Insurance plays a strategic role in the economy just as Irukwu (2003) stated that it is universally agreed that no modern economy can operate efficiently without the support of an organized, disciplined and viable insurance industry. Furthermore, Irukwu (2003) noted “As a key service industry in the financial services, insurance contributes a lot to the growth and stability of the national economy, both in the context of its primary role of risk bearing and as regards its secondary functions, in the nation‟s financial services industry, particularly in its roles in the mobilization of funds for investment in the national economy, and as promoter of savings culture and facilitator of the credit system”. Nduna (2013) stated that African governments, after political