INSURANCE INDUSTRY AND RISK MANAGEMENT IN NIGERIA
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
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 event insured against to the other party called the insured or assured for a consideration called premium.
In other words, insurance is a risk transfer mechanism by which an individual or corporate body shifts some or all the uncertainty encountered in daily activities into the shoulder of insurers in return for the payment of an agreed amount called premium which is usually very small compared to the potential loss. In the effect, what the insuring public and prospective buyers to be continuity in life without set back or normally occasioned by insurable risk or peril.
Insurance companies provide the service of financial sustenance to her participants in the economy. They do this by ensuring the financial rival of other business in the event of the unfortunate occurrence of insurable risk. Without such financial aid as offered by the insurance industry, many a business would have been out of existence. The economic development of any nation is closely related to the behaviour of individuals doing in the country as regard how much to save and how to consume with their earned income.
1.2 STATEMTN OF PROBLEM
The insurance industry is very relevant to the growth and development of very economy, it does not exist like every other insurance institutions without facing some constraints. Some of these problems include.
• Lack of awareness of the activities of the insurance industry.
• The reluctance or insurance companies to pay just claims.
• Unqualified salesman, agents and other insurance canvassers.
• The existence of fake, quack and mushroom insurance companies.
There are insurance companies in the country that are well require by the necessary organizations but still lack the desired technical, financial and management. To mention but a few.
Related Project Materials
AIR POLLUTION CONTROL WITHIN AN INDUSTRIAL ENVIRONMENT
ABSTRACT
The Air pollution damage function regulation employed so far in addressing environmental ...
CAUSES AND EFFECT OF LATENESS TO SCHOOL IN PRIMARY SCHOOL IN OVIA SOUTH WEST LOCAL GOVERNMENT AREA OF EDO STATE
BACKGROUND OF THE STUDY
Lateness to school started long ago, every where in a way that cannot be contro...
READERS PERCEPTION OF THE ROLE OF PRINT MEDIA IN SPORTS DEVELOPMENT IN NIGERIA
ABSTRACT
The research work examines the role of the print media in the development of sport in Nigeria using complete sp...
EFFECT OF BANK CONSOLIDATION ON PERFORMANCE OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA
ABSTRACT
The central tenet of banking sector consolidation was to develop a strong, reliable and divers...
DOMESTIC OUTCOMES OF NIGERIA’S ECONOMIC DIPLOMACY 1999-2007
ABSTRACT
Economic Diplomacy(ED) is the management of international relations aimed at promoting exports and increasing access to Foreign...
EFFECTIVE COMMUNICATION IN ENHANCING PRODUCTIVITY IN NIGERIAN UNIVERSITIES
Background of the study
There is a general saying that “there is no smoke without fire,” th...
THE ROLE OF LEADERSHIP IN DRIVING DIGITAL TRANSFORMATION
THE ROLE OF LEADERSHIP IN DRIVING DIGITAL TRANSFORMATION
The objectives of this research are to: (1) explore the influence of leadership...
THE SOCIETY AND THE GIRL CHILD IN THE BLUEST EYE BY TONI MORRISONAND KAINE AGARYS YELLOW YELLOW
ABSTRACT
The research work reviews the historical encounter between the whites and Africans and argues that the challenges or problems ev...
THE ROLE OF BUDGETING IN THE PRESENT NIGERIA ECONOMIC SITUATION (A CASE STUDY OF INSTITUTE OF MANAGEMENT AND TECHNOLOGY) I.M.T
ABSTRACT
Budgeting have a role to play in this present economic development of Nigeria. Budgeting which is defi...
Read more
GLOBALIZATION AND THE NIGERIAN ECONOMY: THE BABANGIDA PERIOD
ABSTRACT
This study was carried out to examine Globalization and the Nigerian economy the Babangida per...
