INSURANCE

This study examined the role of big data analytics in enhancing underwriting efficiency and risk assessment accuracy in the Nigerian insurance industry. Motivated by the growing relevance of data-driven decision-making in global financial services, the study sought to evaluate the extent of adoption, the benefits and challenges, and the potential of big data analytics in improving industry performance. A quantitative research design was employed, with data collected through structured questionnaires administered to underwriters, risk managers, and data analysts across selected insurance companies. Out of 200 distributed questionnaires, 176 were duly completed and returned, representing a response rate of 88 percent. Descriptive statistics were used to analyze demographic characteristics and summarize responses, while regression analysis was applied to test the hypotheses. The findings revealed that adoption of big data analytics is gradually increasing in the Nigerian insurance industry, with companies investing in tools and staff training, although integration into daily operations remains moderate. Respondents indicated that big data analytics has significantly improved underwriting efficiency by reducing processing time, minimizing errors, and enhancing the accuracy of customer profiling, thereby contributing to greater customer satisfaction. The study also identified key benefits, including cost savings, improved competitiveness, and better decision-making. However, challenges such as poor data quality, shortage of skilled personnel, and infrastructural limitations continue to hinderq its full implementation. Regression results further confirmed that big data analytics has a positive and statistically significant effect on underwriting efficiency and risk assessment accuracy, explaining 48 percent of the variation in performance. The study concludes that big data analytics is a critical driver of performance in the Nigerian insurance industry and has the potential to transform underwriting and risk management practices. It recommends increased investment in technology, capacity building, stronger data governance frameworks, regulatory support, and industry-wide standards to maximize its impact. While the findings provide useful insights, the study is limited by its focus on selected firms and its cross-sectional design. Future research is encouraged to adopt longitudinal and comparative approaches across different markets.

The place of the insurance industry in modern financial markets has become more significant, especially in sub-Saharan African (SSA) countries. This central role of the insurance sector has heightened evaluations of how the sector interplays with other aspects of the economy, especially in the drive for sustainable development. In this study the relative effects of insurance sector development and carbon emissions on economic growth in SSA is examined. The study focuses on the roles of different insurance sector factors and how these factors explain the effects of carbon emissions on economic growth in the region. On this basis, the study also assessed the existence of the Environmental Kuznets Curve (EKC) hypothesis for SSA countries and the directionp of causality among the environmental, economic and insurance variables. Insurance development is measured as insurance penetration, insurance density, and insurance premium size, while carbon emission is measured by the tons of CO2 emissions and augmented by greenhouse gas emissions. A panel of nineteen (19) selected SSA countries is employed in the study for the period 2000 to 2023. The study also evaluated the underlying dynamic interactions between insurance and the economy. Hence, the Pooled Mean Group (PMG) estimation technique is used in the empirical analysis to estimate the long-run and short-run relationship amongst the variables for the panel analysis. The study finds that while insurance penetration and density significantly improve economic growth in the long run, the positive effect of gross premium payment is found to be only evident in the short run. There is also evidence that the Environmental Kuznets Curve hypothesis (EKC) exists for the selected Sub-Saharan African countries. In the same vein, while insurance sector development is found to significantly moderate the relationship between carbon footprint and economic growth, granger causality is shown to exist only from economic growth to insurance sector development in SSA. The findings from the study imply that insurance sector development directly improves economic growth in SSA and indirectly promotes growth by mitigating climate change effects. It is therefore recommended that insurance take-up needs to be prioritized by policy makers in SSA by deepening green insurance policies in the long run.

This study investigates the impact of the Nigerian Society and Total Assets of Life
Insurance Companies in Nigeria applying the Fully Modified Ordinary Least Squares
(FMOLS) technique using panel data from 2007 to 2021. Total assets of life insurance
companies(TALIC) is the dependent variable and level of savings, level of savings, inflation were the independent variable. A major funding is that there is a significant
positive relationship between the Nigerian Society and Total Assets of Life Insurance
Companies. The study recommends that Nigerian society should evolve and implement
policies for savings, income and inflation in order to increase its positive influence on
total assets of life insurance companies

Profitability as we have come to understand has proven to be a very important factor of judging the determinant of performance of insurance industry in Nigeria. In the past decade, the number of players in the insurance sector have escalated meaningfully with currently (32) insurance companies offering services nationwide. This has modified the dynamics of business in this sector as the companies are faced with harder task in attaining competitive advantage. However, the available literature is not sufficient to determine what exactly affects how the insurance companies in the country perform. This study sought to establish profitability as the determinant of performance of insurance companies in Nigeria. The descriptive statistics, correlation coefficient, Hausman test and panel regression were used in the analysis of the data. The result from the empirical investigation shows that fixed asset, firm size and current ratio needs an urgent attention. Hence, relevant regulatory authority such as National Insurance Commission (NAICOM) should develop appropriate measure that will enhance the effectiveness of the industry by encouraging firms to embark on more study on their internal factors.