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An Assessment of Insurance Service Sector in Nigeria

Author

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  • Adeyemi Abidemi Sunday

    (Faculty of Business & Management, Universiti Sultan Zainal Abidin)

  • Dr Hartini Ab Ghani

    (Faculty of Business & Management, Universiti Sultan Zainal Abidin)

Abstract

This research extensively investigates insurance services in Nigeria. By conducting a comprehensive review of academic journals from various databases, the study explores several subjects related to the Nigerian insurance service, using keywords such as: attitudes, risk perception, marketing strategies, regulatory factors, and customer behaviour. The findings underscore the significance of positive attitudes towards insurance and the role of trust, confidence, and awareness in driving the adoption of insurance. Socio-cultural factors and religious beliefs also play a role in shaping insurance preferences, especially regarding Takaful services. Effective marketing strategies, high-quality services, and strong customer support are essential for raising awareness about insurance and fostering customer engagement. The study also highlights the challenges faced by the insurance industry, including operational efficiency, regulatory limitations, and market expansion. The potential solutions of micro-insurance and bank assurance models are explored to extend insurance coverage to underserved populations. Policymakers can use the insights provided to develop suitable regulatory frameworks that promote trust and accessibility within the insurance sector. The conclusions drawn from this literature review enhance our understanding of the dynamics of the insurance industry and offer guidance to practitioners, policymakers, and researchers to improve customer satisfaction, expand market reach, and achieve sustainable growth in the industry.

Suggested Citation

  • Adeyemi Abidemi Sunday & Dr Hartini Ab Ghani, 2023. "An Assessment of Insurance Service Sector in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(6), pages 1763-1776, June.
    • Handle: RePEc:bcp:journl:v:7:y:2023:i:6:p:1763-1776
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    References listed on IDEAS

    as
    1. Sunday Stephen AJEMUNIGBOHUN & Ogorchukwu Augustine ISIMOYA & Ayobami Folarin ELEGUNDE, 2020. "Risk Attitude, Insurance Patronage and SMEs Performance: Empirical Evidence from Lagos, Nigeria," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 2, pages 70-78.
    2. Augustine Ujunwa & Nwanneka Judith Modebe, 2011. "Repositioning Insurance Industry for Operational Efficiency: The Nigerian Case," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 1(3), pages 1-2.
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    Cited by:

    1. Anatolii Petrenko & Oleh Boloban, 2023. "Generalized information with examples on the possibility of using a service-oriented approach and artificial intelligence technologies in the industry of e-Health," Technology audit and production reserves, PC TECHNOLOGY CENTER, vol. 4(2(72)), pages 10-17, August.

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