The Effectiveness of Event Insurance in Mitigating Risks in Potiskum Local Government Area, Yobe State
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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.
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