Hello nairalander i need your helps a research am working on . can you please save a soul by answering the following questions.

- List the top five insurance companies in Nigeria.
- Give reason[ one word]
- Why dont nigerians believe in Insutance?
please help me out by answering these questions
Thanks a million

Hi,
to answer you questions will need more space and time. My take on this

1. Nigerian economy is still largely cash driven ,where you get you product or service in exchange for your cash.Obvoiusly this does not happen in the case of insurance because the product or service is INTANGIBLE.

2. Most Nigerians have a mentality for leaving things to chance and Destiny.They never take real cognisance of the probability of suffering losses that may be too heavy for their pockets to assume.

3.Finally the public perception that the insurance companies dont settle claims is to a very large extent one of the reasons why insurance is still largely unaccepted by most of the populace.

I hope this helps.

I strongly believe Nigeria aint ripe enuf for insurance if you wud ask me.we really dont believe in intangible gds,besides,our economy does not really encourage.for now, insurance still remains a meal for the affluent.

i agree, Nigerians dont really believe in insurance because we have hope that God will save us from the road accident, form the fire, from the armed robbers, so why pay money when you can be insured by free through God, thats just the mindset.