Evaluation of Awareness Level and Public Perception of the Image of Insurance Companies in Enugu State

International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue III, March 2019 | ISSN 2454–6186

Evaluation of Awareness Level and Public Perception of the Image of Insurance Companies in Enugu State

Marafa Salisu Sagagi¹, Ekperi, Paul Madukwe^2,*, Nwadike, Stanley Chukwuma^3
1Department of Marketing, University of Nigeria, Enugu Campus, Nigeria
²Institute for Development Studies, University of Nigeria, Enugu Campus, Nigeria
³Department of Management, University of Nigeria, Enugu Campus, Nigeria

Abstract: – The study therefore examined the level of awareness and public perception of insurance companies in Enugu State. A structured open-ended and likert scale questionnaire were used to elicit information from 400 respondents. Tables, percentages, chart and means scores where used to analyze the research questions, while Pearson Chi Square test was used to test the postulated hypothesis. Findings show low awareness by the public of insurance enterprise in Enugu State, despite the fact that the city is viewed as an enlightened city. The image of insurance companies in Enugu State was also found to be poor. This low level of awareness coupled with the poor image of the insurance companies in the state was found to be the reason for the low demand and patronage of insurance products and services in the state. The study thus recommends among others that insurance companies should engage in trade fairs, workshops, radio/TV jingles, etc. as this will serve as effective communication strategies to enlighten the public on their products and services. Also staff and agents of insurance companies should be properly trained and monitored in other to ensure that carry out their activities in an ethical and professional manner.

I. INTRODUCTION

Historically, insurance practice rose from the need to protect against certain perils at each stage of human development. It offers a fall back to insurer in the case of uncertainty. Insurance involves pooling funds from many insured entities (known as exposures) to pay for the losses that some may incur. The insured entities are therefore protected from risk for a fee and this written fee being dependent upon the frequency and severity of the risk involved.
The origin of insurance in Nigeria can be traced to the activities of European merchants in the West African coast. This was influenced by two factors. First, the expansion of cash crops production for exports and the upward surge in economic activities in 1890s. Second, the British desire to protect its interest and properties in the protectorate of West Africa.

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