Business Ethics in Insurance Industry in Nigeria

Abstract

This study conceptually x-rayed the insurance practice in Nigeria, particularly the non-adherence to business ethics philosophy in their operations. Though Nigeria potentially has the largest insurance market in the African continent, she trails behind South Africa, Egypt, and Morocco in insurance market premium volume in 2011. This study revealed that unethical practices holds sway in the industry, resulting in lost of confidence, poor insurance patronage and stunted growth for insurance industry. Drawing from the theoretical perspectives of business ethics, we recommend the adoption of business ethical relationship philosophy by Nigeria insurance industry, if she is to be liberated from her current economic doldrums.