Insurance industry is a subsector of the Nigerian financial system that deals with uncertainties, that is, events which are likely to occur and cause loss. It is also a service oriented industry that exist to absorb or transfer the risk of individuals, groups of people, other business ventures or government to ensure and encourage their continuous growth and development. They evolved to safeguard the financial interest of people from uncertainties by providing indemnity if an unexpected event occurs. Insurance companies are financial institutions set up to provide insurance covers to individuals and corporate bodies against possible risk occurrences, (Akpan, 2005).
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