DEPARTMENT OF INSURANCE

The study examines the effect of underwriting function on the profitability of listed insurance firms in Nigeria over the period 2014 – 2023. A longitudinal research design was adopted for the study. The population of the study consists of fifty one (51) listed insurance companies as at 31st December, 2023. Twenty four (24) of the listed insurance firms were selected to form the sample of the study. Panel data technique was utilized to examine the effect of the four underwriting function variables (net premium income, underwriting risk, reserves and reinsurance utilisation) on the profitability of listed insurance firms. The finding of the study reveals that net insurance premium has a positive and significant effect on the profitability of listed insurance firms in the Nigeria while underwriting risk, reserve and reinsurance utilization were found not to exert significant effect on profitability. The study recommends among others that insurance firms in Nigeria should improve their net insurance premium in order to continue to increase their profitability.

In this study, the effect of financial development on insurance penetration in Nigeria sector for the period 1995 – 2022 was investigated using ordinary least square (OLS) technique. Financial development indicators utilized in the study includes broad money supply and credit to private sector while insurance sector penetration rate was the dependent variable. We estimated a regression model and the result reveals that broad money supply has negative and insignificant impact on insurance penetration in Nigeria while credit to private sector was positively and significantly related to insurance penetration. The study recommends that regulatory authorities charged with the sole responsibility of ensuring the macroeconomic stability of Nigeria should ensure that more credit should be extended to the private sector in other to further deepen insurance penetration rate in Nigeria. Also, the negative and insignificant effect of broad money supply on insurance penetration in Nigeria calls for the strict reevaluation of the present monetary policy tools as regard the volume of money in circulation to ensure that it contribute significantly to insurance penetration rate in Nigeria

In this study, the effect of financial development on insurance penetration in Nigeria sector for the period 1995 – 2022 was investigated using ordinary least square (OLS) technique. Financial development indicators utilized in the study includes broad money supply and credit to private sector while insurance sector penetration rate was the dependent variable. We estimated a regression model and the result reveals that broad money supply has negative and insignificant impact on insurance penetration in Nigeria while credit to private sector was positively and significantly related to insurance penetration. The study recommends that regulatory authorities charged with the sole responsibility of ensuring the macroeconomic stability of Nigeria should ensure that more credit should be extended to the private sector in other to further deepen insurance penetration rate in Nigeria. Also, the negative and insignificant effect of broad money supply on insurance penetration in Nigeria calls for the strict reevaluation of the present monetary policy tools as regard the volume of money in circulation to ensure that it contribute significantly to insurance penetration rate in Nigeria.

This study reviewed the technology transformation and the growth of insurance industry in Nigeria. The study’s objective is to examine the effect of technology on products innovations in Nigeria insurance industry, to investigate the influence of technology on business operations of insurance companies in Nigeria, and to examine the role of technology on customers’ satisfaction in the insurance industry in Nigeria. The study employed a survey research design including frequency and percentages, data were primarily sourced through questionnaire distributed to 5 insurance firms in Benin City, and a total of fifty (50) were used for the analysis. The analysis revealed that there is a significant relationship between technology in product innovation and insurance industry transformation and growth, that there is a significant relationship between business operations and insurance industry transformation and growth.
but there was no significant relationship between customer satisfaction and insurance industry transformation and growth in Nigeria. The study recommended that the fostering of collaboration and partnerships, investing in technological infrastructure, promoting digital literacy and training, enhancing regulatory framework, and facilitating market research and knowledge sharing.

This study reviewed the technology transformation and the growth of insurance industryinNigeria. The study’s objective is to examine the ef ect of technology on products innovationsin Nigeria insurance industry, to investigate the influence of technology on business operationsof insurance companies in Nigeria, and to examine the role of technology on customers’ satisfactionin the insurance industry in Nigeria. The study employed a survey research design includingfrequency and percentages, data were primarily sourced through questionnaire distributedto5 insurance firms in Benin City, and a total of fifty (50) were used for the analysis. Theanalysis revealed that there is a significant relationship between technology in product innovation and insurance industry transformation and growth, that there is a significant relationship between business operations and insurance industry transformation andgrowth. but there was no significant relationship between customer satisfaction and insuranceindustry transformation and growth in Nigeria. The study recommended that the fosteringof collaboration and partnerships, investing in technological infrastructure, promotingdigital literacy and training, enhancing regulatory framework, and facilitating market researchandknowledge sharing.

The study empirically examined the contribution ofinsurance companies to the growth ofsmall and medium scale enterprises in Nigeria for the period 1986 to 2022. The specific objectives were to find out whether insurance premium (INPR), insurance investment rate (INVR),insurance penetration (INPEN) and insurance assets (INASS) significantly impact small and medium scale enterprise growth in Nigeria. The Unit root test and the ordinary least square (OLS) econometric technique were used in the analysis and the results specifically indicate that insurance premium (INPR) has a strong positive impact on SME growth; insurance investment rate (INVR) has significant negative impact on SMEs growth; while insurance penetration (INPEN) and insurance assets (INASS) do not have any significant impact on small and medium scale enterprise growth in Nigeria. The study conclude that insurance premium and insurance investment rate are the main factors affecting SMEs growth in Nigeria within the period of investigation. The study therefore recommends among others that, governments should develop and implement coherent insurance friendly policies that will enable SMEs to compete and survive on a commercial footing. It should avoid pursuing policies and enacting laws and regulations that would create disincentives to SMEs growth. Also, management should re-strategize on how to expand current insurance firms’ coverage areas in the country by developing more clients-orientedproducts that would attract more Nigerian who hitherto never purchase insurance policy. This will go a long way to ensure that insurance penetration significantly affect SMEs growth in Nigeria.