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Management of Life Assurance Fund in Nigeria Insurance Industry

Filed in Insurance by on July 2, 2020

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Management of Life Assurance Fund in Nigeria Insurance Industry.

ABSTRACT

It is common to see report of business falling than business succeeding almost always, the failure or success of a business can be attributed to its management.

When a business is mismanaged, it will lead to liquidation, the company will not meet their solvency margin thereby running away from their obligation as to settle claims which in turn portray ugly insurance image.

This study there for is exploratory study designed to determine how life assurance fund are properly managed. The population of the study comprises both staff and customers of union assurance Enugu.

A sample size of fifty (50) was selected made up of 20 staff and 300 customer both primary and secondary data were collected. Questionnaire coupled with personal interview were the main research instrument.

The data was analyzed by the use of chi square statistical method. The study came out that for proper management of life insurance fund, the premium should be invested both in short band long term investments so that insurance company will meet their obligation as to settle claims.

It was recommended that all the stakeholders, including management of insurance companies, policy makers and policy holder should collaborated come out with conductive business climate to ensure effect management of life assurance funds for great returns to investors.

INTRODUCTION

Background Of The Study

It is common to report of business failing than business succeeding almost always, the failure or success of a business can be attributed to its management.

When a business is mismanaged, it will lead to liquidation the company will not meet their  solvency margin thereby running away from their obligation image.

However it will also have a drastic effect on the Nigeria economy when it failed.

In order top nurture the interaction, this research focus on insurance industries and how they management life assurance premium, to know if the premium are invested as stipulated by law, how they handle claim and the beneficiaries and also how life assurance fund help in the economic development of Nigeria.

Table of Content

INTRODUCTION

Literature Review

  • Background of study ——————————– 1
  • Statement of problem ——————————-5
  • Objective of the study ————————— — 5
  • Research questions ——————————- –  6
  • Research hypothesis ——————————– 7
  • Significant of the study —————————– 7
  • Scope and limitation of the study —————-   8
  • Definition of the terms —————————– 9

Chapter Two

Literature review

2.1   An overview —————————————–                         12

2.2   Historical development of the case of study —-                          14

2.3   History of life assurance program  ————- –                          16

2.4   Meaning and purpose of fund ——————–                          17

2.5   Management of insurance fund ——————                          21

2.6  Model to guide life assurance fund—————-                         22

2.7   Problem recounted red in investment of insurance fund——-24

2.8   Prospect of adequate management —————                         26

Chapter Three

Research methodology band design

3.1   An overview ——————————————-30

3.2   Source of Data —————————————-31

3.3   Population of study———————————–33

3.4   Sampling size determination ———————–34

3.5   Questionnaire administration ———————-35

3.6   Method of Data analysis—————————–36

Chapter Four

DATA PRESENTATION ANALYSIS AND DISCUSSION OF FINDINGS

4.1   Data presentation———————————38

4.2   Testing of hypothesis——————————53

4.3   Discuss of finding ——————————— 56

Chapter Five

SUMMARY OF FINDING CONCLUSION AND RECOMMENDATION

5.1   Summary of finding——————————— 58

5.2   Conclusions—————————————— 61

5.3   Recommendation———————————– 64

5.4   Suggestions for further studies——————– 65

Bibliography ——————————————       67

Appendix———————————————-       69

Research questionnaires———————————70

BIBLIOGRAPHY

Ezirim, B.C. (2002) Impact of Financial Intermediation on the profitability of insurance companies in Nigeria. First bank of Nigeria quarterly review vol. 12. Pg 20-31.

Akintola, B.O. (1986) Investment behavior of insurance companies in Nigeria, the Nigeria journal of economic and social studies vol 28

Albert, A.A. (1965) Company Organization of Insurance Management New York America management association.

Amaonwu, Ebo (1999) Different types of life assurance. Bond journal of university insurance company vol. 6 no 12

Chick, J.A. (1990) problem of insurance business in Nigeria q business concord Lagos.

Ezerim, E. (2001) Investment of Insurance Fund NICON Insurance Year Book. Pg. 15.

Fakegrm, L. (2009) The insurance fund and its investment vol. 1 January-March.

Federal government of Nigeria (2003) Insurance act 2003 Abuja government press ltd.

Free Insurance Advice (2012) Latest insurance news Augusts 1. http//insuranceadvicenigeria.com.

Isitor, S.U. (2006) Determinants of Insurance Investment in Nigeria a partial adjustments approach union digest Lagos.

Okwor E (2005) The industry and Nigeria Economy vol. 9 July- September.

Zurich (2009) Investment Management a creator of value in an Insurance Company. Zurich Financial Services Second Edition.

CSN Team.

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