ANALYSIS OF INSURANCE AWARENESS AND ITS EFFECTS ON THE DEMAND FOR LIFE INSURANCE PRODUCTS
- Project Research
- 1-5 Chapters
- Quantitative
- Mean and Standard Deviation
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
EXCERPT FROM THE STUDY
Insurance is known to be a safeguard against unforeseen circumstances that may likely affect business or livelihood, or as a hedge to mitigate risk of upcoming negative circumstances. Consider the growing prevalence of lifestyle-related diseases such as heart trouble, diabetes and obesity. The needs to have insurance today cannot be seen as an option but a must due to the uncertainty of future events. The increasing in living costs and medical costs in Nigeria provides strong support to the need of having insurance policy as protection and security against unfulfilled financial obligation if anything happen to the policy owner. However, there is considerable unexploited potential for life insurance in Nigeria, due to the lack of confidence, based on years of negative experiences in the sector. Its acceptance and possible patronage may be influenced by attitude, subjective norm, religious belief, awareness level, and perceived behavioural control (PBC), as vital aspects in predicting and understanding consumers. More so, the consciousness of Nigerians coupled with the non-existence of social security system is also encouraging factors for life insurance growth.While life insurance maybe important aspect of livelihood, the demand for life insurance in mega cities like Lagos have been below average and one of the pronounced reason for this, is the lack of awareness on the part of consumer threshold which insurance companies have not taken cognizance.
Findings from the study reveals that the effect of awareness on the demand of life insurance products includes:
- It aids in the disclosure and provision of information on insurance packages.
- It seeks to integrate the provision of quality, reliable and objective details on on risk coverage of life insurance.
- It provides intelligible information on consumers’ protection and prudential regulation mechanism about insurance product.
- It educates the consumers on the financial framework, benefit and requirement on life insurance products.
Finally, the result of the study concludes that although consumer education and formal education is a determinant of consumer buying behavior of insurance, awareness creation will enhance patronage of life insurance policies in Nigeria.
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