At the Insurance department office
Appointment on Visitation important
Topic: EFFECT OF RISK MANAGEMENT ON THE FINANCIAL PERFORMANCE OF INSURANCE COMPANIES IN NIGERIA
Description: Risk if not managed well could lead to the collapse of a business entity, especially those whose core business deals with day to day handling of risks. Risk management involves the identification and analysis of risks, the development and implementation of risk, handling techniques and monitoring the progress of the techniques in order to avoid and/or reduce the impact of risk on the financial performance of the firm.The objectives of the study was to find out if insurance companies in Nigeria have a high level of Risk Management implementation and to determine the extent of a lower level Risk Management implementation on the financial performance of insurance companies in Nigeria.Descriptive design was used in this study. The study population was the 49 insurance companies in existence in Nigeria at the time of conducting this research out of which 10 companies transacting life and nonlife insurance business were picked. Primary data was collected through the use of questionnaires and descriptive statistics was used to analyse the data collected.The findings of the research based on the analysis of data was that:1. Risk management has impact on the performance of insurance companies in Nigeria.2. Insurance companies have higher level of Risk management implementation.3. A lower level of risk management implementation has effect on the financial performance of insurance companies in Nigeria.On the basis of the conclusion reached in this study, risk management is an ongoing phenomenon and risk management affects the financial performance of the insurance companies in Nigeria. Therefore an in-depth analysis of risk evaluation in the management structure should be made to discover areas the need urgent attention of the management.
|1.||M.Sc (RISK MANAGEMENT AND INSURANCE)||UNIVERSITY OF LAGOS||2019|
SULAIMON ABIODUN is a Assistant Lecturer at the Department of Insurance
SULAIMON has a M.Sc in RISK MANAGEMENT AND INSURANCE from UNIVERSITY OF LAGOS