An Assessment of Insurance Service Sector in Nigeria

Adeyemi Abidemi Sunday and Dr Hartini Ab Ghani
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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

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 6, 1763-1776

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.

Date: 2023
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