CRTITCAL ANALYSIS OF THE IMPACT OF INSURANCE INDUSTRY TOWARDS ECONOMIC DEVELOPMENT OF NIGERIA

TABLE OF CONTENT

Title page

Approval page

Dedication

Acknowledgment

Abstract

Table of content

 

CHAPETR ONE

1.0   INTRODUCTION 

1.1        Background of the study

1.2        Statement of problem

1.3        Objective of the study

1.4        Research Hypotheses

1.5        Significance of the study

1.6        Scope and limitation of the study

1.7       Definition of terms

1.8       Organization of the study

CHAPETR TWO

2.0   LITERATURE REVIEW

CHAPETR THREE

3.0        Research methodology

3.1    sources of data collection

3.3        Population of the study

3.4        Sampling and sampling distribution

3.5        Validation of research instrument

3.6        Method of data analysis

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS AND INTERPRETATION

4.1 Introductions

4.2 Data analysis

CHAPTER FIVE

5.1 Introduction

5.2 Summary

5.3 Conclusion

5.4 Recommendation

Appendix

 

 

 

 

 

 

 

 

 Abstract

Evaluation of the impact risk survey in the manufacturing firm in Nigeria. The research was aimed at evaluation the impact of risk survey in manufacturing firms in Nigeria with a case study of Emenite Limited which is the researchers’ topic, objective of this study is to determine how risk managers survey their risk and how it is being control in manufacturing firm, and also these underwriting consideration in risk survey. The research method used was design in a manner to ensure adequate representation of Emenite Limited in Enugu Research findings established that reduction in the volume of loss and increase in profit maximization are the important of risk survey in the manufacturing firms. Apart from the existing risk control in manufacturing firms, other various new risk controls should be adopted.

 

 

 

 

 

 CHAPTER ONE

INTRODUCTION

• Background of the study

Risk is integral to everyday life. Once we have said that risk is always at the centre of insurance. We should also understand that risk is at the centre of our life. This means that for every human endeavor there is ‘risk’ as a result of our different economic pursuits. According to David (2001) risk exists where the future is unknown. It represents both desirable events and undesirable event. It is a desirable event when one internationally initiates certain things in order to better his socio-economic well being. Because of these desirable and undesirable events, an organization will want to transfer their risk to an instance company, which thereby brings about risk survey. According to David (1989) the prime object of a risk survey is to provide the underwriter with as complete a picture of the risk being offered as possible; to enable him decide whether the risk was acceptable and how it compared with the same kind and as the basis for deciding premium and other terms. In the present day the surveyor is still closely concerned with provision of underwriting information and in many situations the information disclosed by the completed proposal form, will need to be supplemented by a surveyors report before the picture is completed. However, the surveyor is now more closely concerned with accident preventions, surveying represents one aspect of the wider subject of risk control. Moreover, practice varies among individual answers and there are no established criteria for surveying manufacturing firms. However, it may safely be stated that risks of unusual character or with special features will normally be surveyed in that firm. A safety or risk audit will be conducted. A safety audit is a critical examination of an individual operation in its entirely to identify potential hazard and level of risk Audits are often undertaken by multidisciplinary terms individual members should have a good knowledge of legal requirements, an understanding of reasonable practice in the industry and above all the ability to communicate with at levels of personnel or department within the organization. In many companies, this expertise is not readily available and so audits tend to be undertaken by external specialist such as consulting engineers acting independently or employed by insurance companies. In a manufacturing firm like Emenite Limited. Risks that presents a serious injury/hazard are those where there are substantial involvement machinery(s) Reports from the Health and safety executive in Emenite limited however, shows that some 80% of accidents are not caused by machinery but by such simple things as falls, lifting heavy weight or defective hand tools. Risk survey will thereby go a long way in boosting productivity in manufacturing firm via review of risk and it will also help to facilitate improvement in the work force of the company like Emenite Limited.

 1.2 STATEMENT OF THE PROBLEM

For the purpose of this study, the researcher identified some key factors that will help in identifying the problem.

1. There are various risk exposures in manufacturing firms
2. The ways of handling such risk exposures have not been encouraging.
3. Risk surveyors in manufacturing firms have not been living up to their expectations.
4. There have been lots of bottlenecks in implementing the preferred recommendations.
5. To know the role of surveys in identifying such risk and controlling the effects of the operation of manufacturing firms in Nigeria.

 

1.3 OBJECTIVE OF THE STUDY

The objectives of the study are;

1. To find out the various risk exposure in manufacturing firms in Nigeria
2. To find out various ways of handling such risks exposures in manufacturing firms.
3. To find out the problems facing the insurance companies on identifying such risk exposures in manufacturing firms.
4. To know the role of risk survey in manufacturing firms
5. To make recommendations on how to improve the manufacturing firms through adequate risk survey tools by the insurance industry.

1.4 RESEARCH HYPOTHESES

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

H₀:  there are no problems facing the insurance companies on identifying such risk exposures in manufacturing firms.

H₁: there are problems facing the insurance companies on identifying such risk exposures in manufacturing firms.

H₀²:  there is no role of risk survey in manufacturing firms

H₂:  there is role of risk survey in manufacturing firms

1.5 SIGNIFICANCE OF THE STUDY

This research work will be of immense help to:

The student: it will help the researcher to know more on the impact of insurance industry towards economic development of Nigeria.

The Stake holders: this study will be of great importance to stake holders as it will enrich their knowledge on the various risk in manufacturing firms.

Insurance company: this will equally be of help to the insurance companies and financial institutions in Nigeria because when they abide by the recommendations provided by the researcher it will help them in time of decision making.

1.6 SCOPE AND LIMITATION OF THE STUDY

The scope of the study covers critical analysis of the impact of insurance industry towards economic development of Nigeria. The researcher encounters some constrain which limited the scope of the study;

1. a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
2. b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
3. c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.

1.7 DEFINITION OF TERMS

INSURANCE INDUSTRY: Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss

ECONOMIC DEVELOPMENT: Economic development is the process by which a nation improves the economic, political, and social well-being of its people. The term has been used frequently by economists, politicians, and others in the 20th and 21st centuries

 

 

1.8 ORGANIZATION OF THE STUDY

This research work is organized in five chapters, for easy understanding, as follows

Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding.  Chapter five gives summary, conclusion, and recommendations made of the study

 

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