Insurance as a Tool for Solving Social Problems in Nigeria

Abstract

Countries faced with social challenges devise several means of tackling these problems of which the use of insurance is one of such. Insurance companies on the other hand have provided Corporate Social Responsibilities’ products to the citizens of these countries. These is not the case in developing countries including Nigeria. This simple research design was adopted from the qualitative perspective. This involves the use of research instruments to collect primary data from the target respondents which consist of mainly insurance staff working in the Lagos Island area of Lagos State, Nigeria. The population of the study consists of the about over 2000 staff of the insurance companies in the area from NAICOM unpublished data. A total of 350 copies of questionnaires were administered with 343 copies completed and return to the researcher. Analysis based on research questions reveals that there is relationship between the impacts of insurance on the reduction of social challenges in Nigeria. The findings from the study confirmed that insurance could be used as a tool for mitigating social problems in the country. It then recommended that insurance companies should embark on activities that could help the people buy more insurance products and also for the government to collaborate with these companies in finding ways to reduce social challenges in the country.