GROSS PREMIUM INCOME AND CLAIMS SETTLEMENT: EMPIRICAL EVIDENCE FROM MOTOR INSURANCE BUSINESS IN NIGERIA

Ogorchukwu Augustine Isimoya (PhD), Adedeji Viscker Osasona

Abstract


This study used data from the Nigerian Insurers Association's (NIA) published insurance digest for the years 2012 to 2021 to assess the trends in premium and claims payments on motor insurance policies. The data were then analysed using standard Least Square Regression techniques. Findings from the study have unequivocally demonstrated the strong correlations between claim settlements and premium revenue of non-life insurance businesses in Nigeria. The report suggested that premium income generation be made easy by developing an excellent online gateway that can ensure motorists' payment processes are hassle-free. By making sure that the motorist's choice to purchase motor insurance is taken into account, motor insurance regulators should be proactive in monitoring the contractual agreement toward motor insurance claims settlement.


Keywords


Motor insurance, claims, Premiums, trend analysis,

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