Perceptive Influence of Purchasing Motor Vehicle Insurance Policy from Non-regulated Firms on the Performance of Insurance Industry in Nigeria: A Customer-Based Sentiment Analysis

Abstract

<strong>ABSTRACT: </strong>This study examined Customers’ perception on the influence of purchasing motor vehicle insurance policy from non-regulated firms on the performance of insurance industry in Nigeria. Specifically, the influence of purchasing fake insurance policy and non-renewal of expired policy bought from the regulated insurance firms on the performance of insurance industry in Nigeria were accessed. Primary data collected through the use of structured questionnaire from 92 vehicle owners in Uyo, Akwa Ibom State, Nigeria, that were selected through convenience sampling technique, was used in the study. Sentiment analysis was applied as the method of data analysis in the study. The result of the analysis indicated a neutral sentiment level of the respondents to both the influence of purchasing fake motor vehicle insurance policy and impact of non-renewal of expired motor vehicle insurance policy bought from regulated insurance firms on the performance of insurance industry in Nigeria. These findings implied a neutral perception of the effect of purchasing motor vehicle insurance policy from non-regulated insurance firms on the performance of insurance industry in Nigeria by the motor vehicle owners. The neutral perception found explains the below expectation performance of the insurance industry in Nigeria due to poor patronage. To enhance public perception in the insurance industry in Nigeria, targeted product features and benefits awareness campaigns as well as payment of genuine claims to deepen public trust in the industry were recommended.