THE IMPACT OF FUND ACCOUNTING FOR INSURANCE AND REINSURANCE COMPANIES
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- NGN 3000
Abstract: THE IMPACT OF FUND ACCOUNTING FOR INSURANCE AND REINSURANCE COMPANIES
This study aims to: (1) investigate the unique accounting requirements for insurance and reinsurance companies, (2) understand the challenges faced by fund accountants in this sector, and (3) propose improvements for accounting practices in the insurance industry. A survey design was adopted to gather data from 340 fund accountants in Kaduna, using Taro Yamane’s formula to determine the sample size. Kaduna was selected for its significant presence of insurance companies. The survey instrument achieved a reliability coefficient score of 0.86. Findings reveal that insurance and reinsurance accounting require specialized knowledge due to complex regulations and risk management practices. The study recommends the development of specialized training programs for fund accountants in the insurance sector to enhance their expertise and ensure compliance with industry standards.
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