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THE VOLUME OF MARINE INSURANCE BUSINESS IN AN INSURANCE FIRM AND ITS IMPACT ON CORPORATE TURNOVER

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Insurance is a fascinating area of study which covers many areas including life, motor, contractor’s all risk, goods-in-transit, fidelity bonds, fire and Burglary, workmen’s compensation personal accident and marine. In Nigeria, however, many people hunk that it is only concerned with life, fire and motor. Some insurance companies also have the motion that only profitable areas in insurance are generally accident, fire and life. Marine insurance is not given adequate attention and its value as an income generating source is overlooked. Professionally the concept of insurable interest is seldom attached to marine insurance at inception whereas insurable interest exists for other classes of insurance at inception.

It is on the basis of this tidy that marine insurance is an interesting area of study because it has many facts, each of which constitutes its own specially and deserves professional treatment for instance, the calculation of premium and settlement of claims in marine insurance requires specialized knowledge of shipping, clasificaiton of goods an freight charges. Another reason which marine insurance comes across as being so unique is that aspect of international commerce with which limited  to the local regions of its country of operation. It is ahs its overbearing impact in other countries practices as far as cargoes leave or come to their shores are concerned.

1.2     OBJECTIVES OF THE STUDY

this project was a study of UNIC PLC and it was concerned with analysis of income generated form marine insurance over a  period of three years.

The primary objective was to determine the percentage of contribution of all types of marine insurance to the company’s annual income.

To determine the relative importance and volume of marine insurance as a revenue generating source.

To determine the quantum of income form marine insurance business.

To identify the major non-life insurance businesses form which UNIC PLC, derived its incomes from 2003, 2004 and 2005 and the specific contributions of marine insurance to overall performance.

1.3     STATEMENT OF PROBLEM

The statement of problem therefore, is that marine insurance business in developing countries like Nigeria is still not well known or developed. Thus, it is not likely to contribute much to an organization turnover.

SIGNIFICANCE OF THE STUDY

The company would be able to have a clear picture of its performances for it to know if it is growing or declining and  then be able to plan ahead for a better performance in the coming years. Also that client would also be provided with vital information about UNIC PLC, it  performance generally and specially in marine insurance, when the company was established and its strength. The country would also benefit in the sense that they would be able to generate revenue from marine. Insurance as it does in motor insurance with the little information gotten form this research work.

1.5     RESEARCH QUESTION

What has been the trend in the growth of marine insurance business in the past 5 year?

Which business organization and institutions patronize your company for marine business?

Is there any future for the Nigerian marine insurance industry ?

How is marine insurance business processed?

SCOPE AND LIMITATION OF THE STUDY

Scope: the scope of this research work is strictly restricted to the typical Nigerian who might fall to the category of the uneducated or illiterate, the unoriented and the ignorant.

Limitation:  the major limitations of this research work is mainly as a result of time constraint, lack of existing publication of the virgin topic as well as financially in carrying out further research on this believed topic of mine at the student’s level of income.

1.7     DEFINITION OF TERMS

Cargo –  Goods in a ship

Commission –  payments made to an intermediary (broker

or agent) for introducing to or handling of the business for an insurer.

Goods –   Goods in the nature of merchandise. It also

not include personal effects or provisions and stores for use or board

Freight insurance: –  insurance of the profit.

Hull   –   The frame or body of a ship

Hull policy: covers the vessel and its machinery.

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