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not a bad idea for the industry but rather will make the industry to be strong and be able to pay the claims.
 
Nigeria has the biggest insurance market in Africa but the weakness within the industry caused large insurance business to be written by some foreign companies including oil and Gas, Marine and aviation. Some of the major problems affecting the industry include; religious believe, ignorance as well as lack of confidence in the insurance industry among the members of public. Many of the multinational companies (i.e. shells corporation and total plc) operating in Nigeria insured their companies’ overseas due to the lack of confidence in Insurance companies in Nigeria. At the moment less than 10% of the population was actually insured and over 70% of vehicles in Nigeria were not properly insured while in some developing countries over 40-50% were insured and 80-90% in most developed countries.
 
Mr. Fola Daniel a Commissioner for Insurance, National Insurance Commission (Naicom) in his keynote address at two-day summit on insurance industry in Nigeria April 2008, stated that People are now becoming more literate and many know the advantages of insurance but the question is, how to sell the concept and then deliver on the promise? As for the religion he said “religion is no barrier – because of the success of specialized schemes such as Takaful insurance aimed at the Muslim population was proof of that”. He further urged the insurance companies to change in their culture and practice as well as their attitudes towards the customers, in order to achieve that he pointed out that 'a major shift in corporate governance is vital, Management must be based on knowledge and integrity and Firms must remember that premium payments are monies held in trust, not operational profits!'
 
The issue of culture and religious as well as illiteracy (lack of awareness) on Insurance are some of the major factors affecting the insurance industry in Nigeria. There are over 120million Muslims in Nigeria which covers about 75% of Nigerian population and the majority of them are of the view that modern insurance is completely against the teachings of Islam.

保险的性质和范围——NATURE AND SCOPE OF INSURANCE
 
This section will delve into the nature, scope and role of insurance to the economy as a whole.
 
Insurance as define by Pritchett, et al (1996), is a social device in which a group of individuals (called “Insured’s”) transfer risks to another party (called the “Insurer”) in order to combine loss experiences, which permits statistical prediction of losses and provides for payment of losses from fund contributed (premiums) by all members who transferred risk.
 
保险要素——ELEMENTS OF INSURANCE
 
For a proper understanding of insurance business, one must come to terms with some key elements in which the business is either based upon or rotates around, such elements are discussed below. They will hopefully give a concise knowledge of insurance in general.
 
平均法则或大批数量——The Law of Averages or Large Numbers
 
Insurance is based upon the law of averages which states, in a nutshell that “although one cannot predict the chances of the actual occurrence of one particular result of an experiment 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。