Abstract
This study examines the impact of risk management on the growth of insurance business in
Nigeria. The study employed the use of field survey that is cross-sectional. The study used
primary data with the aid of a structured questionnaire as instrument used in collecting the
data. The population of the study comprises of 19 top insurance companies in Jos metropolis
of Plateau State. The data was analyzed and run in the computer through the Statistical
Package for Social Sciences (SPSS) version 26 and Statistical tool of Multiple Linear
Regression used in testing the two research hypotheses stated to ascertain the relationship
between the explanatory (predictor) variables and the outcome (criterion) variable. Findings
revealed that risk identification has significant impact on the growth of insurance business in
Nigeria (β = 0.641, t = 3.297, p<0.05) and risk mitigation has significant impact on the growth
of insurance business in Nigeria (β = 0.738, t = 6.594, p<0.05). It was recommended that
Insurance companies should develop a comprehensive risk management program that
addresses the specific risk they face and establishes clear procedures for risk identification,
risk mitigation and risk monitoring.
Nigeria. The study employed the use of field survey that is cross-sectional. The study used
primary data with the aid of a structured questionnaire as instrument used in collecting the
data. The population of the study comprises of 19 top insurance companies in Jos metropolis
of Plateau State. The data was analyzed and run in the computer through the Statistical
Package for Social Sciences (SPSS) version 26 and Statistical tool of Multiple Linear
Regression used in testing the two research hypotheses stated to ascertain the relationship
between the explanatory (predictor) variables and the outcome (criterion) variable. Findings
revealed that risk identification has significant impact on the growth of insurance business in
Nigeria (β = 0.641, t = 3.297, p<0.05) and risk mitigation has significant impact on the growth
of insurance business in Nigeria (β = 0.738, t = 6.594, p<0.05). It was recommended that
Insurance companies should develop a comprehensive risk management program that
addresses the specific risk they face and establishes clear procedures for risk identification,
risk mitigation and risk monitoring.
Keywords:
Risk
Risk Management
Growth of Insurance
Risk Identification
Risk Mitigation.
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