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Article Title:
Effects of Risk Perception on the Demand for Insurance: Implications on Nigerian Road Users
by Onafalujo, Akinwunmi Kunle; Abass, Olufemi Adebowale; Dansu, Sewhenu Francis

Abstract:
Nigerian motorists perceive motor risks differently, thus, the demand for insurance is expected to be motivated by how risk is perceived. Risk perception therefore is the process by which an individual organizes and selects a product with distinct characteristics which can either be intrinsic or extrinsic. This paper examines the implication of the level demand of comprehensive motor insurance among Nigerian motorists. Cross sectional survey research method was adopted for the study and Three Hundred and Five (305) respondents including commercial drivers in international motor parks in Lagos State were randomly selected. Data procedures were done using descriptive statistics and Pearson?s correlation coefficient. Findings revealed that price, income and religion belief affect risk perception of Nigerian motorists

Keywords: risk, risk perception, insurance, motor insurance, motor insurance pricing, demand for insurance.

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