The Role of Insurance Companies in Nigeria Economic Development

The Role of Insurance Companies in Nigeria Economic Development

The Role of Insurance Companies in Nigeria Economic Development – Prior to insurance business early Nigeria, the Nigeria communities has come forms of features of insurance. The most prominent among them were the extended family system, the age grade association and the provide some kind of insurance covers to their member especially during adverse period. For example, if the house of a member of an extended family is burnt the members of the family will help to get the house restored, this they may do by rending free services in form of labour of financial contributions. The cultural association, are not suitable for a modern economy, because they act only on moral grounds. This gave risk to the need for modern insurance business which is more organized, so that it can operate efficiently on commercial basis for the benefit of the insuring public. [Read more…]