The Impact of Risk Management on the Profitability of Insurance Companies in Nigeria
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Date
2017
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Abstract
Risk management should be at the core of all insurance companies‟ operations by integrating risk
management practices into processes, systems and culture of the entire organization. The purpose
of this study was to assess the impact of risk management on the profitability of insurance
company. The study‟s specific objectives were: To study the extent insurance companies adopted
risk management practices; “to examine the effect of risk management on the profitability of
insurance companies”; “to critically determine challenges mitigating risk management practices
in insurance firms” and “to study the extent insurance companies adopted risk management
practices”. The research adopted a descriptive survey design. A total of 60 respondents who were
selected through simple random sampling techniques participated in the study. Null hypotheses
were tested using Simple Linear Regression, and Pearson Correlation coefficient, with Statistical
Analysis System (SAS 9.2). Findings revealed that the financial risk management practices have