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