Assessment of Determinants of Insurance Companies‘ Performance in Nigeria
– Assessment of Determinants of Insurance Companies’ Performance in Nigeria –
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ABSTRACT
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 determinants of insurance companies’ performance in Nigeria. In this view, this study assessed the determinants of insurance companies’ performance in Nigeria.
TABLE OF CONTENTS
CHAPTER ONE INTRODUCTION
1.1 Background to the Study ……………………………………… 1
1.2 Statement of the Problem ……………………………………… 5
1.3 Research Questions ……………………………………… 7
1.4 Objectives of the Study ……………………………………… 8
1.5 Research Hypotheses ……………………………………… 8
1.6 Significance of the Study ……………………………………… 9
1.7 Scope of the Study ……………………………………… 10
CHAPTER TWO LITERATURE REVIEW
2.1 Introduction ……………………………………………………… 12
2.2 The Concept of Insurance ……………………………………… 12
2.3 Historical Background of Insurance Business in Nigeria ……….. 16
2.4 Insurance Industry and the Nigerian Economy ………………….. 21
2.5 The Concept of Performance and Performance Measurement…… 25
2.6 Review of Literature on Financial Performance (Dependent Variables) 31
2.7 Review of Literature on Determinants (Independent Variables) …. ……. 36
2.8 Empirical Studies on Internal Determinants of Performance …….. 64
2.9 Empirical Studies on External Determinants of Performance …….. 73
2.10 Theoretical Framework ………………………………………. 77
CHAPTER THREE RESEARCH METHODOLOGY
3.1 Introduction …………………………………………………………. 88
3.2 Research Design ……………………………………………………… 88
3.3 Population of the Study ……………………………………….. 89
3.4 Sample Size and Sampling Techniques ……………………………… 89
3.5 Methods of Data collection ……………………………………….. 91
3.6 Techniques of Data Analysis ……………………………………….. 93
3.7 Justification of the Methods and Techniques ……………………….. 106
CHAPTER FOUR DATA PRESENTATION AND ANALYSIS
4.1 Introduction ………………………………………………………… 108
4.2 Some Important Statistical Tests ………………………………….. 108
4.3 Descriptive Statistical Analysis …..………………………………… 130
4.4 Percentage Analysis of Questionnaire Responses …………………. 133
4.5 Correlation Test ……………………………………………………. 134
4.6 Test of Hypotheses ………………………………………………… 136
4.7 Discussion of Research Findings ………………………………… 147
4.8 Major Findings of the Study ……………..………………………… 151
CHAPTER FIVE SUMMARY, CONCLUSION AND RECOMMENDATION
5.1 Summary …………………………………………………………… 156
5.2 Conclusion …………………………………………………………. 159
5.3 Limitations of the Study ……………………………………………. 160
5.4 Recommendations ………………………………………………….. 161
5.5 Suggestion for Further Research ……………………………………. 163
References ……………………………………………………………….. 164
Appendix ……………………………………………………………….. 191
INTRODUCTION
Generally, in developed economies, insurance business contributes significantly to the Gross Domestic Product (GDP).
Insurance business is also seen as the backbone of any country‘s risk management system, since it ensures financial security, serves as an important component in the financial intermediation chain, and offers a ready source of long term capital for infrastructural projects in Nigeria (Augustine & Nwanneka, 2011).
Similarly, insurance business plays a vital role in the Nigerian economy through risk bearing, employment of labour, payment of tax, providing vehicle for investors and other financial investment services, (Hamadu & Mojekwu, 2010). Therefore, it is important to ensure that insurance companies‘ in Nigeria are performing efficiently and significantly.
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