SULAIMON RASHIDAT ABIODUN

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 Payment and Claims Settlement Processes through Reskilling Initiatives of Motor Insurance Policyholders in Lagos State, Nigeria.

In the financial sector, innovation is recognised as a major catalyst for change, resulting from the adoption of new technology. The insurance business, initially cautious in adopting innovations seen in other sectors, has emerged as a formidable driver and beneficiary of new technology Chojan et al., 2022 . Utilising digital technologies in this industry offers the potential to attain increased efficiency,enables novel service supply opportunities, enhances data gathering capabilities, facilitates mitigation measurement, and aids in fraud prevention Kraus et al., 2021 . In the present era, companies face continuous pressure to employ digital technologies and modify their business strategies to align with this emerging paradigm. Digitalization is dependent on the incorporation of digital technologies into daily activities Although digital transformation and the emergence of new digital business models are widely observed and have a noticeable effect, the academic literature has suprisingly given little attention to these developments.Methodology: The study used the survey approach cum the two-way sampling technique which comprised of purposive and convenience, data were gathered through a structured questionnaire from the selected registered motorists. sample size of one hundred and forty-two 142 was estimated. The data analysis was done using the descriptive statistics of simple frequency percentages presented in tabular form and bar chart description.The study recommended that government authorities should enhance the enforcement of reskilling techniques facilitators to ensure that all motorists on the road are adequately insured; which is achievable through implementation of telematic usage-based insurance .

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