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

Format: MS WORD  |  Chapter: 1-5  |  Pages: 75  |  62 Users found this project useful  |  Price ₦3,000

GET THE COMPLETE PROJECT

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 acturist 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.

 

CHAPTER ONE

1.1  BACKGROUND TO THE STUDY

Insurance can simply be defined as a means of spreading risk. 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.RE-INSURANCE MANAGEMENT

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.RE-INSURANCE MANAGEMENT

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.RE-INSURANCE MANAGEMENT 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 .RE-INSURANCE MANAGEMENT

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 some information from the continental reinsurance company in Lagos, Abuja and Port-Harcourt but due to time factor and some other setback the researcher will only concentrate on the continental reinsurance office at Okpara Avenue, Enugu State.RE-INSURANCE MANAGEMENT

As is every research work there are some factor that limit the research work which include:

1.    Time: Time is the greater enemy of man, mostly to a worker and a student researching on the internet, libraries etc.

2.    Inadequate Data: Reinsurance business is not common in Nigeria, much work have not been done on the area.

3.    Money: It is a problem to everybody, to a student and to a worker, research involve a lots of money for photocopying going to the internet and typing cost.

4.    Bureaucracy: The problem of getting some relevant information from the reinsurance company because some document are classified as confidential.

1.7  DEFINITION OF OPERATIONAL TERMS

Reinsurance: It can be defined as insuring a risk that has been already insured. It is the process of whereby primary insurer usually referred to as the ceding company give part of the business which it has accepted, to another insurer called the reinsurance.

Actuarists: A highly specialized mathematician professionally trained in the risk aspect of insurance whose function include the calculation involved in determining proper insurance rates.

Underwriting: This is the process of assessing a risk to know whether to accept or decline and if to accept at what premium conditions.

Reinsurance: This is the people that specialize in reinsurance business.

Ceding company: This is the insurance company that accepts risks direct from the insuring public and reinsured all or part of the risk with a reinsurance company.

Guarantee: It is a document issued by reinsurance to a ceding company as an evidence of a complete and finding contract.

Treaty: May be defined as an agreement that exist between the ceding company and the reinsure, whereby the original company or the ceding company agree to cede while the reinsure agrees to accept all reinsure offered within the available limited of the treaty.

REFERENCES

BeClerose R.P. (1978): Reinsurance for the Beginner, 2nd Edition.

Carer R.L. (1991): Principles of Reinsurance Cambridge Photo Publishing London.

Nigeria Insurance Year Book 1988 and 1998, Nigeria Reinsurance Corporation, Lagos.

GET THE COMPLETE PROJECT

Not What You Are Looking For?



For QUICK Help Call Us Now!

+234 813 292 6373


Here's what our amazing customers are saying

JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
Excellent
MATTHEW NGBEDE
Ahmadu Bello University
I wish I knew you guys when I wrote my first degree project, it took so much time and effort then. Now, with just a click of a button, I got my complete project in less than 15 minutes. You guys are too amazing!
Excellent
Temitayo Ayodele
Obafemi Awolowo University
My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about iprojectmaster.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work
Very Good
Stancy M
Abia State University, Uturu
I did not see my project topic on your website so I decided to call your customer care number, the attention I got was epic! I got help from the beginning to the end of my project in just 3 days, they even taught me how to defend my project and I got a 'B' at the end. Thank you so much iprojectmaster, infact, I owe my graduating well today to you guys...
Excellent
Ibrahim Muhammad Muhammad
Usmanu danfodiyo university, sokoto
It's a site that give researcher student's to gain access work,easier,affordable and understandable. I appreciate the iproject master teams for making my project work fast and available .I will surely,recommend this site to my friends.thanks a lot..!
Excellent
Dau Mohammed Kabiru
Kaduna State College of Education Gidan Waya
This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.
Very Good
Joseph M. Yohanna
Thanks a lot, am really grateful and will surely tell my friends about your website.
Excellent
Merry From BSU
I am now a graduate because of iprojectmaster.com, God Bless you guys for me.
Excellent
Samuel From Ajayi Crowther University
You guys just made life easier for students. Thanks alot iprojectmaster.com
Excellent
Musa From Ahmadu Bello University
Thank you iprojectmaster for saving my life, please keep it up and may God continue to bless you people.
Excellent

HOW TO GET YOUR COMPLETE PROJECT INSTANTLY

  • Select 3 Project Topics of your choice from your Department.
  • Submit the 3 topics to your Supervisor for Approval.
  • Call Our Instant Help Desk on 0813-292-6373 and Get Your Complete Project Material Instantly.
  • All project materials on this website are well researched by professionals with high level of professionalism.

FREQUENTLY ASKED QUESTIONS

How do i choose a Project Topic?

Look for your department and select any topic of your choice

I have a fresh topic that is not on your website. How do I go about it?

How fast can i get a complete project from your website?

Within 15 minutes if the exact project topic is on our website

Is it a complete research project or just materials?

It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data

One of your topics suites my project, but the case study is different. What do i do?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

How do i get my complete project?

Your Complete Project Material will be sent to your Email Address in Ms Word document format

Can I get my Complete Project through WhatsApp?

Yes! We can send your Complete Research Project to your WhatsApp Number

What if my Project Supervisor made some changes to a topic i picked from your website?

Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

Do you assist students with Assignment and Project Proposal?

Yes! Call Our Instant Help Desk Now: (+234) 813-292-6373 and you will be responded to immediately

What if i do not have any project topic idea at all?

Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: (+234) 813-292-6373

How can i trust this site?

We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!