The Future of Nigeria Insurance Industry in a Globalized Economy

The aim of this paper is to highlight the future of Nigeria Insurance Industry in a globalized economy. Modern insurance industry was introduced into Nigeria by the British in 1945. It is therefore to he expected that the theory and practice of insurance in Nigeria has to follow the British pattern. In advanced countries, the insurance industry has developed very much unlike what obtains in developing countries, which should not be so, considering the importance of the industry to the economy of any nation. This paper extensively dealt with the problems affecting the development of the Nigerian insurance industry, namely: legal, cultural, practicing, economic, and technology. The paper shows that for many reasons legislations which were supposed to be facilitators of social and economic development to a great extent had created impediments to the growth of the industry. It also discussed the problem of the environment in which the industry operates, how the culture of taking insurance policies has not been cultivated. The paper suggests that Nigerian insurance companies should embrace e-commerce in order to take full advantage of the present state of technology especially in an era of digitized economy as the industry moves into consolidation era, with the aim of competing successfully at the global stage.