Abstract

Marine Insurance is one of the oldest form of insurance in the world. In the era of globalization, marine transportation has been the spine of international trade having more than 80 percent of merchandize transportation done by the sea. Marine transportation involves a lot of risk to the goods being carried and also the ship carrying them. Thus, the need to insure property against the economic consequences of its loss or damage has become a fundamental feature of modern society. As a result of the uncertainties faced at sea by sailors, the relevance of marine insurance policies to all actors in the maritime industry across the globe cannot be undermined. The objective of this dissertation was to appraise marine insurance, it’s relevance to the shipping industry and insurance claims in Nigeria. This dissertation adopted the doctrinal research methodology through which the subject was discussed. It found out that the perceived stagnant growth of insurance industry continues to be a key challenge that the country must overcome in order to encourage greater levels of investment in Nigeria. Similarly, it revealed that there is a positive relationship between marine insurance and the level of economic development in Nigeria; hence, the need for Government support to develop the business to generate sources of income to the nation. It concluded that in this time of harsh economic realities, insurance companies are still struggling to find their feet as a major financial service sector in Nigeria. It recommended, among other things, the need for government through its regulatory agencies to continuously strengthen the operating environment in line with global standards by regularly formulating enabling regulations to sanitize the insurance market in order to reduce fraud to the barest minimum.

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