The present biggest challenge is developing Associate in Nursing economy of a country’s property growth and development to function a benchmark for economies the globe over. so as to measure up to the current challenge, most governments’ direct their efforts towards getting and maintaining this property growth and development to make sure a more robust commonplace of living for his or her individuals.
Ghana, likewise as the other, has continuously strived to boost her standing within the world economy. this will be tried by the measures being place in situ by past and gift governments since independence. This has most of the time been within the kind of policy documents containing the event aims and aspirations of the state. the foremost recent policy document is that the vision 2020 development programmed document that spells out the future development objective of Ghana over a amount of ten years (2010 – 2020). It seeks to determine wherever she needs to be within the future and therefore the manner forward and wherever on the event ladder Ghana lies as a nation.
In this chapter, a number of the topics to be mentioned square measure background of the study structure profile, drawback statement, objectives of the study, analysis queries, scope of the study, and significance of the study and limitation of the study.
1.1 structure Profile
The insurance business has emerged conspicuously to function an establishment meant to supply services aimed toward security industries against the varied risk inherent in their operation
Prominent and premier within the business in Ghana is that the Metropolitan nondepository financial institution (MET). it absolutely was incorporated in Feb 1962 by govt Instrument (EI) No. seventeen that was passed beneath the statutory Corporation Act, 1962 (Act 232). However, on August twenty eight, 1995 it absolutely was born-again into a Public financial obligation Company renamed Company restricted of Ghana because it is currently referred to as.
Metropolitan nondepository financial institution has it as its mission to providing innovative, versatile and competitive monetary product and services to its customer’s general public through quality services, intensive analysis and merchandise management let alone commitment to making sure monetary liability. Despite the insufficient attention given by the govt., the insurance business has been taking part in a really vital role in making certain some extent of security in business and commerce. it’s so discovered that insurance business once given the required attention may play a interloper complementary role in making certain growth and thus national economic and development.
However, the Koforidua branch of the Metropolitan nondepository financial institution was opened in 1976 with the Regional workplace within the main market that is opposite the All Nations University. however on fifteenth might, 1987 the Metropolitan nondepository financial institution was emotional from the previous premises to their new workplace complicated set at the most business Centre of the city that is opposite the central place of worship.
1.2 Background of the Study
Several indicators have shown that, the insurance business is at the preliminary stage therein there square measure lots of competition and risk. in step with Rayness, H.E (1976), we are able to see that insurance started thousands of years past however still it’s at the preliminary stage as compared to the industry. It seems that individuals aren’t condescending insurance in Africa because of many reasons.
There is not enough education regarding insurance; individuals see it as a betray the society. Most of the insurance activities square measure directed principally to the monthly financial gain earners and government staff effort the petty traders aside.
Although it’s by law that each automobile owner can have a minimum of some variety of insurance protect the automobile that’s the third party insurance that obtain to supply insurance for the innocent pedestrian and different cars. Even this, individuals square measure deed from it however convey God the law can affect folks that don’t have sum for his or her cars.
A whole building are going to be there with none sum. individuals feel reluctant to travel for insurance as a result of after they see the sort of stress individuals bear before claiming their claims, it doesn’t encourage them to require policy.
.Insurance plays some important roles in economic development. because of the ever-changing wants of the economy of Ghana, there’s the requirement to make sure that correct education on insurance is taken into consideration; the govt. should conjointly broaden the laws on insurance by adding additional to the motor insurance.
This study thus seeks to search out answers to the queries and to assess the role compete by the insurance within the economic development.
1.3 Statement of the matter
In the twenty first century, several Countries square measure moving from entrusting their security with the Banks to the Insurance corporations due to the dynamic and important role Insurance corporations play in making certain security within the development of their economy.
Although these insurance corporations have contributed enormously within the side of security to the event of the Ghanese economy, and with all the efforts being created in making awareness, most Ghanaians square measure still reluctant to require insurance as a result of they are doing not see the requirement for it. the issue nature of the insurance business towards the payment of claims makes it unattractive for third party insurers (commercial vehicles) to undertake policy. This has extremely affected their growth and therefore the roles they play within the development of the Ghanese economy, thus the requirement to hold out a study into the roles insurance play within the modern Ghanese economy and assess the notice of insurance among the general public.
1.4 Objectives of the Study
The study into the assessment of the roles being compete by the insurance within the economic development of Ghana seeks to realize the subsequent objective
to spot the role insurance play to the economy of Ghana.
To assess the notice among the overall public regarding insurance in Ghana
to search out out the issues facing the underwriter and therefore the insured in Ghana
1.5 analysis Questions:
The followings were the analysis question
What role will insurance play within the Ghanese economy?
what’s the amount of awareness among the overall public regarding insurance in Ghana?
What square measure the issues facing e insured in Ghana?
1.6 Scope of the Study
The analysis covers solely the Metropolitan nondepository financial institution (MET) of Ghana, Koforidua branch. The investigator selected Metropolitan nondepository financial institution of Ghana Koforidua branch as a result of it’s near the varsity and therefore the researchers may get easy accessibility to info.
Significance of the Study
The findings of the study can give Associate in Nursing input to the govt. within the formulation of laws on the monetary services business. The study can uncover and convey the vital role being compete by insurance economic process and development.
what is more, it’ll be of abundant use to students United Nations agency square measure enterprise analysis work on similar issue. it’s going to function a reference for them and conjointly for college kids learning courses in finance and insurance.
Lastly, suggested solutions can facilitate management during this sector to contain, issues attempt the business.
1.8 Limitation of the Study
The investigator in a shot to assemble information for the analysis work two-faced the subsequent difficulties. The investigator two-faced a drag of your time management. this is often as a result of combining lectures and different tutorial commitments with this study that ought to be completed inside 3 months can extremely be a really agitated a task and might have an effect on the findings of the work.
The investigator conjointly face monetary drawback. The investigator needs to use a part of her spending money to gather and method the analysis information gathered from the nondepository financial institution and this will have result on the findings of the work. conjointly some respondents were reluctant to answer some queries as a result of they were confidential.
Another agitated drawback is that, respondent to questionnaires and interviews not willing or able to provide the investigator all the required cooperation. this will have an effect on the findings of the work. By ignoring the investigator fully, others may provide misapprehend responses or do “go and are available later attitudes. of these constraints might have an effect on the results of the study in a way or the opposite.