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Repositioning Insurance Industry for Operational Efficiency: The Nigerian Case

Author

Listed:
  • Augustine Ujunwa
  • Nwanneka Judith Modebe

Abstract

This paper reviews the operational efficiency of the Nigeria insurance industry from a historical perspective. Our paper traced the origin of insurance in Nigeria to 1918, when marine insurance was dominant in the economy. The paper shows that despite the long history of insurance industry in Nigeria, the sector’s operational efficiency has remained sub-optimal. This, the paper attributed to factors such as unfavourable macroeconomic environment, poor regulatory framework, market suspicion of insurance companies among others. Our paper argues that these challenges are not beyond redemption and recommends strategies to attain operational efficiency in the Nigerian insurance industry.

Suggested Citation

  • Augustine Ujunwa & Nwanneka Judith Modebe, 2011. "Repositioning Insurance Industry for Operational Efficiency: The Nigerian Case," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 1(3), pages 1-2.
    • Handle: RePEc:spt:apfiba:v:1:y:2011:i:3:f:1_3_2
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    Citations

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    Cited by:

    1. S. A. Adebisi & S. E. O. Umukoro & A. S. Ohiani, 2019. "Evaluating Local Content Policy of Insurance Oil and Gas Risk Portfolio as Capacity Building Strategy for Nigeria Insurance companies," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 5(4), pages 69-77, December.
    2. Osa Abraham Ehiorobo, 2020. "Appraising Technological Resources on Sale and Distribution of Insurance Products in Nigeria: The Moderating Role of Artificial Intelligence," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(3), pages 12-21, September.
    3. Irina L. Logvinova & Yury B. Rubin & Mikhail V. Lednev & Daniel P. Mozhzhukhin, 2022. "Mutual insurance in the entrepreneurial landscape," Journal of Innovation and Entrepreneurship, Springer, vol. 11(1), pages 1-12, December.
    4. Ehiorobo Osa Abraham, 2020. "Assessing Financial Resource Capability on Insurance Claims Management in Nigeria: The Moderating Role of Information Technology," Studia Commercialia Bratislavensia, Sciendo, vol. 13(46), pages 279-291, December.
    5. Adeyemi Abidemi Sunday & Dr Hartini Ab Ghani, 2023. "An Assessment of Insurance Service Sector in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(6), pages 1763-1776, June.
    6. S. A. Adebisi & S. E. O. Umukoro & A. S. Ohiani, 2019. "Evaluating Local Content Policy Of Insurance Oil And Gas Risk Portfolio As Capacity Building Strategy For Nigeria Insurance Companies," Management Strategies Journal, Constantin Brancoveanu University, vol. 44(2), pages 5-17.
    7. Sunday S. Akpan & Fauziah Mahat & Bany-Ariffin Noordin & Annuar Nassir, 2017. "Contrasting the Effect of Risk- and Non Risk-Based Capital Structure on Insurers’ Performance in Nigeria," Social Sciences, MDPI, vol. 6(4), pages 1-17, November.

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