Challenges in the Era of Globalization - iaabd

Academic Pry School 3 3 0
Background Sec School 5 23 0
OND/HND 18 19 0 39.583* 10 23.209 1
B.SC 32 28 0
Masters 11 4 0
No Response 3 2 0
Religion Islam 12 10 0
Christianity 59 63 0 3.924 6 11.070 5
Free thinker 0 1 0
No response 1 5 0
Source: Field Survey, 2010
Challenges in the Era of Globalization
Edited by Emmanuel Obuah
From the table above, sex, religion, and marital status do not have any significant relationship with
owning an insurance policy; this is because the X 2 cal is > than the X 2 table at the 5 % level. The study is
a confirmation of earlier studies (i.e Olowokudejo, 2009 and Yusuf, et.al., 2009) where age and academic
background have been found to have significant relationship with owning insurance policy as the Pearson
Chi value of 5.886 and 39.583 are greater than the table values of 21.026 and 22.209 respectively. Thus,
we infer that age and academic attainment are statistically significant in explaining ownership and
patronage of insurance policy. This can be attributed to the fact that relatively more mature individuals
would be independent , free from financial encumbrances’ of parents, working, and if sufficiently
educated would understand, appreciate insurance service and patronize the services – life and non service
forms. Educated persons tend to occupy higher socio-economic status, own cars and pay for car insurance
whether ‘third- party’ and/or ‘comprehensive insurance policy’. In addition, these findings tend to
reinforce the notion that insurance, as a complex product, requires maturity and high academic attainment
to appreciate its values. Here insurance marketers face the onerous task of appealing to the young, the old,
the educated and the non-too-educated to garner more patronage.
Summary, Conclusion and Recommendations
The analysis presented has shown some of the socio-demographic characteristics as most of the
respondents were males; of the age group of 26-35 years. The analysis shows that most of the respondents
have a bachelor’s degree certification and are mostly Christians. In terms of their ownership of insurance
policies, most of the respondents have an insurance policy and they pay promptly. However, there seems
to be a little difference in the level to which they enjoy the services which the insurance companies
provide. Also, most of the respondents still have an ideal perspective and role that insurance companies
have to play and adhere to. The principles of reliability and trust are values that people believe that
insurance companies must hold in order to convince them into seeing insurance as a policy worthy of
engaging in.
In terms of influence on signing an insurance policy, the findings have shown that the Nigerian sociopolitical
environment has not been an encouraging factor. This stems from the finding that some of the
respondents were influenced by their awareness, education, the governmental regulation, friends and
colleagues. This also shows that the Nigerian society largely lacks an insurance culture. In terms of their
reasons against insurance, the study has shown that the people do have fewer reasons against insurance
even from their spiritual and cultural underpinnings. Thus, this shows that there is still an opportunity for
people to be impressed by insurance companies. This view is supported by the last section of analysis
which reveals that most of the respondents believe that signing insurance policies is not a waste of money,
neither is it a sign of evil or an anticipation of a disaster or a catastrophe.
From the above assertion, it is necessary to put it that insurance policies do not have a negative
connotation among Nigerians. Thus, there is a possibility of motivating Nigerians in partaking in
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