An Appraisal of the Ethical Challenges Faced by Nigerian Insurance Companies in Gombe State
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Background of the Study
Ethical challenges in the insurance industry have significant implications for the sector's reputation, profitability, and regulatory compliance. Nigerian insurance companies are often plagued by issues such as unethical sales practices, delayed claims settlements, and inadequate disclosure of policy terms (Ibrahim et al., 2024). In Gombe State, the insurance industry is a vital component of economic development, providing individuals and businesses with risk management solutions.
However, ethical lapses in the industry continue to undermine public trust, discourage policy uptake, and attract regulatory sanctions. These challenges call for a comprehensive appraisal of the ethical issues facing insurance companies in Gombe State and the measures employed to address them.
Statement of the Problem
Despite the regulatory frameworks established by the National Insurance Commission (NAICOM) to promote ethical practices, insurance companies in Gombe State frequently face allegations of unethical conduct. Common issues include non-payment of claims, misrepresentation of policy details, and unethical behavior by sales agents. These challenges have eroded customer trust and limited the industry's growth potential (Abdullahi & Musa, 2023).
Objectives of the Study
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To identify the ethical challenges faced by insurance companies in Gombe State.
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To evaluate the impact of these ethical challenges on customer trust and policy uptake.
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To assess the effectiveness of regulatory frameworks in addressing ethical challenges in the insurance sector.
Research Questions
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What are the major ethical challenges faced by insurance companies in Gombe State?
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How do these ethical challenges affect customer trust and policy uptake?
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How effective are regulatory frameworks in mitigating ethical issues in the insurance sector?
Research Hypotheses
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Ethical challenges significantly reduce customer trust in insurance companies.
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Unethical practices negatively impact policy uptake in the insurance sector.
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Regulatory frameworks effectively mitigate ethical challenges in the insurance industry.
Scope and Limitations of the Study
This study is limited to insurance companies operating in Gombe State, focusing on their ethical challenges and the effectiveness of mitigation strategies. Limitations may include restricted access to internal company records and reluctance from stakeholders to discuss ethical concerns openly.
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