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1.0     Introduction

Insurance is form of risk management, which is usually purchased to get protection against any risk of potential loss.

In other words, the risk of loss is transferred from one entity to the other through insurance you will be referred to as a policy in turn, you have taken your policies. A long with the insurer and insured, insurance industry also comprises of insurance agents and brokers, who guide you on your insurance need.

Insurance policy helps in not only financial cushion against adverse financial burdens suffered insurance policies are a safeguard against the uncertainty of life.

Insurance involves pooling funds from many insured entities (known as exposures) to pay for losses that some may incur. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristic in order to be on insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-ensure through saving money for possible future losses.

1.1     Background of the Essay

The research is to be conducted on “The impact of insurance service on business survival in Niger Insurance Plc Kaduna.

Insurance is meanly concerned with provision of financial security or protection of industries, institution and individuals against their economic losses, since they have content with the risk and uncertainties associated with business properties and life.

Therefore, Insurance creates awareness for the society since they are faced with a lot of risk such as accident, job termination, fire-outbreak, thief, flood, death. Insurance exists in order to ensure the survival of the business, there by fastening economic development and growth all over the world. Insurance is actively wolves in the protection of investment by providing cover against risk which may disrupt project and encourage individuals and organization to harvest good result. The Insurance insuring Public (Individual’s corporate organization and Government) in the economic transfer risks associated with the lives and economic transfer risks associated with the lives and economic activities to ensure companies, they are providing a means of protecting and conserving the wealth of the Nation.

1.2     Objectives of Essay

Insurance exist in order to ensure the survival of the business, but in these modern days, the rate of unawareness about the insurance policies in Nigeria is very low, compared to the developed nation.

The Nigeria are underinsured because insurance companies do not fully appreciate the importance of insurance marketing in the security sector and these are due to adequate training of personnel within and outside the organization that will convince the general public. Another poor situation of the industry is the insufficient advertisement placement to ensure public enlightenment of insurance policies.

Some staff never exhibit their ability and technical know-how, because of lack of motivation especially in the marketing department. Also these above mention are also what Niger insurance plc faces. Therefore the objectives of this essay are:

i)                  To evaluate the impact of Insurance on business survival in Nigeria.

ii)               To determine various Insurance policy used in safe guiding business.

iii)             To identify the problem militating against Insurance firms to proffer solutions to the identified problems.

1.3     Significance of the Essay

The process of insurance has been evolved to safeguard the interest of people from uncertainty by providing certainty of payment at a contingency. The insurance principles comes to more and more sued and useful in modern affairs, not only does it serve the ends of individuals, or of special groups of individuals. It tends to pervade and transform our modern social order too.

The following are some roles and importance of insurance to business survival, they include:

-                     Uncertainty of business losses is reduced

-                     Key main identification

-                     Enhancement of credit

-                     Business continuation

-                     Welfare of employees.

The study will be beneficial to Insurance companies as well as business enterprise especially as they utilize the findings of the study to enhance their businesses. The study will also contribute to the existing knowledge in Insurance. It will also be a useful material for study who may wish to use the research as a springboard to undertake their own research as well as other researchers who may wish to make further research on the subject matter.

1.4     Scope of the Study

The study covers an empirical examination of the impact of Insurance on the survival of business enterprise. Data collection would be restricted to Niger Insurance Company Kaduna. The study covers a time from 2006-2012.

1.5     Limitation and Delimitation

The study is restricted to Niger Insurance Plc, Kaduna as such, it is not certain if the same finding will be obtain if the research is conducted on another study area other limitation arise from the fact that the questionnaire as well as the survey method constitute the research instrument as well as a research design respectfully, it is not certain if other kind of instrument and design will yield the same result.

Non challant attitude constitute of respondent as well as their own cooperative attitude constitute a great limitation of their study.


The following below are some of the delimitations:

i)                   Poor Insurance Culture: The greatest single problem facing insurance services on business survival is the absence of a positive insurance culture, resulting in an acutely law level of insurance awareness.

ii)                The Poor perceived public image of insurance: Those who perceive insurance in poor light contend with little valid justification, that insurance service do not line up to their contractual obligations when claims are made on them, their usual cliché is that “insurance companies are eager to receive premiums, but reluctant to pay claims”.

iii)             Undercapitalized and technical weak insurance companies: Insurance is a serious business and if a corporate body of business ventures are not adequately equipped with a sound capital base and adequate managerial and technical support, it would not be allow to operate in the market.

iv)              Difficulty of raising capital: Most insurance companies finds it difficult in raising capital to services the business or cooperate body which they are line up to their contractual obligation when claim or made on them.

v)                Failure to obey basic insurance principles: If the parties involved in an insurance policy decide not to follow or abandon the insurance principles and care values, it inevitably collapses e.g. premium rating principles that requires that premium should be reasonable and that each policy holder should pay into the insurance. Pool a premium that is adequate and consistent with the risk that tie is bringing into the pool. If such a vital principle is disobeyed could be costly to effectiveness of insurance.

vi)              Fraud Syndrome: Fraudulent activities such as documentation fraud, certificate racketeering, overstated claim, container fraud by ship have sometimes led to delay in claim to settlement as most insurers now employ he service of investigators to confirm the genuineness of claims the delays resulting from investigations give insurance a bad image for the case that are serious.

1.6     Definition of Term

Insurance: Undertaking by a company, business or individual to             provide safe against loss in return for regular payment.

Insurance business: The process of buying and selling of Insurance services.

Agent: He is the person who acts on behalf of another in bringing contractual relationship with third party.

Brokers: The brokers are highly skilled professionals who offer specialist advice to buyer of Insurance and as is in the placement of risk with Insurers of rebuke

Proximate cause: this is used to determine whether the loss sustained by the insured or was caused by the risk insured against.

Life Assurance: protection against the loss of future income which may arise as a result of the premature death of income-producer.

Cover Note: This is a temporary “cover” given to the insured by the Insurer in lieu of the policy. It is operational for thirty days but may be extended if the need arises.

Proposal Form: This is the printed form which the prospective insured fills out stating the risks which He want covered and providing the necessary information.

Insurer: Is the insurance company which is covering a particular risk.

Insured: Is the policy holder is the person who has an insurable interest in the subject of Insurance.

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