THE VOLUME OF MARINE INSURANCE BUSINESS IN AN INSURANCE FIRM AND ITS IMPACT ON CORPORATE TURNOVER(A STUDY OF UNIC ASSURANCE PLC)

THE VOLUME OF MARINE INSURANCE BUSINESS IN AN INSURANCE FIRM AND ITS IMPACT ON CORPORATE TURNOVER(A STUDY OF UNIC ASSURANCE PLC)

ABSTRACT:

This research work looks into the relatives contribution of marine insurances to the total  presume income of UNIC insurance plc, a company established in 1965 and which underwriters insurance risks in all classes of insurances business (life and Non-life). It also focus on the establishment of a period of three years 2003, 2004 and 2005 and the comparative growth in earnings attributable to marine insurance.

The methodology deals with the company’s investigation and analysis of actual corporate performance. It also deals on the major  problems which UNIC PLC pace in generating higher premium income from marine insurances free from fraudsters.

The objective of this study broke into

1. How it can identify the major non-life insurance business from UNIC PLC from 200-2005 and he specific contributions of marine insurance to overall performance.
2. It also determine the relative importance and volume of marine insurance as a revenue generating sources.
3. It also gains an inside knowledge of marketing operating of marine insurance business, the customer profile and the procedure for claims requirement.

TABLE OF CONTENTS

CHAPTER ONE

1. Background Of The Study
2. Objective Of The Study
3. Significance Of The Study
4. Research Question
5. Scope And Limitations Of The Study
6. Definition Of Terms
7. Definition Of Terms

CHAPTER TWO

1.     Literature Review

2.1         Historical Evolution Of Marine Insurance

2.2         Marine Insurance And Overseas Trade

1.     Fundamental Principles Guarding Marine Insurance
   1. Indemnity
   2. Insurable Interest
   3. Utmost Good Faith
   4. Non-Disclosure
   5. Misrepresentation
   6. PPT Polices

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY

1. Choice Of Sample

3.1     Sources Of Data

3.2     Data Analysis Techniques

3.3     Population And Sample Size

1. Sample And Sampling Techniques

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

1. Data Analysis

4.1     Premium Income Generated By Class Of Insurance

1. Source Of Marine Insurance Premium By Economic Sector
2. Marine Insurances Premium By Trade Sectors
3. Premium Income, Marine And Non-Marine Insurance
4. Contribution Of Marine And Non-Marine Insurance To Net Premium Income
5. Impact Of Claims On Premium Income
6. Effect Of Commission On Net Premium Income

CHAPTER FIVE

SUMMARY, FINDING, CONCLUSIONS, AND RECOMMENDATION

1. Summary Of Findings
2. Major Findings/Conclusion
3. Recommendations
4. Suggestions For Further Studies

Reference

Bibliography

Questionnaire

CHAPTER ONE

1. BACKGROUND OF THE STUDY

Insurance is a fascinating area of study which covers many areas including life, motor, contractor’s all risk, goods-in-transit, fidelity bonds, fire and Burglary, workmen’s compensation personal accident and marine.

In Nigeria, however, many people hunk that it is only concerned with life, fire and motor. Some insurance companies also have the motion that only profitable areas in insurance are generally accident, fire and life. Marine insurance is not given adequate attention and its value as an income generating source is overlooked. Professionally the concept of insurable interest is seldom attached to marine insurance at inception whereas insurable interest exists for other classes of insurance at inception.

THE VOLUME OF MARINE INSURANCE BUSINESS IN AN INSURANCE FIRM AND ITS IMPACT ON CORPORATE TURNOVER(A STUDY OF UNIC ASSURANCE PLC)