Insurance Industry

Insurance companies in Nigerian have undergone reform in 2004 in order to enhance their Performance and to make them stronger players nationally and internationally. Besides, in 2014 available statistics revealed that the performance of insurance companies in Nigeria Still remains below average. The statistics further indicated that the companies contribute Only 0.3% of overall GDP in 2014 in terms of the value of gross premiums written which Was very minimal if compared to 16% of South African insurance contribution to GDP. This among others provides a cause for assessing the total premium and determinants of insurance Companies’ performance in Nigeria. This study evaluated empirical review on concept of insurance, its business in Nigeria and also the financial performance in Nigeria. This study is descriptive in nature and used secondary sources of data collection. The secondary data for this study Were obtained from the CBN statistical bulletin of 2018, also including variables like TASSETS, TPREMIUM, NDGP and CLAMIS using E-views 7.0 software to fit ordinary least squares to evaluate the relationship between the total premium and the performance of insurance industry in Nigeria. The study improves the understanding of total premium and the performance of insurance industry in Nigeria. This study recommended that there is a need to build a stable and vibrant environment to foster the improvement of insurance industry 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.