ABSTRACT
This research work was aimed at determining the impact on management of
insurance companies in Nigeria
with particular reference to UNIC INSURANCE PLC
A structured questionnaire
made up of a little combination of some dictatorship and open ended questions
was developed and distributed to a total of 80 male and female employees of
UNIC INSURANCE PLC.
The data collected were
analyzed using percentages, mean and
rank order. Based on the above major
findings include;
1, That the human and
non-human resources available in the insurance
company are not adequate.
2. That UNIC INSURANCEPLC has
not experienced any form of friend.
3. Under interference and insanity
of the job/position of supervisions
affect the objetinty of their reports and recommendations.
4. That non-implementation of
previous reports affect the function
of supervisors.
Based on these findings,
the following efficiency and effectiveness
in the management of insurance companies.
a.
That
Insurance companies should use delegation as a supervisory strategy to be in
professional touch with all the department in the insurance company.
b.
A programme of in-service education and
training should be given to staff on regular basis to enable them get abreact
with the changing demand of time him.
c.
Insurance
companies should consistently organize seminars .Staff meeting, individual
conferences, professional lectures and provision of office bulletins
d.
Staff
safety and welfare packages must be adequately assured for proper continuity.
TABLE
OF CONTENT
Title page ii
Approval page iii
Dedication. iv
Acknowledgement v
Abstract vi
Table of contents viii
CHAPTER ONE
Introduction 1
1.1
Background
of the study 1
1.2
Statement
of problems 3
1.3
Purpose
of the study 4
1.4
Test
of Hypothesis 5
1.5
Significance
of the study 5
CHAPTER TWO
Review of related literature 8
2.1
insurance
company organization 8
2.2
Under
writing 11
2.3
Theory
of rating 21
2.4
Premium
rating in non-life insurance 23
2.5
Premium
change in life insurance 25
2.6
Sources
of insurance company fund 27
2.7
The
investment of insurance company fund 30
2.8
Insurance
company account 31
2.9
Summary
of the review literature 32
CHAPTER THREE
Research methodology 34
3.1
Area
of study 34
3.2
Population 34
3.3
Sample
and sampling procedure 34
3.4
Instrument
for data collection 36
3.5
Validation
of research instrument 37
3.6
Reliability
of research instrument 38
3.7
Administration
of the research instrument 37
3.8
Method
of date analysis 39
CHAPTER FOUR
Data presentation and results 41
4.1
Date
presentation and analysis 41
CHAPTER FIVE
Discussion of results 48
5.1
Discussion
of findings 48
5.2
Conclusion 51
5.3
Recommendation 52
5.4
Limitation
of study 54
Appendices 56
CHAPTER
ONE
INTRODUCTION
1.1
BACKGROUND OF THE STUDY
The management of an insurance company, like any other
business outfit, has an aim or purpose to pay claim in return for payment of
premium. The insurance company undertake numerous activities in their operation
usually assessing the extent to which the risk presented in any respect departs
from normal and if so, to what extent additional hazard can be mitigated at
what rating consideration. A process
known as premium rating is used to decide vohat price you should change to. The
premium price should reflect the claims list and expenses associated with the
contract but also include an allowance for the insurer profit margin, this
allowance depends on the level of competition in the relevant insurance
market.
Like every other business if the insurance companies want
to increase the amount of business they undertake (at the right price) and
attempt to do this involves different system since company differ in their
degree of reliance on a direct sales force rather than using brokers and also
in the amount they spend on advertising.
Also insurance company cannot pay all claims out of revenuer received
for premium and investment income, because the timing of these payments and
receipts cannot be co-coordinated, they must therefore maintain a fund that can
be used to pay claims, such funds are also necessary in the case claims are
unexpectedly large. In many classes of
insurance fund are accumulated carefully investment of these funds will allow
insurers to earn interest income and make capital again.
More so, the
insurers may be aware that certain potential claims payment may exceed his
financial resources. He will therefore
wish to pass on some of the liabilities for the claims to another insurer by
buying insurance like other enterprise, insurers make payment to creditors
(claims to insure commission agents) and receive money from debtor (such as
premiums) They ought then compile accounts for internal management,
shareholders and the taxation and supervisory authorities. A major problem with
these is that insurers liabilities that the potential claims payments may not
be know and must therefore be estimated.
Insurance companies must pay co-corporate with tax value added tax and
capital gain tax.
1.2
STATEMENT OF PROBLEMS
i Based on the fact that every successful
company weather profit or
non-profit oriented in Nigeria
lies on its management.
ii. Secondly
goes majority of Nigerians do not appreciate the
role insurance industry pay in the
economic development of this country.
iii. Another striking factor that off this
research work is the
fact that our people appear not to understand the impact insurance could have in national development.
v. There is also the problem of non-challant
attitude of most Nigerians in embracing the idea of insurance coverage as one of the
veritable instrument for the national
development in developing countries. It is therefore
on the foregoing premise that this research work
is necessary in the first instance.
1.3 PURPOSE OF THE STUDY
1.
To
what extent does insurance in Nigeria
helps in solving economic problems in building of the nation
2.
To
what extent does the non-challant attitudes of some people affect nation
development.
3.
To
what extent does is the usefulness of insurance of the manage management; serve
as a reference point for the self-help and self-reliance.
4.
To
what extent has Government gone to curb the problems associated with insurance
management as regards development?
1.4 TEST OF HYPOTHESIS (NULL)
In the course of the study (4) hypothesis were treated
these include Hoi there is no significance benefits derived by common man from
insurance fund and management. Ho2
There is no significant evidence to prove that some people have non-challant
attitude towards insurance industries.
Ho3 There is no usefulness of insurance
management as reference point for self-help and self-reliance.
Ho4 there
are many identified problems associated with insurance management towards
national development.
1.5 SIGNIFICANCE OF THE STUDY
A work of the nature is not without significance or
relevance to some people, group and companies alike. It is on this basis that the research
outlined the following significance of the study.
i. This study
provides background for the enlightenment of
the masses to understand the need for insuring reasons
to insure, how to insure and so on.
ii. the study
on insurance company management and practice
in Nigeria
entails giving detailed enlightened to the
insuring and general public on how the insurance industries are being managed and practice.
iii. It is vital
for the masses to know and understand some terminologies
in insurance duties and responsibility of each
department and staff in an insurance company.
iv. This
research work will serve as a study to ascertain this process of assessing risk
proposed for insurance and fixing proper premium rate, which is otherwise know
as underwriting.
v. Knowing how to re-insure which helps to
reduce his ultimate liability
warranties and condition of insuring also
criteria of the risk accounts of the
company.
vi. The study will assist in identifying
various problems associated
with insurance management towards national
economy.
vii. It will at the same time save as a
reference point to many
itching to insure to encourage them and to help in knowing how to chose an insurance company of his
choice.
viii. At the end of this research work, many
people in our society will be
able to correct their mistakes and ignominious
approach towards insurance management and
its importance towards improving living standard and other
economic development in the nation.
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