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Authors:
Bertram Onyebuchi, Agu,, Simon N.P. Nwankwo and Onwuka, Ifeanyi Onuka
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Abstract:
This study evaluated the role of insurance loss adjusters in the development of insurance industry for economic growth in Nigeria. Data used in this study were generated from the Annual Report of Insurance Companies listed in the Nigerian Stock Exchange. The population of the study comprised of twenty-five (25) quoted insurance companies. The study adopted unit root tests, Johansen co-integration test and error correction model in data analysis and to determine the short and long effect of the model. Findings from the study showed that the insurance premium capital had significant impact on economic growth in Nigeria. The importance of insurance education cannot be overemphasized. The masses need to be informed and made to understand the need for insurance, because in as much as there is an increased level of awareness about insurance, the average Nigerian will see the need to insure their property and this ought to be the case. The paper recommended, among other things, an aggressive sensitization of the public to create an increased awareness and participation in insurance business.
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