INSURANCE TOPICS

Background Of The Study

The insurance business serves as the backbone of Nigeria's risk management system. Insurance companies are non-bank financial businesses that play an essential role in financial intermediation within the financial system of an economy. It provides financial certainty, acts as a risk management and capital development instrument, and enables quick access to long-term financing for infrastructure projects. The insurance mar...

Background of the study

Connection to the financial system is very important to different economies in the world. Digital currencies have attracted strong interest in recent years and have the potential to become widely adopted for use in making payments.  Gilbert, Scott & Loi, Hio. (2018) espoused that digital currencies (sometimes also referred to as digital money, electronic money, or electronic currency), either privately...

Background of the Study

The history of insurance industry in Nigeria according to Augustine and Brennan(2012) could be traced to the British colonial trading companies that established agency offices in Nigeria, on behalf of insurance companies in UK. After the Nigerian political independence of 1960, indigenously owned insurance companies sprang up, which as a result of inadequacy of capital, were unable to pay claims as at when due. This inadequac...

ABSTRACT:- This study was carried out to examine the impact of recruitment and selection procedure on employee’s performance in lead way assurance company, Kaduna. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of top management staff and staff of the human resource department of  lead way assurance company, Kaduna State. In determining the sample size...

BACKGROUND OF THE STUDY

Insurance companies are legal entities that cover the financial impact of it that derives from the occurrence of certain unexpected insured events affecting the insured. They offer this benefit in exchange for payment of a predetermined amount of money called premium. By pulling similar risks together insurance companies transform the unpredictability of the occurrence of an event to an individual into expected events affecti...

EXCERPT FROM THE STUDY

Insurance is known to be a safeguard against unforeseen circumstances that may likely affect business or livelihood, or as a hedge to mitigate risk of upcoming negative circumstances. Consider the growing prevalence of lifestyle-related diseases such as heart trouble, diabetes and obesity. The needs to have insurance today cannot be seen as&n...

EXCERPT FROM THE STUDY

The  existence  of insurance  markets  facilitates   economic   activity.   This   follows   directly  from  the  id ea  that  risk-averse  individuals a re willing to pay at least a fair premium to ensure compensation should a specific  event  occur  in  the  future.  This  enables some  individuals  ...

EXCERPT FROM THE STUDY

Measuring the financial performance of insurance companies has therefore gained significant attention in the developed and some developing countries in the area of business and corporate finance literature.  As underwriters, these companies are not only providing good mechanism for transferring risk but also help to boost entrepreneurial confidence in appropriate way so as to support investment growth and general economic activities. ...

BACKGROUND OF THE STUDY

Nigeria’s economy before independence and shortly afterward largely depended on agriculture. This is because a good number of its citizens are farmers. Intact about 70% of the Nigerian populace then were basically farmers and this goes a long way to show that Nigerians are poor people. Agriculture then was her only source of foreign exchange through the sale of cash corps.

Shortly after independence and the ci...

ABSTRACT

This study looks into the problems and future prospects of Insurance Co-operative in Nigeria. A survey was conducted in this country to obtain field information on the view of participants in developing co-operative insurance in Nigeria. In making research, it was discovered that Insurance Co-operative has been faced with some major problems like lack of qualified professionals in insurance co-operative. This suggests that with improved tra...

ABSTRACT

In this research study titled an evaluation of the role of NDIC to bank depositors and their services adequacy. The objective of the   study was to know if the purpose of introduction of NDIC in the Nigeria financial institution has actually actualized its aim sine 1989 till date. The researcher used oral interview and questionnaire to obtain all the necessary information including secondary data. It was discovered that within the period the numbe...

ABSTRACT

Emerging evidence suggests that de-risking is a reality. Increased capital requirements, coupled with rising Know-Your-Customer, Anti-Money-Laundering, and Combating-the-Financing-of-Terrorism compliance costs have resulted in the exit of several global banks from cross-border relationships with many emerging market clients and markets, particularly in the correspondent banking business. The research is aimed at evaluating the impact and ba...

ABSTRACT

This work studies the foreign investment and financial growth of companies in insurance sector Nigeria in the wake of the unprecedented capital flight from the Nigerian economy during the recent global economic recession (the credit crunch). Data which are secondary data nature were obtained from statistical bulletins of the Central Bank of Nigeria. The expost-facto research design was adopted to determine the level of the impact for 25 Ins...

ABSTRACT

Insurance companies in Nigeria have failed to realize the role a good corporate image play in business dealings. This is probably because they do not understand the concept of corporate image and necessary tools for promoting same. Corproate image, in fact, goes beyond attractive corporate office, producing quality products or rendering quality service, advertising, paying good salary and so on. It pervades every aspect of a business concer...

ABSTRACT

This study was carried out on the effect of motivation on the productivity of employees of insurance companies using AIICO Insurance Nig Plc. as case study. To achieve this 6 research objectives were formulated.  The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of all the staff  of AIICO Insurance Lagos State. In determining the sample size, the resea...

​​​​​​​BACKGROUND OF THE STUDY

Insurance is a safe-guard against risks. Any device aimed at reducing the chances of a risk occurring, when it happens, reducing the extent of its damage and providing the affected persons with compensation is a form of insurance. Insurance as a contract is between two parties where one party called the insurer undertakes to pay the other party called the insured a fixed amount of money in the occurrence of a specified...

​​​​​​​Background of the study

From pre-consolidation to post-consolidation, the Nigerian insurance sector has shown significant development. They are benefiting from the wealth sport industry's recapitalization and growing abroad in order to compete with foreign communities. As observed by Preuß & Alfs Chuda (2018), insurance firms are now involved in the local content initiative of the oil and gas industry, energy insurance, maritime and aviation, an...

ABSTRACT

The study was conducted to examine the effect of corporate governance in the Nigerian Banking sector. The specific objectives of the study were to determine effect of corporate governance on bank performance and to ascertain the relationship between corporate governance, loans and bad debts in banks while making recommendations on how to boost corporate governance and reduce the rate of bad debt and insolvency in the Nigerian banking sector. In order to a...

ABSTRACT

This research work focused on the Marketing of Motor Insurance in Nigeria; the problems facing and hampering smooth marketing of the policy in Nigeria, as well as motor insurance has in Nigeria. The motor insurance is one of the compulsory insurance in Nigeria (third party) under section 68 of Insurance Act 2003. The motor insurance marketing has been facing various challenges ranging from the issuance of fake certificate by much room coope...

ABSTRACT

This research report examines the goal of effective management of life assurance product in Nigeria insurance industry; focusing on Lagos metropolis. The objectives of the study were identified which includes to know the important benefits of life assurance business in Nigerian economy; to evaluate claims procedures in life assurance business; upon these objectives, the research questions were formulated, the significance of the study evaluated and the scop...

ABSTRACT

This project examined “the impact of financial management in a corporate organization” using NICON insurance as a case study. Financial management means to plan and control the finance of a corporate organization. It is done to achieve the objective of the organization which includes profit maximization, wealth maximization, proper estimation of total financial requirement of the organization, proper mobilization, proper utilization of finance e...

ABSTRACT

The study sought to investigate the impact if globalization of financial services on the development of Nigerian Insurance industry (A study of IGI). Globalization refers to the process of the intensification of economic, political, social and cultural relations across boundaries, and it is principally aimed at the homogenization of political and socioeconomic across boundaries. Industrial general insurance company Enugu was used as a case study. The object...

ABSTRACT

This research study is an attempt to X-ray and given an indepth analysis of the importance and effectiveness of training programmes in Niger Insurance Plc. Training is a vital and necessary activity in all organization, it plays a large part in determination, it plays a large part in determining the effectiveness and efficiency of the organization. Therefore, every organization should continually train its employees for attainment of its goals and objectives. For the purpos...

 ABSTRACT

The main objective of this study is to analyse the effects of claims settlement on the profitability of Nigeria Insurance industry. The study adopts descriptive and analytical method of historical and time series data. The study was conducted to cover the period from 1986 to 2011 (twenty-five years). The secondary data used for the study was obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin, 2014. The secondary data were presented i...

ABSTRACT

This study was intended to study credit risk modeling techniques for life insurers. This study was guided by the following objectives; to know the best techniques of credit risk modeling for life insurers. To examine the impact of credit risks on life insurers. To examine the benefits of credit to life insurer. To examine the relationship between credit and performance of insurers. To know if credit facilities are readily made available to...

Background to the Study

In today’s economy, the financial services industry that insurance belongs is exposed to increasing performance pressures and competitive forces (Goergen, 2001). Modern media, such as the internet, have created new challenges for this industry (Fuchs, 2001). New business concepts, a change in client sophistication and an increasing number of new competitors entering into the market, such as independent financial consultants, have change...

1. 1. Background of the Study

The effect of Interest rate on economic growth in Nigeria has been a matter of controversy over a long period of time. Yet, what constitutes an appropriate interest rate policy still remains a puzzling question. Until the early 1970s, the main line of argument was that because the interest rate represents the cost of capital, low interest rates would encourage the acquisition of...

ABSTRACT

This study survey critical review of the impact of good accounting system in the growth and development of insurance industry. Some problems facing accounting system includes, Good accounting system has not been adequately carried out in insurance, inadequate accounting management. In insurance industry causes fraud, financial statement mis-interpretation also causes a problem. Objective was on the problems of good accounting management. This study critica...

ABSTRACT

A close look at the Nigeria insurance market indicate that the sale and purchase of term, assurance policy is declining.  And this decline was assumed an unpro-portinate dimension since the Nigerian’s independence in 1969, hence it calls for urgent attention. This research therefore is intended to provide empirically both the conceptual and operational views of what term assurance means to the insurers, insurance intermediar...

Abstract

This research is carried out to appraise the insurance policy by indigenous construction companies in Nigeria, the main objective of the researcher is to give a concise analysis of the existence of their importance and the need of insurance policy in indigenous construction companies in Nigeria, The method of evaluation used were questionnaires administered and relevant literatures were reviewed. The finding of this research shows that defi...

BACKGROUND TO THE STUDY

Insurance is a provision of a system of compensation for loss, damage, sickness, death and other unbearable circumstances in return for regular payment of a pre-determined premium (Ekanem, 2011). Insurance companies are important for both businesses and individuals as they indemnify the losses and put them in the same positions as they were before the occurrence of the loss. Insurers also provide economic and social benefits in the society i....

ABSTRACT

This study was undertaken to appraise the contributory pension scheme and retirees. The study opened with chapter one where the statement of the problem was clearly defined. The study objectives and research hypotheses were defined and formulated respectively. This study was carried out among selected retirees of the Lagos state Government. The data were analysed through Statistical Package for Social Sciences Software (SPSS) version 21. Based on the study...

ABSTRACT

Business produce goods and services to satisfy the demand of customers. Much as these businesses declare profit year-in-year-out, they also face element of risk and uncertainties that may causes losses. This includes fire, theft, damage by artificial or natural agents and so forth. The business men in the olden days engage into economic activities with pessimism and fear of incurring losses. This inhibits large scale production which is capital intensive. H...

ABSTRACT

This work the insurance education and the demand for life insurance in Nigeria is very important and a very active field of research.

Data was analysed using simple percentages and chi square was used to test all hypothesis formed.

 In this work we found out that there is a significant positive relationship between insurance education and purchase of life insurance in Nigeria and that awareness creation will enhance consumers’...

GENERAL OVERVIEW OF THE STUDY

The uncertainty which doubt the future is a significant that normally bring in the element of risk in any business arrangement. The existence of risk in any concern simply means that certain loss must arise if the risky event happens. A contract of insurance broadly happens. A contract of insurance, broadly speaking is a contract in which one party called the insurer agrees to pay a given sum of money upon the happening of a particular...

ABSTRACT

This research work, the researcher examined the problems and prospects of marketing of life assurance policies in Nigeria. The information for the study was collected using primary and secondary methods of data collection. For the primary data collection, questionnaire was used while existing literature relevant to the topic was consulted for the secondary data. The sample size was determined using Taro Yamani formula the percentage method was used for...

BACKGROUND TO THE STUDY

Insurance is a provision of a system of compensation for loss, damage, sickness, death and other unbearable circumstances in return for regular payment of a pre-determined premium. Insurance companies are important for both businesses and individuals as they indemnify the losses and put them in the same positions as they were before the occurrence of the loss. Insurers also provide economic and social benefits in the society i.e. prevention o...

Abstract

Management Information systems have become an integral part of every corporate organization, especially the insurance industry in facilitating organizational performance, planning process and the prospect of achieving organizational goals and objectives. The enormous numbers of employees engaged in the insurance sector coupled with numerous customers made decision taking and dissemination of information by the management time consuming ther...

ABSTRACT  

 Claims settlement, which dates as far back as the history of insurance, is the only reason the consumer (insured) buys an insurance product. The fast administration of Claims is therefore not only a legal obligation of an insurance firm, but a strong public relations and marketing strategy. The response to claims has rather been poor in Nigeria and this is of great concern, since a thriving economy depends to a large extent on...

ABSTRACT

This project work is aimed at giving an insight of what the prudential guidelines on insurance companies hold for the industry in the nearest future. It is centered on the impact of issued guideline by the various regulatory bodies like the insurance. Decree of 1976 and 1991 and the establishment of the various bodies like the NISB and others. It also examine the performance appraisal of the insurance companies with a vi...

Abstract

This study is titled the implications of ownership structure of insurance companies on policy holders patronage. I looked into the problem that often associates with ownership structure of insurance companies in Nigeria like lack of fund for expansion in order to carryout its day to day activities, bad records of some past insurance companies in Nigeria, the background of the company and lack of governments total supervision over the compan...

ABSTRACT  

This research work is on the topic, “The Management of Pension Scheme in Nigeria (Problems and Prospects). The project is aimed at examining the challenges faced by management of pension scheme in Nigeria and achievement or prospects recorded so far. The writer in reviewing literature of this work employed a historical method. In chapter three the researcher made use of survey research plan in which questionnaires were split into section, strat...

Abstract
The main purpose of this research work is to examine the historical background of the Nigerian insurance industry with emphasis on the development of modern insurance industry in Nigeria, the role and performances of the insurance industry as well as the clarification of insurance business in Nigeria and to ascertain whether the growth of insurance industry has been consistent with the social economic development of the country. Examination of the scope and structure of the in...

Abstract

The purpose of this research work was to identify the impact of insurance services in the Nigerian economy. This is because most of Nigerians looks at insurance industry as a weak and poor industry with little or no impact in the Nigerian economy. However, the researcher carefully x-ray the implication of effective contribution of insurance services to the Nigerian economy and also review the relationship between insurance industry and othe...

ABSTRACT

Insurance by nature, is not a modernday concept.  It has a development history of so many – centuries.  The art of insurance has grown as a result of individual, corporate bodies and government need for the fortunes of lives and business.  Therefore, the types and classes of account were those which were expected to show to the venturers, i.e. the owner of business, government and individuals. 

It is base...

ABSTRACT

The main purpose and focus of this study was to investigate and bring to limelight the roles of insurance company in management of risk in medium scale organization. The researcher used Usmer water ventures located at No. 2 Hospital Lane Uyo, Akwa Ibom State for her study. In order to achieve the objectives of the study,  seven (7) research questions and five (5) hypothesis were formulated to give a proper guide to the study, literatures that were...