RECAPITALIZATION IN THE INSURANCE INDUSTRY: PROPOSED PROBLEMS AND PROSPECT

ABSTRACT
Performance of an economy determines the position of the
particular nation in the world. The better the performance of an
economy and the large economic resources it holds, the higher the
level of influence of such country in the entire world. There are many
sectors of human endeavor that form the economic chain of a nation.
Among these human activities or commercial activities are oil and
gas, manufacturing and construction, education, Banking, Insurance
etc. Among these activities, insurance sectors of the economy were
examined in order to be refining tune. Insurance sector of the Nigeria
economy has witnessed doldrums for the past three decades.
Recapitalization of insurance sector of the economy was ventured
into to determine whether such a process can be one of the sound
instrument to refine tune the Nigeria economy. A lot has been gained
from the recapitalization process of insurance sector and the process
has resulted into a success.
The research method used is survey. The sources of data were
analytical and descriptive. This focuses on the measurement of the
insurance sector’s asset against the Gross Domestic product and the
problems that could be encountered during the recapitalization
process.
Data obtain from the analysis of the secondary sources is from
2006 edition of statistical bulletin published by the Central Bank of
Nigeria, revealed that asset value against Gross Domestic Product
(GDP) from 1987 till 1993 were progressing with (GDP) of the nation
on a high side where as from 1994 till 1998 the value of asset were
retrogressing with a little difference in the Nation GDP.
Recommendations were made to the way forward which
includes;
- Government should provide favourable and enabling
environment, like good policies to enable insurance industry
perform efficiently.
- Seminars, conferences and workshops should be organized by
insurance regulatory body to educate insurer ethics of the
profession.
- NAICOM should stick to the various rules and regulations
guiding the consolidation process and review from time to time
the needed and required policies.

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