THE CONTRIBUTIONS OF INSURANCE IN THE SPORTS SECTOR OF NIGERIA
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Enugu, Nigeria
Nigeria
Enugu State
Nigeria
09080008483
info@projectng.com
09080008483
info@projectng.com

The Contributions Of Insurance In The Sports Sector Of Nigeria

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THE CONTRIBUTIONS OF INSURANCE IN THE SPORTS SECTOR OF NIGERIA

ABSTRACT

In this research work titled ‘The contributions of insurance in the sports sector of Nigeria. The researcher investigated why Nigerian sports sector do not embraces insurance protection. Investigated the factors militating against the insurance industry not to create adequate awareness about sports insurance protection. The information for the study was collected using primary and secondary methods of data collection. For a primary data collection, while existing literature relevant to the topic was consulted for the secondary data. The research used chi-square statistical model to analyze the data. four major findings were made, based on the findings the recommendations proffered are; Nigerian sports sector should be educated on the benefit of insurance policies to enable them embrace insurance protection. Nigerian insurance industry should try as much as possible to settle claim, for the public not to see them as fraudsters.

 

 


TABLE OF CONTENTS

Title page                                                                                i

Approval page                                                                 ii

Dedication                                                                       iii

Acknowledgement                                                          iv

Abstract                                                                          vi

Table of contents                                                            vii   

CHAPTER ONE

INTRODUCTION

1.1      Background of the Study                                       1

1.2      Statement of the Problem                                      3

1.3      Objective of the Study                                            6

1.4      Research Questions                                                7

1.5      Research Hypotheses                                             8

1.6      Significance of the Study                                        9

1.7      Scope and Limitations of the Study                       9

1.8      Definition of the Terms                                           10

Reference                                                                        13

CHAPTER TWO

REVIEW OF RELATED LITERATURES

2.1      An overview                                                             14

2.2      History Insurance In Nigerian Sports Sector         14

2.3 Historical Development of Nigerian Sport Sector    16

2.4      The Development of Insurance in Nigerian Sports Sector                                                                     27

2.5      Role of sports in the development of Nigerian

Economy                                                                 30

2.6 Sports Administration and Insurance in Nigerian  34

2.7 Analysis of Nigerian sports policies and its impact on Nigerian sports                                                           38

2.8      The Challenges of Insurance in Nigerian Sports Sector                                                                        44

Reference                                                                        46

 

 

CHAPTER THREE

RESEARCH METHODOLOGY AND DESIGN

3.1      An Overview                                                            49

3.2      Source of Data                                                        49

3.2.1        Primary data                                                       50

3.2.2        Secondary data                                                   50

3.3      Population of the Study                                          51

3.4      Sample size and Sampling Techniques                  52

3.5      Validity and Reliability of the Instrument             55

3.6      Method of data Presentation and Analysis            56

CHAPTER FOUR

DATA PRESENTATION ANALYSIS, DISCUSSION OF FINDING

4.1      An overview                                                             59

4.2      Data presentation                                                  60

4.3      Data Analysis                                                         61

4.4      Testing of Hypothesis                                             71

4.5      Discussion of Findings                                            78

CHAPTER FOUR

5.1      Summary of Findings                                             80

5.2      Conclusions                                                            81

5.3      Recommendations                                                  82

5.4      Suggestions for Further Studies                            86

Bibliography                                                           87

Appendixes                                                             90

Sample questionnaire                                            91

CHAPTER ONE

INTRODUCTION

1.1     Background of the Study

Nigerian insurance industry has been in a great trend of improvement from the pre-consolidation to the post consideration ear. They are smarting from the wealth sport industry from the recapitalization and expanding globally to compete internation communities. They are currently participating in the local content initiative of out and gas business energy insurance marine and aviation and other transportational and logistic risks. Hence, Nigerian supporting industry is an area that have not actually benefited from the activities of insurance since insurance has been defined as a social security welfare, it will help the  participants to boast their confidence in participating in sports without fear. Nigeria is not only seen as a leading country in Africa in the field of sports but also a world achiever in the field such as world cup of various categories is over emphasized.

because he scored four goals in match.the family comprehensively recovered by way of insurance protection which is not obtainable in Africa setting Ukpai (2004) advocated that insurance in sports will create confidence, provides for retirement protection, protects various elements of disability and equally improves an economy. Mordi (1988) Opined that a country with adequate insurance protection is a sick country and s healthy country is a wealthy nation. Based on this maximum it is plausible that we evaluate the contributions of insurance business in the development of sporting sector in Nigeria.

1.2 Statement of problems

Based on the nature of sporting activities in Nigeria and their inherent, The followings are the identified statement of problems;

 

 

1.  Studies has shown that Nigerian sports sector do not embraces insurance protection.

2.  Lack of awareness has been one of the challenges faced by insurance industry.

3.  Another major challenge facing Nigerian insurance industry is nonpayment of claims which results to loss of image and confidence in insurance contract by the sports sector.

1.3 Objective of the Study

The aim of this research work is to evaluate the contributions of insurance in the sports sector in Nigeria. The specific objectives of this research work includes the following;

1.  To investigate why Nigerian sports sector do not embraces insurance protection.

2.  To investigate the factors militating against the insurance industry not to create adequate awareness about sports insurance protection.

3.  To know why insurance industry do not pay claims immediately which results to loss of image and confidence in the sports sector.

1.4 Research Questions

The researcher developed the following research questions

1.  Why are the Nigerian sports sector not embraces insurance protection?

2.  What are the factors militating against the insurance industry in terms of creating awareness about sports insurance protection?

3.  Why do insurance industry not pay claims immediately which results to loss of image and confidence in the sports sector.

1.5 Research Hypotheses

Based on the above research objectives and questions, the researcher formulated the following research hypotheses;

Ho: Nigerian sports sector do not embrace insurance protection.

H1: Nigerian sports sector embraces insurance protection.

Ho: Nigerian Insurance industry do not create adequate awareness about sports insurance protection.

H1: Nigerian Insurance industry creates adequate awareness about sports insurance protection.

Ho: Nonpayment of claims immediately by the insurance industry does not results to loss of image and confidence in the sports sector.

H1: Nonpayment of claims immediately by the insurance industry results to loss of image and confidence in the sports sector.

1.6     Scope and Limitation of the Study

Scope of the Study

This research work will focus on the contributions of insurance in the sports sector in Nigeria. The area of this research work is Nigerian football association Enugu state chapter.

Limitations

The researcher in carrying out this study encountered numerous problems which includes:

·        Fund

·        Time

·        Lack of Research materials

The researcher did not have enough money to visit the company as money times as many times as required data adequately.

The time allotted for the work was not enough. This is because I had to share the time with other academic works of the semesters. This made her unable to cover a lot of interesting areas but therefore limited her research work only at Enugu metropolis.

Lack of research materials was also one of the problems faced by the researcher in the cause of this research work.

1.7  Definition of operation Terms

1)  Insurance: Insurance is an agreement with a company in which you pay them regular amount of money and they agree to pay the costs.

2)  Insurance industry: Insurance industry is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent and uncertain loss.

3)  Insurer: Insurer is a person or company that provides people insurance.

4)   Insured: Insured is the person who made an arrangement with an insurance company and who receives money if for example, they are all/sick or if they lose or damage something.

5)  Compensation: Compensation, something typically money, awarded to someone as a recompense for loss, injury or suffering.

6)  Sporting: Sporting is connected with or interested in sports fair and generous in one’s behavior or treatment of others, especially in a game or contest.

7)  Contract: An agreement with specific terms between two or more persons or entities in which there is a promise to do something in return for a valuable benefits known as consideration.

8)  Risk: Risk is the possibility of something b ad happening at sometime s in the future. a situation that could b e dangerous or have a bad result.

9)  Participants: A person who is taking part in an activity or event e.g. he has been an active participant in the discussion.

10)              Sum Insured: The sum insured is the maximum amount the insurance company will pay in the event of a  claim.

 

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