ASSESSMENT OF THE CONTRIBUTIONS OF INSURANCE IN THE SPORTS SECTOR OF NIGERIA

Background of the study: From pre-consolidation to post-consolidation, the Nigerian insurance sector has shown significant development. They are benefiting from the wealth sport industry's recapitalization and growing abroad in order to compete with foreign communities. As observed by Preuß & Alfs Chuda (2018), insurance firms are now involved in the local content initiative of the oil and gas industry, energy insurance, maritime and aviation, and other transportation and logistic hazards. As a result, the Nigerian supporting sector has not profited from insurance activities since insurance has been characterized as a social security welfare, it would assist players to flaunt their confidence in participating in sports without worry. Nigeria is recognized not only as a prominent country in Africa in the sphere of sports, but also as a world achiever in fields such as world cup of various categories. since he scored four goals throughout the game The family was completely restored thanks to insurance coverage that is not available in Africa.  Duncker, Humblot Verlag, Berlin & Isard (2015) said that sports insurance builds confidence, offers retirement protection, protects many aspects of disability, and enhances an economy. According to Mordi (1988), a country with enough insurance protection is a sick country, but a healthy country is a wealthy nation. Based on this maximum, we can assess the contributions of the insurance industry to the growth of the athletic sector in Nigeria.

1.2 STATEMENT OF THE PROBLEM

Based on the nature of sporting activities in Nigeria and their inherent, the followings are the identified statement of problems;

1.  Studies have shown that Nigerian sports sector do not embraces insurance protection.

 2.  Lack of awareness has been one of the challenges faced by insurance industry.

3.  Another major challenge facing Nigerian insurance industry is nonpayment of claims which results to loss of image and confidence in insurance contract by the sports sector.

1.3 OBJECTIVE OF THE STUDY

The aim of this research work is to evaluate the contributions of insurance in the sports sector in Nigeria. The specific objectives of this research work include the following;

1.  To investigate why Nigerian sports sector do not embraces insurance protection.

2.  To investigate the factors militating against the insurance industry not to create adequate awareness about sports insurance protection.

3.  To know why insurance industry does not pay claims immediately which results to loss of image and confidence in the sports sector?

1.4 RESEARCH HYPOTHESES

Based on the above research objectives and questions, the researcher formulated the following research hypotheses;

Ho: Nigerian sports sector do not embrace insurance protection.

H1: Nigerian sports sector embraces insurance protection.

Ho: Nigerian Insurance industry does not create adequate awareness about sports insurance protection.

H1: Nigerian Insurance industry creates adequate awareness about sports insurance protection.

1.5 SIGNIFICANCE OF THE STUDY

The study will give clear insight on the contribution of insurance in the sports sector of Nigeria. The study will be beneficial to students, sport sector and the general public. The study will also serve as reference to other researchers.

1.6 SCOPE AND LIMITATION OF THE STUDY

This research work will focus on the contributions of insurance in the sports sector in Nigeria. The area of this research work is Nigerian football association Enugu state chapter. The researcher encounters some constrain which limited the scope of the study;

 a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study

b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.

c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities   

 1.7 DEFINITION OF TERMS

 CONTRIBUTION: The part played by a person or thing in bringing about a result or helping something to advance.

INSURANCE: Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss

SPORT: An activity involving physical exertion and skill in which an individual or team competes against another or others for entertainment.

1.8 ORGANIZATION OF THE STUDY

This research work is organized in five chapters, for easy understanding, as follows: Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding.  Chapter five gives summary, conclusion, and recommendations made of the study