho:   management of life assurance has no positive effect on the economic growth and development of nigeria.

H1management of life assurance fund has positive on the economic growth and development of nigeria.

 

 

  • Significance of the study

It is aimed that study will help the insurance to plan organize and control life assurance fund in order to maintain proficiency and standard in insurance practice thereby investing life assurance fund in varieties of investment. In turn have adequate fund to settle claim which portray good insurance image and bring development in nigeria economy.

It will also aid the candidate or student having hnd in insurance to know the various areas where insurance can invest.

 

  • The scope limitations of the study

This research work limit to one of the insurance companies in enugu, union assurance company of nigeria to be precise.

There are a lot of constraints in the gathering of information of the research work but the major constrain are following are to be precise.

  1. Time: in report to the theoretical and practical work the time allowed the project was limited beside there was carried out with other academic assessments.
  2. Financial: due to high rate of academic fees, i could not be able to carry out research with easy as i was planned.

 

 

 

  • Definition of terms
  1. Management: this is the act of running and controlling a business or similar organization so as achieve the organizational goal.

Ii.     Insurance: is a contract between two parties insured whereby the insured pay small amount of money called premium and the insurer promise to compensate the insured when the specified risk insured against occur.

Iii.    Life assurance: is a contract of insurance on party called the insurer agreed that subject to some term exception and condition and condition that he would pay some money on the dearth of life assured on the precious maturity of the policy

 

 

  1. Fund: this is an amount of money that have been saved or made available for particular purpose.
  2. Premium: is the monetary consideration paid by the insured for insurance covers ie the price of service rendered.
  3. Investment: to put money effort time into some things to make a profit or get an advantage. It can buying of property or share in a company as to make profit out of it
  • Management: to organize or control a business badly.
  • liquidation: to cause a because to close, so that its assets can be also to pay its debts ie the process by which a company or part of a company is bought to an end, and the asset and property of a company redistributed these can also be seen as winding up of a firm by selling off its free (unpledged) assets to convert them into cash to pay the firm’s unsecured creditors.
  1. Solvency margin: this is a minimum excess on an insurance assets over its liabilities set by regulator. It can be regard as similar to capital adequacy. It is also company ability to pay claim.
  2. Policyholder: is a person or a corporation whop owns an insurance policy. It also the owner if an insurance policy: usually, but not always the insured.
  3. Stakeholder: a person group or organization that has interest or concern in an organization ie person, group
  • Organization member or system who affect or can be affected by an organizations.

 

Continue reading Management of life assurance fund in nigeria insurance industry