AN ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A case study of Leadway Assurance Company. Plc. Kaduna)

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ABSTRACT
The assessment of adequate risk recognition and management in Nigerian insurance industry is aim at determining the effectiveness of how the insurance industry handle risk that is being transferred to them and also to assess how insurance companies render their services. The statement of problem include lack of adequate claims settlement procedures which are characterized with bureaucracy and lack of proper fixed or computed premiums which endangers the solvency and profitability of the insurance companies. The researcher finds including, prompt settlement of claims by the insurer encourages high level of patronage from it client and also premium is charged by the insurer according to the type of risk undertaking. Finally, insurers should not just issue policies, they should engage in careful diagnosis of what insurance products their clients deserve. By adequately monitoring the risk covered through professional advice and risk survey.

CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
Insurance is a security device used by the inured to protect himself against a risk purchased from the insure and the right to be indemnified if the risk should materialize. The purchase price which the insured pays the insurer is known as the premium, often paid on monthly or annually basis and the insurer in return compensate the insured in event of loss.

THE DEVELOPMENT OF INSURANCWE INDUSTRY IN Nigeria begins in 1950 during the colonial era period characterized by a market dominated by Europeans company which virtually held the monopoly of insurance business over the continent of Africa. At that time most Nigerians citizens are not aware of insurance and it importance. After Nigeria independence in 1960 most of the industries managed by the Europeans are been taken over by Nigerians. As they begin to managed those companies, the awareness of insurance and it importance was known.

In the 1980, insurance companies operating in Nigeria begins to grow in numbers and the need to enlighten the citizens on insurance was carried out by some of the employee of those companies. Who went to the street to educate they people on the danger of risk that might occur in many ways, such as fire, theft, accident, rain storms etc. and the responsibility of the insurance is to compensate the unfortunate person who has suffered losses by placing him in the same position as he was before. However, some people agreed to take up an insurance policy but the number of those that patronize the company at that time was very few.

In Nigeria today, most industries and commercial business have insurance cover. This is because insurance ensure the growth and development of all industries and business established and spread all over the country. Apart from business most people don’t insure their houses, cars farms etc. they show reluctant attitude towards taking up insurance policy for such assets and also think it’s a waste of money. Giving great consideration to the above statement, the researcher is compelled to carry out a research on the topic in question an assessment of adequate risk recognition and management in Nigeria insurance companies. In order to re-oriented the people toward changing their attitude and belief about insurance industries.

1.1 STATEMENT OF THE PROBLEM
The insurance industry over the years has been going through a lot of problems, which hinders their effectiveness and efficient rendering of services. These include.

– Lack of survey of risk transferred by the insurance companies, as such risk are just assumed without properly scrutinizing the situations and circumstance surrounding such risk.
– Lack of adequate claims settlement procedures which are characterized with bureaucracy.
– Lack of proper fixed and computed premiums which endangers the solvency and profitability of the insurance companies.