VEHICULAR INSURANCE: IMPACTS ON ROAD SAFETY MANAGEMENT (NIGERIA AS CASE STUDY)

ABSTRACT

Motor vehicle insurance was developed to take care of possible loss that may arise from the utilization of vehicle for some purposes. This study examines motor insurance and its impact in ensuring road safety, taking Nigeria as a case study. Primary data source was adopted. Method of data collection was through the distribution of questionnaires to targeted respondents from selected insurance broking firms in Lagos, Nigeria. A sample size of fifty was deployed through multi-stage sampling. Descriptive method of data analysis hypothesis  Statistical Package for Social Science (SPSS) was employed for the data analysis together with Pearson coefficient correlation for the data collected. Data presentation took the form of tables, percentages and frequencies. Two hypotheses were formulated and tested and the entire alternative hypotheses were accepted. The results revealed that there is a significant relationship between the purchase of vehicle insurance and safety behaviour of drivers – both heavy duty vehicles and commercial buses on Lagos roads. As a result, the research output helps transport industry in particular and public safety management programs in general. Therefore, the study recommends that Motor Insurance Industry role in road safety should be recognized as it is very important for safety management, engagement in public enlightenment campaigns and the necessity for the federal and states governments to build modern and standard roads with all safety components to reduce road accidents and improve road traffic enforcement.

TABLE OF CONTENT

Title page

Abstracts

CHAPTER ONE: INTRODUCTION

1.1. Background of the study   1

1.2. Statement of the Problem 4

1.3. Objective of the study                                         5

1.4. Research question                                                  6

1.5. Research hypothesis                                             6

1.6. Scope of the study                                                  7

1.7. Limitation of the study                   7

1.8. Significance of the study           7

1.9. Operational definition of terms.                     8

CHAPTER TWO: LITERATURE REVIEW 

2.1  Conceptual framework9

2.1.1. Concept of insurance and safety9

2.1.2 Motor insurance (Auto insurance)10

 2.1.3. Types of Insurance                               11 

2.1.4. Compulsory Third Party Liability Insurance (CTPLI) 12

2.1.5. Road Traffic Accident (RTA) and Road Safety12

2.1.6. Road Traffic Accident (RTA) in Nigeria  14

2.1.7. Role Of Motor Insurance Industry In Road Safety15

2.1.8. Incentives 17

2.1.9. Road safety finance, publicity and education 17  2.1.10. Auto insurance pricing opportunities    18

2.2. Empirical review20

2.3. Theoretical framework of the study22

2.3.1. Insurance as a regulator of human behavior22

CHAPTER THREE: RESEARCH METHODOLOGY

3.1. Introduction24

3.2. Research design24

3.3. Population of the study24

3.4. Sampling technique and procedure25

3.5.  Sources of data collection25

3.6.  Research instruments25

3.7. Validity of research instrument26

3.8. Reliability of research instrument26

3.9. Method of data analysis                                       26

CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND INTERPRETATION

4.1 Introduction 27

4.2.1  Respondent socio-demographic analysis27  4.3 Data analysis3O

4.4. Testing of hypothesis38

4.5. Discussion of hypothesis tested40

CHAPTER FIVE: CONCLUSION AND RECOMMENDATION

5.0 Introduction42

5.1 Summary of findings42

5.2 Conclusion43

5.3 Recommendations44

5.4 Suggestion for Further Research47

      Reference48

      Appendix52