THE ACTUARIST ANALYSIS OF NIGERIA RE INSURANCE MANAGEMENT IN DEVELOPMENT OF THE ECONOMY

THE ACTUARIST ANALYSIS OF NIGERIA RE INSURANCE MANAGEMENT IN DEVELOPMENT OF THE ECONOMY

ABSTRACT : The aim of this project is to review and evaluate both physical, social and economic effect of the actuarist  analysis of Nigeria Reinsurance management in development of an economy. This points out how reinsurance policy govern and speculate all over the world and for back as 1324 by the merchant. It as well weight the possibilities of limiting some basic problem and difficulties encountered by a state or firm during a re-insurance policy making. It as well contribute towards the up-brining of re-insurance policy within Nigeria. It also connect so many question and answer which includes the effect which re-insurance policy plays within an open market and some other recapitalization exercise. It as well weights both the merit and demerit of insurance exercise within an open market. So the methodology applied here consists of several outfits such as the primary and secondary data collection mechanics. It ensures mot proper lasting formulae hypothesis.

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

1. Background of the Study                                         1
2. Statement of Problem                                      2
3. Objective of the Study                                      3
4. Significance of the Study                                         4
5. Research Question                                           5
6. Scope and Limitations of the Study                           6
7. Definition of Terms                                          7

Reference                                                       9

CHAPTER TWO: REVIEW OF RELATED LITERATURE

2.1  Origin and History of Reinsurance                       10

2.2  Definition and Function of Reinsurance                12

2.3  Reason with Direct Insurance Need Reinsurance   13

2.4  Government Intervention in Reinsurance in Nigeria      19

2.5  Law Applicable to Reinsurance in Nigeria Utmost

Good Faith, Insurance Interest and Indemnity     21

2.6  Method of Reinsurance                                     25

2.7  Types of Reinsurance                                       27

2.8  Reinsurance Claim Procedure                             36

2.9  The Actuirist and Their Contribution of the Nation 38

Reference                                                       39

CHAPTER THREE: RESEARCH DESIGN

AND METHODOLOGY

3.1  Source of Data                                                       40

3.1.1 Primary Data                                                 41

3.1.2 Secondary Data                                              41

3.2  Population of Data                                           42

3.3  Sample Size Determination                               43

3.4  Method of Data Collection                                 43

3.5  Instrument of Data Collection                            44

References                                                      46

CHAPTER FOUR

4.1  And Overview                                                  47

4.2  Data Presentation and Analysis                          47

CHAPTER FIVE:    SUMMARY OF FINDINGS,

CONCLUSION AND

RECOMMENDATION

5.1  Summary of Finding                                                54

5.2  Conclusion                                                      55

5.3  Recommendation                                             56

5.4  Suggestion for Further Studies                          58

Bibliography                                                    59

Appendix                                                        60

CHAPTER ONE

1.1  BACKGROUND OF THE STUDY

Insurance can simply be defined as a means of spreading risks. This idea started as far back as 1324 by the merchant who are prepared to share their risks of voyage in return for the premium paid. Firstly, it started with cargo owners arrive safely there will be no payment but if not, the insurer will pay double the amount of the premium to the cargo owner.

The development of the idea brought about on increase in the volume of the business which make individual insurer unable to be insured. Then the idea of reinsurance. However, it should be noted that insurance started on an individual basis, but the increasing volume of business in the seventieths century quickly brought about the specialization of some merchant who become the first professional insurer.

THE ACTUARIST ANALYSIS OF NIGERIA RE INSURANCE MANAGEMENT IN DEVELOPMENT OF THE ECONOMY