The Management Of Insurance Companies Towards The Development Of Business Enterprises (A Case Study Of Royal Exchange Assurance Nigeria Plc, Kano State)

ABSTRACTThis project work titled ‘’the management of insurance company towards the development of business enterprises’’ a case Study of Royal Exchange assurance Nigeria Plc. Kano. This research work intends to survey the role and the concept of insurance companies in business and in the sustainability of business enterprises in Nigeria. The researcher adopted a descriptive method of survey; the sample method use was sampling method. Both primary and secondary sources of data were used to obtain relevant information. The company has a total population of 100 employees’. The sample size was 50 which is draw from the total population using Yaro Yamani formula.In my findings, it claims for those loss will be guaranteed. It is recommended that the insurance managers should do everything possible to train their staff on job and on insurance training. It is drawn to the phase of the insurance industries with a view of determining adaptability and sustainability, taking into consideration the peculiarity of Nigeria circumstance. Take into consideration, the recapitalization exercise in the companies rather than financial effects and also to proffer solutions to problems hiking around the insurance companies.   TABLE OF CONTENTS Title Page ------------------------------------------------------------------------------i Certification page---------------------------------------------------------------------ii Dedication-------------------------------------------------------------------------------iii Acknowledgement--------------------------------------------------------------------IV Abstract---------------------------------------------------------------------------------v Table of content----------------------------------------------------------------------vi
CHAPTER ONE: INTRODUCTION 1.1 Background of the study---------------------------------------------------------2 1.2 Statement of the problem------------------------------------------------------3 1.3 Objectives of the study----------------------------------------------------------4 1.4 Significance of the study --------------------------------------------------------5 1.5 Scope of the study---------------------------------------------------------------6 1.6 Limitation of the study----------------------------------------------------------6 1.7 Statement of Hypothesis-------------------------------------------------------7 1.8 Definition of key terms---------------------------------------------------------7   CHAPTER TWO: REVIEW OF RELATED LITERATURE 2.1 Theoretical frame work of the study---------------------------------------------8 2.2 Historical background of the study-----------------------------------------------58 2.3 Current literature on theories postulated above----------------------------63
CHAPTER THREE: RESEARCH DESIGN AND METHODOLOGY 3.1 Introduction---------------------------------------------------------------------------68 3.2 Sources of Data collection----------------------------------------------------------68 3.2.1 Primary Sources of Data----------------------------------------------------------68 3.2.2 Secondary Sources of Data-------------------------------------------------------68 3.3 The population of the study-------------------------------------------------------69 3.4 Sample design and determination-----------------------------------------------69 3.5 Research instrument----------------------------------------------------------------69 3.5.1 Questionnaire---------------------------------------------------------------------70 3.6 Questionnaire Design------------------------------------------------------------70   CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS 4.1 Introduction ------------------------------------------------------------------------72 4.1.2 Data presentation and analysis----------------------------------------------72 4.1.3 Observered Frequency-----------------------------------------------------------76
CHAPTER FIVE: SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATION 5.1 Summary of findings--------------------------------------------------------84 5.2 Conclusions--------------------------------------------------------------------84 5.3 Recommendations----------------------------------------------------------85 Bibliography-----------------------------------------------------------------87 Appendix ---------------------------------------------------------------------88 Questionnaire---------------------------------------------------------89   INTRODUCTION Life is full of risk and every human being is confronted with possibility that one day one of these hazards which form part of life may befall them because one financial loss or the other. The purpose of insurance is to indemnify the victims for the financial loss they might have suffered as a result of these risks. Risk is a  concept that denotes a potential negative  impact to an  asset or some characteristic of  value that may arise from some present  process or future  event. In everyday usage, "risk" is often used synonymously with the  probability of a known loss. Paradoxically, a probable loss can be uncertain and relative in an individual event while having a certainty in the aggregate of multiple events (see risk vs. uncertainty below). Risk is the possibility of an event occurring that will have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood.
Insurance was not set out to climate and cannot soften the blow in a purely financial sense of obtaining monetary compensation to the victims thereby placing them in a financial position. The purchasing of an insurance has been earlier describe as the insured person as a policy holder in order to protect himself against a particular risk, take out a policy with an insured, thereby passing over the risks to the insured on a payment of a fee known as premium. Life is associated with different kind of risk some of this risk are insurable while some are not. The insurance industry in each devices different type of insurance policy to carter for each one to the insurance risk. The more conventual‟s, one being marine, fire, life, aviation, motor, person, accident and a lot of others.