THE CONTRIBUTION OF INSURANCE COMPANIES TO THE GROWTH OF SMALL AND MEDIUM SCALE BUSINESSES IN UYO (A CASES STUDY OF NICON)
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THE
CONTRIBUTION OF INSURANCE COMPANIES TO THE GROWTH OF SMALL AND MEDIUM SCALE
BUSINESSES IN UYO (A CASES STUDY OF NICON)
ABSTRACT
The purpose
of this study was to establish the relationship between the contributions of
insurance companies and the growth of SMEs in NICON basing on the following
objectives; to examine major factors that affects the growth of SMEs; to assess
the contribution of insurance companies to the growth of SMEs; to investigate
the factors inhibiting the purchase of insurance cover by SME operators and to
determine the strength of the relationship between insurance companies and
growth of SMEs. The research was descriptive in nature involving quantitative
methods which was administered through questionnaires. The total sample
comprised of 65 respondents of all the managers and employees of National
Insurance Corporation. Simple random sampling was used whereby the researcher
went to NICON and administered questionnaire to the sampled or selected
employees. Primary data was obtained from the library materials, textbooks,
NICON brochures, internet and journals. Data analysis was carried out using SPSS
and frequency distribution tables. Findings revealed that innovation is a
strong empirical evidence for fast growing SMEs, competition has a great effect
on SMEs industry and credit remains a great challenge to the growth of SMEs.
Besides that insurance companies mitigate risks and enhance loan acceptability
by SMEs sector with banks. However low income earned by SMEs, high premium cost
and paperwork and experience and beliefs inhibit the purchase of insurance
cover by SMEs. Nevertheless, there is a strong positive relationship between
insurance companies and the growth of SMEs at Spearman Correlation Coefficient.
It was
concluded that improvement in business skills increases the performance of
SMEs. However insurance companies do not lowers insurance rates and offer
protection to SMEs income statements. In addition SMEs being small in size and
their inability to fully understand the document limits them to get insurance
cover. It was recommended that management of NICON need to build a great
relationship with SMEs as their customers in orders to develop and grow them in
trust and also lower the premium rates to SMEs in order to improve on their
performance. Also NICON need to have a fresh look at the scope and spectrum of
services provided to SMEs and has a better understanding on the scale of
enterprise sector.
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