Management Of Insurance Companies In Nigeria A Case Study Of Unic Insurance Plc

Accounting Project Topics

Get the Complete Project Materials Now! »

MANAGEMENT OF INSURANCE COMPANIES IN NIGERIA A CASE STUDY OF UNIC INSURANCE PLC

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

Get Full Work

Report copyright infringement or plagiarism

Be the First to Share On Social



1GB data
1GB data
1GB data
Management Of Insurance Companies In Nigeria A Case Study Of Unic Insurance Plc

660