Life Insurance in Nigeria: An Application of the Theory of Reasoned Action to Consumers' Attitudes and Purchase Intention

Abstract

This paper is concerned with consumers' attitudes towards purchase of life insurance in Nigeria. There is considerable unexploited potential for the life insurance market in Nigeria. However, due to lack of confidence based on continuous negative experiences, consumers tend not to buy. Data was gathered from 240 non-users of life insurance at Abuja, the federal capital city, using structured questionnaires based on the Theory of Reasoned Action; and questions were related to issues of non-consumption of life insurance. The findings show that increased level of consumer consciousness and lack of welfare benefits are encouraging growth factors for the life insurance market in Nigeria. Since the purchase intention towards life insurance is determined by normative factors, the recommendation is that the initial point of contact for marketing communications regarding the purchase of life insurance should be family and friends.

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Notes on contributors

Ogenyi Ejye Omar

Dr. Ogenyi Ejye Omar is a Reader in Marketing in the Department of Marketing and Tourism, Business School at the University of Hertfordshire, Hatfield, UK.

Nana Owusu-Frimpong

Dr. Nana Owusu-Frimpong is a Senior Lecturer in Marketing in the Department of Business and Services Sector Management at London Metropolitan University, UK.