PSYCHOLOGICAL FACTORS MILITATING AGAINST USAGE OF INSURANCE OPPORTUNITY IN NIGERIA

Abstract

Many Nigerians are indifferent about insurance industry, services and the benefits. Theresearch therefore appraises the psychological factors militating against usage of insurance opportunitiesin Nigeria. Theory of Needs by McClelland associated with Achievement Needs, Affiliation Needs, PowerNeeds served as the theoretical background. Insurance opportunities played an important role in reducingchallenges in Nigeria’s socio-economic development by promoting financial stability, reduce anxiety,substituting for government security programmes, mobilizing national savings, and enabling risks to bemanaged. However, psychological factors such as attitude, motivation, perception, and personality militateagainst usage of insurance opportunities in Nigeria. It is recommended that there is the need to createawareness about opportunities that lies in usage of insurance policies among the general public. Thisawareness should be made in both rural and urban communities. With awareness, people will know ofimmense benefits associated insurance usage.