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