Journal of
Geography and Regional Planning

  • Abbreviation: J. Geogr. Reg. Plann.
  • Language: English
  • ISSN: 2070-1845
  • DOI: 10.5897/JGRP
  • Start Year: 2008
  • Published Articles: 386

Full Length Research Paper

An assessment of the contribution of marine insurance to the development of insurance markets in Nigeria

  Nwokoro I. A. and Ndikom Obed B. C.  
Department of Maritime Management Technology, Federal University of Technology, Owerri, Imo State, Nigeria.
Email: [email protected]

  •  Accepted: 14 November 2011
  •  Published: 18 April 2012

Abstract

 

This paper examines the contribution of marine insurance to the development of Nigerian insurance market in the period 1984 to 2006. It is not intended to extend the study to other countries of the world, but mainly to Nigeria where the public opinion has been that insurance is of no benefit to the economic well being of the people. Research was conducted in the Nigerian Insurance Market, Central Bank of Nigeria, National Bureau for Statistics, Insurance Department of Finance and Economic Development and Research and the Development Department of Nigerian Reinsurance Corporation, Lagos. Premiums accruing to the Marine Departments of insurance companies were collected, analysed and it was confirmed that marine insurance has significant impact on the level of the development of insurance market in Nigeria.

 

Key words: Assessment, impact, marine insurance, development, insurance market, contribution, premium.