1.0 Introduction
1.1 Background of the Study
Nigerian insurance industry has been in a great trend of improvement from the pre-consolidation to the post consideration ear. They are smarting from the wealth sport industry from the recapitalization and expanding globally to compete international communities. They are currently participating in the local content initiative of out and gas business energy insurance marine and aviation and other transportational and logistic risks. Hence, Nigerian supporting industry is an area that have not actually benefited from the activities of insurance since insurance has been defined as a social security welfare, it will help the participants to boast their confidence in participating in sports without fear. Nigeria is not only seen as a leading country in Africa in the field of sports but also a world achiever in the field such as world cup of various categories is over emphasized.
Because he scored four goals in match, the family comprehensively recovered by way of insurance protection which is not obtainable in Africa setting Ukpai (2004) advocated that insurance in sports will create confidence, provides for retirement protection, protects various elements of disability and equally improves an economy. Mordi (1988) Opined that a country with adequate insurance protection is a sick country and s healthy country is a wealthy nation. Based on this maximum it is plausible that we evaluate the contributions of insurance business in the development of sporting sector in Nigeria.
Therefore, in Nigeria where the research was carried out, the activities that was conducted is to know the Contributions of Insurance in the Sports Sector.
1.2 Statement of Problems
Based on the nature of sporting activities in Nigeria and their inherent, The followings are the identified statement of problems;
- Studies have shown that Nigerian sports sector do not embraces insurance protection.
- Lack of awareness has been one of the challenges faced by insurance industry.
- Another major challenge facing Nigerian insurance industry is nonpayment of claims which results to loss of image and confidence in insurance contract by the sports sector.
1.3 Aim and Objective of the Study
The aim of this research work is to evaluate the contributions of insurance in the sports sector in Nigeria. In achieving this aim, the following specific objectives were laid out as follows:
- To investigate why Nigerian sports sector do not embraces insurance protection.
- To investigate the factors militating against the insurance industry not to create adequate awareness about sports insurance protection.
- To know why insurance industry do not pay claims immediately which results to loss of image and confidence in the sports sector.
1.4 Research Questions
The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:
- Why are the Nigerian sports sector not embraces insurance protection?
- What are the factors militating against the insurance industry in terms of creating awareness about sports insurance protection?
- Why do insurance industry not pay claims immediately which results to loss of image and confidence in the sports sector?
1.5 Research Hypothesis
In order to pursue the objective of this study, the following generalized statements have been designed to guide and aids in obtaining the result for the experiment to be conducted. For this work, the null hypothesis will be represented with H0 while the alternative hypothesis will be represented with hypothesis H1.
Hypothesis One
- H0: Nigerian sports sector do not embrace insurance protection.
- H1: Nigerian sports sector embraces insurance protection.
Hypothesis Two
- H0: Nigerian Insurance industry does not create adequate awareness about sports insurance protection.
- H1: Nigerian Insurance industry creates adequate awareness about sports insurance protection.
Hypothesis Three
- H0: Nonpayment of claims immediately by the insurance industry does not result to loss of image and confidence in the sports sector.
- H1: Nonpayment of claims immediately by the insurance industry results to loss of image and confidence in the sports sector.
1.6 Scope of the Study
This research work will focus on the contributions of insurance in the sports sector in Nigeria. The area of this research work is Nigerian football association Enugu state chapter.
1.7 Limitations of the Study
The researcher in carrying out this study encountered numerous problems which include:
- Fund
- Time
- Lack of Research materials
The researcher did not have enough money to visit the company as money times as many times as required data adequately.
The time allotted for the work was not enough. This is because I had to share the time with other academic works of the semesters. This made her unable to cover a lot of interesting areas but therefore limited her research work only at Enugu metropolis.
1.8 Significance of Study
This study will be of immense benefit to insurance company, sports sector, and other researchers who intend to know more on this study and can also be used by non-researchers to build more on their research work. This study contributes to knowledge and could serve as a guide for other study.
1.9 Definition of Terms
Insurance: an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
Sport: an activity involving physical exertion and skill in which an individual or team competes against another or others for entertainment.
Sector: an area or portion that is distinct from others.
…
