Chapter One: Introduction
1.1 Background of the Study
Event management is inherently risky, involving uncertainties related to financial loss, accidents, natural disasters, and other unforeseen circumstances. Event insurance serves as a vital tool in mitigating these risks, providing coverage for liabilities and unforeseen expenses. In Potiskum Local Government Area, Yobe State, events such as weddings, cultural festivals, and community gatherings often face risks ranging from weather disruptions to logistical failures. According to Adamu and Yusuf (2023), event insurance offers financial security and peace of mind to organizers, enabling them to focus on delivering successful events. Despite its benefits, the adoption of event insurance remains low in Potiskum due to limited awareness, cost concerns, and misconceptions about its relevance. This study evaluates the effectiveness of event insurance in mitigating risks, focusing on its adoption, benefits, and challenges in Potiskum.
1.2 Statement of the Problem
Event organizers in Potiskum often face significant risks that can lead to financial losses and reputational damage. However, the adoption of event insurance as a risk management tool is minimal, leaving organizers vulnerable to unforeseen challenges. Factors such as lack of awareness, high insurance premiums, and skepticism about insurance providers contribute to this low adoption rate. While studies have explored risk management in event planning, limited research focuses on the effectiveness of event insurance in Potiskum (Bello & Ibrahim, 2024). This study addresses this gap by assessing the role of event insurance in mitigating risks in Potiskum Local Government Area.
1.3 Objectives of the Study
1. To evaluate the effectiveness of event insurance in mitigating risks in Potiskum.
2. To identify challenges faced by event organizers in adopting event insurance.
3. To propose strategies for increasing the adoption of event insurance in Potiskum.
1.4 Research Questions
1. How effective is event insurance in mitigating risks in Potiskum?
2. What challenges do event organizers face in adopting event insurance?
3. What strategies can increase the adoption of event insurance in Potiskum?
1.5 Research Hypotheses
1. H₁: Event insurance significantly mitigates risks in Potiskum.
2. H₂: Challenges such as cost and awareness negatively affect the adoption of event insurance.
3. H₃: Awareness campaigns and flexible policies increase the adoption of event insurance.
1.6 Significance of the Study
This study is significant as it highlights the role of event insurance in risk management, providing valuable insights for event organizers, insurance providers, and policymakers in Potiskum. The findings contribute to academic literature on risk management and event planning, offering practical recommendations for increasing the adoption of event insurance. Additionally, the study underscores the importance of financial security in delivering successful events.
1.7 Scope and Limitations of the Study
The study focuses on the effectiveness of event insurance in mitigating risks in Potiskum Local Government Area, Yobe State. It excludes other risk management tools and focuses specifically on insurance adoption and outcomes. Limitations may include variations in insurance policies and access to data on insured events.
1.8 Operational Definition of Terms
1. Event Insurance: A financial product that provides coverage for risks associated with events.
2. Risk Mitigation: Strategies and measures taken to reduce or manage risks.
3. Event Organizers: Individuals or groups responsible for planning and executing events.
Background of the Study
Political patronage, the practice of distributing government benefits and resou...
Background of the Study
Access to quality maternal healthcare is a fundamental right, yet many pregnant...
ABSTRACT: This study investigates the role of early childhood education in promoting cross-cultural friendships among young children. Objectiv...
INTRODUCTION
Considering the wide variety of devices currently available, designers face numerous challenges in developing intuitiv...
Background of the study
In recent years, the intersection of education and mental health has gained significant attention,...
ABSTRACT
Many social critics have noted the failure of organization to behave in socially responsible ways and to also o...
ABSTRACT: Exploring the role of early childhood education in disaster risk...
ABSTRACT
This focus of this study is on the examination of societal influence on youth ritualism u...
BACKGROUND OF THE STUDY
However, the construction industry is often regarded as one of the most hazardo...
Background of the Study
Customer satisfaction is a key determinant of success in the competitive Nigerian insurance market...