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THE ACTUARIST ANALYSIS OF NIGERIA RE INSURANCE MANAGEMENT IN DEVELOPMENT OF THE ECONOMY

 

ABSTRACT : The aim of this project is to review and evaluate both physical, social and economic effect of the actuarist  analysis of Nigeria Reinsurance management in development of an economy. This points out how reinsurance policy govern and speculate all over the world and for back as 1324 by the merchant. It as well weight the possibilities of limiting some basic problem and difficulties encountered by a state or firm during a re-insurance policy making. It as well contribute towards the up-brining of re-insurance policy within Nigeria. It also connect so many question and answer which includes the effect which re-insurance policy plays within an open market and some other recapitalization exercise. It as well weights both the merit and demerit of insurance exercise within an open market. So the methodology applied here consists of several outfits such as the primary and secondary data collection mechanics. It ensures mot proper lasting formulae hypothesis.

 

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

1. Background of the Study                                         1
2. Statement of Problem                                      2
3. Objective of the Study                                      3
4. Significance of the Study                                         4
5. Research Question                                           5
6. Scope and Limitations of the Study                           6
7. Definition of Terms                                          7

Reference                                                       9

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1  Origin and History of Reinsurance                       10

2.2  Definition and Function of Reinsurance                12

2.3  Reason with Direct Insurance Need Reinsurance   13

2.4  Government Intervention in Reinsurance in Nigeria      19

2.5  Law Applicable to Reinsurance in Nigeria Utmost

Good Faith, Insurance Interest and Indemnity     21

2.6  Method of Reinsurance                                     25

2.7  Types of Reinsurance                                       27

2.8  Reinsurance Claim Procedure                             36

2.9  The Actuirist and Their Contribution of the Nation 38

       Reference                                                       39

 

CHAPTER THREE: RESEARCH DESIGN

AND METHODOLOGY

3.1  Source of Data                                                       40

3.1.1 Primary Data                                                 41

3.1.2 Secondary Data                                              41

3.2  Population of Data                                           42

3.3  Sample Size Determination                               43

3.4  Method of Data Collection                                 43

3.5  Instrument of Data Collection                            44

       References                                                      46

 

CHAPTER FOUR

4.1  And Overview                                                  47

4.2  Data Presentation and Analysis                          47

 

CHAPTER FIVE:    SUMMARY OF FINDINGS,

CONCLUSION AND

RECOMMENDATION

5.1  Summary of Finding                                                54

5.2  Conclusion                                                      55

5.3  Recommendation                                             56

5.4  Suggestion for Further Studies                          58  

 

       Bibliography                                                    59

       Appendix                                                        60

CHAPTER ONE

 

1.1  BACKGROUND OF THE STUDY

Insurance can simply be defined as a means of spreading risks. This idea started as far back as 1324 by the merchant who are prepared to share their risks of voyage in return for the premium paid. Firstly, it started with cargo owners arrive safely there will be no payment but if not, the insurer will pay double the amount of the premium to the cargo owner.

The development of the idea brought about on increase in the volume of the business which make individual insurer unable to be insured. Then the idea of reinsurance. However, it should be noted that insurance started on an individual basis, but the increasing volume of business in the seventieths century quickly brought about the specialization of some merchant who become the first professional insurer.

The bedrock of this study is the mathematical analysis and management of reinsurance in the development of the economy. The risk retention levels within a particular economy will depend on the size and structure of the reinsurance market. Also inflation had a great effect on  the demand and management of reinsurance, increase in the potential size of exposure endangered by inflation requires exams to the additional capacity from the reinsurance market.

 

1.2  STATEMENT OF PROBLEM

The reinsurance practices in Nigeria are faced with some problem such as the followings:

• Lack of stable legal and regulating environment
• Poor market environment
• Poor technological environment
• The inadequate capitalization of reinsurance companies in relation to the size of the risk exposures requiring cover
• The shortage of specified underwriting and claim personnel.
• Lack of statistical data which to base premium rate in reinsurance business.

 

1.3  OBJECTIVE OF THE STUDY

This research work is set to achieve the following objectives.

1. To determine the level of qualified personnel in reinsurance industry.
2. To evaluate the performance of reinsurance company in Nigeria
3. To determine the contribution of the reinsurance industry to the economic development in Nigeria
4. To ascertain the role of the acturist in the development of reinsurance business in Nigeria
5. To examine reinsurance as the pillar of insurance business and practice in Nigeria.

 

1.4  SIGNIFICANCE OF THE STUDY

The study will enable groups, such as insurance companies, reinsurance companies, government and the public at large to be very much aware of the above problem and how to handle them.

When hose problem are dealt with, it will improve effectiveness of reinsurance practice in Nigeria. Government agent as lawmaker can use this work in making rules and regulations guiding insurance companies with those solutions the reinsurance will know how to handle the problem of the industry. They can also use this research to effect and perform adequate roles in the economic development. This research could also contribute to the economic growth of the country.

Lastly, the research will benefit the public as a whole because there would be cordial relationship between reinsurance and insurance companies which will facilitate claim settlement.

 

1.5  RESEARCH QUESTIONS

1. What are the effects of various Act of decree on the reinsurance industry?
2. What is your opinion on reinsurance market in Nigeria interms of development?
3. How can quality of service offered by reinsurance companies in Nigeria be assessed?
4. Does the actuarist have any role to play in the development of reinsurance business in Nigeria?
5. What are the effects of recapitalization exercise in Nigeria reinsurance industry?

 

1.6  THE SCOPE AND LIMITATION OF THE STUDY

The scope of this research work is to know the actuarist analysis of Nigeria reinsurance management in the development of the economy. The researcher will focus on obtaining som