An assessment of the contribution of marine insurance to the development of insurance markets in Nigeria

Nwokoro, Ignatius A.; Obed, B.C. Ndikom

doi:10.5897/jgrp11.044

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“…Some notable factors inhibiting uptake of marine insurance include lack access to foreign marine insurance packages, poor public awareness of products available, lack of trust on insurance firms to deliver, inadequate skilled manpower, ineffective government control and poor stakeholder organization in the sector [2]. Other studies have found financial performance of the industry to be dependent on variables as GDP, Genderrelated Development Index (GDI) [3] and economic development of a nation [4].…”

Section: Introductionmentioning

confidence: 99%

The Performance of Marine Insurance Firms in Nigeria: An Augmented SWOT Analysis

Onwuegbuchunam¹

2017

IJTET

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Abstract:The performance of Nigeria insurance industry has been ranked below global standards and which ranking has implications on risk management in the maritime shipping sector. In this paper, the performance and operating environment of a sample of insurance firms (with marine risk portfolios) were empirically examined. Secondary data on earned premium income, indemnity paid, management expenses and total expenses representing performance indices of these firms over a period from 1974-2013 were collected for analysis of their operational performance. Qualitative data were also extracted from existing literature for Strengths, Weakness, Opportunities and Threats (SWOT) analysis to determine the attributes of operating environment of the insurance firms. An Analysis of Variance (ANOVA) model tests on the performance indices showed that the insurance firms earned more premium than indemnity paid out during the study period. Their management expenses however, exceeded amount of indemnity paid. In terms of challenges facing the firms, the SWOT analysis revealed prevalence of poor quality service delivery to insurance customers, customer distrust, inadequate technical manpower and unfavourable macro-economic environment. Prospects for growth of the industry were found favourable due to introduction of local content policy/cabotage shipping Acts and upgraded risk management framework. The paper recommends that more specific policy interventions be directed at complete removal of impediments in the operating environment of marine insurance firms since their performance outcome has implications on viability of shipping and related maritime businesses.

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Section: Introductionmentioning

confidence: 99%

The Performance of Marine Insurance Firms in Nigeria: An Augmented SWOT Analysis

Onwuegbuchunam¹

2017

IJTET

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An assessment of the contribution of marine insurance to the development of insurance markets in Nigeria

Cited by 1 publication

References 0 publications

The Performance of Marine Insurance Firms in Nigeria: An Augmented SWOT Analysis

The Performance of Marine Insurance Firms in Nigeria: An Augmented SWOT Analysis

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