INSURANCE IN NIGERIA

The focus of this study is to investigate insurance education and the demand for life insurance in Nigeria. The study objectively determines the extent to which awareness creation enhance consumers’ patronage of insurance policies and the level of insurance education in Nigeria. The data for the study was collected using structured questionnaires administered to the target respondents. Data was analyses using descriptive statistics and the ordinary least square regression analysis techniques in testing the formulated hypotheses. The findings revealed that awareness creation enhances consumers’ patronage of insurance policies; there is an above average level of insurance education in Nigeria; there is a significant positive relationship between insurance education and the demand for life insurance; and there is also a statistical significant relationship between insurance education and insurance buying behaviour of consumers. In line with the findings, the study recommends among others that: there should be adequate sensitization on the need for people to take up insurance policies for their own good or for the wellbeing of their loved ones; insurance education should be a subject in both primary and secondary schools in Nigeria for people to have early knowledge on the need and benefits of insurance before they reach adulthood; and that insurance agencies should make insurance policies appealing and less cumbersome for those who intend to purchase an insurance package.