1.0 Introduction
1.1 Background of the Study
Insurance which has existed from thousands of years, has emerged in today's world as a very large field With many dimensions and specification. Today's world is dominated by great changes. Anywhere in the world, industrialization is becoming a truly world wide phenomenon-within the frame work which accompanied by the organization of independence within global interdependence, everything is trusted into new and large dimension including risk and uncertainty.
Insurance been one of the most important ways of organizing security is at the crossroads of both phenomena.
This assertion does highlight the unique position of the insurance industry in contemporary business world. It also put into focus the overwhelming scores that accrue to this commercial organization in the changing times of our society. The developing of the insurance industry has now come to be regarded as a key feature in the economics on-goings of the business world and so it is first natural that Nigeria when it finally attained independence in 1960 identified insurance as one of the economic activities. She is however witnessing some tremendous progress in the field.
Before the existing of modern insurance, man lived in a subsistence though the environment was still exposed to hazards of risks. (natural disasters and fire accidents) the gradual development of man's totality of life (economics, social, political and of course technological) has been equally followed by exposure to society become complex, the need to eliminate these risks or ameliorate the effects they might have on man and society makes a way of achieving social security.
In the Nigerian economy, modern insurance, which is a follow-up to the traditional arrangements by the extended family and other traditional societies, and organizations (to help any members who suffered any loss by way of accident or death) is at the early stage of development. As a result of this, we are experiencing the usual problems of late comers. Those problems coupled with an array of socio-economic leaves us with wider scope for development in this filed. This not withstanding, the Nigerian economy is witnessing a tremendous impact has attracted the researcher's interest and as such, hence carefully look at this industry in the economy; the technicalities of insurance and the volume of business operation.
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