Effect of Marine Insurance Claims Settlement on Insurance Penetration in Nigeria
- Post by: airjournal
- May 10, 2021
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This study evaluated “the effect of marine insurance claims settlement on insurance penetration in Nigeria”. The objective of the study is; to analyze the effect of marine insurance claims settlement on insurance penetration in Nigeria. The study used secondary data from CBN statistical bulletin 2017. The technique used for analysis was the ordinary least squares which were employed to test the hypothesis. The study concluded that marine insurance claims settlement on hull & machinery and cargo does not have a positive significant impact on insurance penetration in Nigeria. The study recommends that Insurance firms should make extra effort on settling marine claims most especially claims on damaged goods on transit, so as to encourage people to embark on marine business, hence, improving insurance penetration through improved marine insurance business.
Keywords: Marine Insurance, Claims, Settlement, Insurance Penetration
Agbaji, Benjamin Chukwuma, PhD