AN ANALYSIS OF INSURANCE CLAIMS UNDER THE NIGERIAN LAW OF INSURANCE

Insurance policy is one of the tools for economic development and invariably the realisation of the goals of sustainable development. The developed countries of the world have taken full advantage of insurance business to confront the likely impediments to the goals of sustainable development. Here in Nigeria, environmental threats and other social and human problems have continued to act as barriers to economic activities. These threats and problems are not insurmountable considering the relevance of insurance in every economy as means of mitigating unforeseen adverse occurrences. The aim of this study is an analysis of insurance claims under Nigerian Law of insurance. The settlement of insurance claims is the sole objective of insurance companies. Despite the role and contributions of insurance business to the economic growth and development of the economy in Nigeria, there still remains the problem of prompt settlement of insurance claims. The study adopts the doctrinal method of research and finds that the settlement of insurance claims in Nigeria is very poor. This is not supposed to be so in view of the available markets for insurance in Nigeria which remains unexplored. This study recommends policy changes and best practices that can help to address the challenges faced in the Nigerian insurance industry and improve the efficacy of the Nigerian law of insurance regarding insurance claims. More so, stakeholders as well as the government and regulatory agencies should co-operate to dismantle the barriers that impede the effective settlement of insurance claims in Nigeria.