Risk Recognition and Analysis Among Listed Insurance Firms in Nigeria

Keyword : Insurance, Risk, Management, Institution, Finance.

Author(s) : LUQMAN O. ADARANIJO

Abstract :

This research analysed how well insurance firms in Nigeria can identify and assess potential risks. To ensure sufficient risk capture in the business operations of insurance organisations, the study looked specifically at how risks are described, recognised, and analysed. A descriptive survey method was used for this study. A total of 31 businesses, including 22 general insurance providers and 9 life insurance providers, were surveyed, representing 61% of the industry's capacity, and 100 employees, including at least 3 from each business, were randomly selected to fill out questionnaires. SPSS was used for both descriptive and inferential analysis. Based on the results, it is clear that insurance companies in Nigeria are aware of the need for, and are taking steps to describe, identify, analyse, respond to, and monitor risks. In a similar vein, the findings demonstrated that the success of insurance companies in Nigeria is influenced by their ability to accurately assess and quantify risk. The study found that Nigeria's insurance sector is prepared for and sensitive to risk recognition, making it one of its major roles in ensuring the country's economic success. The study concluded that the Nigeria insurance industry is well fitted and responsive to risk recognition which is their key roles for sustaining business growth in the country. Based on the results of the research, it is recommended that the Nigerian government enact regulations mandating the use of widely known risk monitoring procedures for incorporation into the insurance industry's code of conducts.

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