SULAIMON ABIODUN RASHIDAT

Insurance

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.

#	Certificate	School	Year
1.	M.Sc (RISK MANAGEMENT AND INSURANCE)	UNIVERSITY OF LAGOS	2019

Digitalising Premium Payments and Claims Settlement processes through Reskilling Initiatives among Motor insurance Policyholders in Lagos State, Nigeria

With the rapid advancement of technology, embracing digital solutions is crucial for enhancing efficiency and accessibility in the insurance sector. However, the successful implementation of digital platforms requires adequate skills among policyholders. The study explored the transformation potential of reskilling initiatives among motor insurance policyholders in Lagos, Nigeria; focusing on digitalising insurance premium payments and claims settlements. Through a combination of qualitative and quantitative techniques, this research will investigate the effectiveness of reskilling techniques in facilitating the adoption of digital tools for motor insurance processes. Drawing on insights from focus group discussions, interviews and surveys conducted, the study is aimed at examining the effective usage of various reskilling techniques, barriers encountered, possible benefits of and facilitators to digitalisation  and thus, evaluating the effect of reskilling interventions on policyholders' behavioural dispositions. The sampling to be adopted are double sampling comprising of purposive and convenience sampling. The analytical techniques adopted are both descriptive and inferential statistics. The findings will contribute to both theoretical understanding and practical implications for insurers, policyholders and stakeholders involved in promoting digital transformations and financial inclusion in Nigeria's insurance Industry. 

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