The ROLE OF INSURANCE IN PROMOTING NATIONAL DEVELOPMENT

Abstract

Development as a concept has attracted definitions by scholars based on their perception of it, since it does not lend itself to universal definition. However, in whatever view held or discipline, development must revolve around improvement in material wellbeing of all citizens, not the most powerful and the rich alone in a sustainble way such that todays consumption does not imperil the fututre. It also demands that poverty and inequality of access to the good things of life be removed or drastically reduced. Therefore, the objective of this paper is to access the role of insurance towards national development in Nigeria. The methodology adopted in this paper is mainly secondary. Therefore, relevant materials were reviewed and opinion formed. By and large experience shows that no meaningful development on national basis can be achieved without insurance as a critical factor. Experience of countries such as South Korea, Japan, Australia, Malaysia among others were considered as a guide for Nigeria. Okonjo-Iweala (2015) reported that the insurance industry is an important component of financial system of countries needed to drive economic development and industrialization that without the required insurance cover, all industrial  economic and social activities of the world will obviously come to a grinding halt. The above gave a pointer to the critical role insurance plays in national development. Hence, insurance as a critical role player in the economy deserves much attention from all stakeholdersc (government, community, development and partners and industry) to enable it play its naturally ordained role.