RISK FINANCING TECHNIQUES AND SMEs PERFORMANCE: EMPIRICAL EVIDENCE FROM NIGERIA

Risk financing is a critical element of a resilient future. Risk management techniques are important metrics in safeguarding the lives and property of mankind. Therefore, this study aimed to assess the effects of financial risk management techniques on business performance, with specific reference to the perceptions of selected SMEs in Lagos, Nigeria. The study adopted a cross-sectional survey research design. The study population consisted of the total number of registered SMEs recorded in Lagos State at 11,666. Thus, single-stage cluster and convenience sampling techniques were employed in the questionnaire distribution and data collection processes. Two hundred and forty-eight (248) respondents were used in the study. The statistical technique employed was simple regression. This study confirms the importance of financial risk management techniques in business performance of selected SMEs operators in Lagos, Nigeria. It is recommended that insurance providers in Nigeria should attempt to tailor insurance products in a lovable and affordable manner to SMEs’ operators/owners in a bid to improve their behavioural risk attitudes. More so, interest should be placed on impressive risk management communication and ideal physical risk control techniques among SMEs’ owners/operators

Risk Attitude and Demand for Motor Insurance: An Examination of Selected Motorists in Lagos State, Nigeria

Aims: This research aimed at drawing the attention of motorists and insurance practitioners in Nigeria to risk occurrences, drivers’ risk attitude, and demand for motor insurance. For this reason, the researchers have evaluated the significant influence of drivers’ risk attitude on risk occurrence and thus, examined the significant relationship between motorists’ risk attitude and motor insurance demandStudy design: The study employed cross-sectional survey designPlace and duration of study: Study was carried out in Lagos Metropolis. Duration of study was from December, 2012 to February, 2014.Methodology: The research commenced with gathering of literature survey. The study employed stratified random sampling technique and also, gathered data through the use of structured questionnaire. The sample population consisted of 270 respondents made up of motorists of private, commercial and company-used drawn from Six Local Government Council Areas of Lagos State. The statistical instruments employed for this study were Kolmogorov-smirnov test and Multiple regression.Results: Two hypotheses were tested in this study. For hypothesis 1, the use of Kolmogorov-smirnov test evidenced that driver’s attitude has significant influence on risk occurrence. For hypothesis 2, the Multiple regression presented that risk attitude of motorists has significant but negative relationship with the demand for motor insurance.Conclusion: The research evidenced a significant interrelationship between the understudied constructs .i.e. drivers’ risk attitude, risk occurrence and motor insurance demand Keywords: Drivers’ risk attitude, motorist income level, insurance pricing, risk occurrence, Government regulation, Lagos State, Nigeri

Teachers’ Attitudes and Insurance Curriculum: Empirical Evidence from Senior Secondary Schools in Lagos State, Nigeria

Education is the most veritable and viable option for national development and redress. Its existence guarantees the nation's building and sustenance. This study evaluated the effects of teachers’ attitudes on insurance curriculum in senior secondary schools in Lagos State, Nigeria. The study adopted a descriptive research design cum survey method. A structured questionnaire was employed for data gathering. The questionnaire consisted of the research variables such as teachers’ personalities, teachers’ perceptions, teachers’ learning capacities, and insurance curriculum. The study adopted a multistage sampling technique. A sample size of 147 was drawn from teachers in Senior Secondary Schools in Lagos State, Nigeria. Research hypotheses were tested using simple regression techniques. The study confirmed the strategic influence of teachers' attitudes on insurance curriculum in Lagos State. The study contributed significantly to knowledge by adding to the growing literature in teachers’ attitudes and insurance curriculum. School administrators are advised to move swiftly in their quest to provide enlightenment insurance curriculum to teachers in senior secondary schools in Nigeria. Schools Administrators in collaboration with teachers should endeavor to continually drive insurance curriculum awareness and thus ensure to entrench insurance in their respective curricula

An Exploratory Study of the Awareness and Accessibility of Microinsurance Products in Selected Insurance Companies in Lagos, Nigeria

Microinsurance is crucial for a developmental stride in Nigeria’s insurance industry. This research therefore presents an investigation of the awareness and accessibility of microinsurance products with selected insurance firms a research ground for its empiricality. Essentially, two hypotheses were tested. They are to determine whether: (i) aggressive awareness drive towards microinsurance products has not been genuinely encouraged among insurance companies in Nigeria; and (ii) the accessibility of microinsurance products created by insurance companies have not significantly reflected in the lives of many insuring populace. The survey research design for this study was exploratory in nature. The study sample consisted of sixty (60) respondents from whom data were gathered through the use of an interview technique. A Kolmogorov-Smirnov technique was used for data analysis. The findings from the study revealed that awareness creation towards microinsurance products has been genuinely encouraged among insurance companies, while the accessibility has not yet reflected significantly in the lives of many insuring populace. The study thus recommends that adequate awareness, education and enlightenment programmes be introduced especially for low income earners. Also, Government should promote “financial literacy” through educational programmes using the mass media;Greater attention should be given to reducing operating cost and enhancing efficiencies amongst microinsurance service providers; and investment and continuous improvement in technology is highly essential for effective relationship management between customers and the insurance firms. Keywords: Microinsurance products, awareness, accessibility, service providers, Lagos, Nigeri

Claims handling process attributes : perceptions of motor insurance policyholders in Lagos, Nigeria

PURPOSE: A claim is always requested at the maturity or occurrence of an event. The claim is a perception influencer and mirror image in the relationships between the insurers and their policyholders. This perception is thus crucial to the claims handling process. Therefore, this study aimed to assess the claims handling process explicitly attributed to the perceptions of motor insurance policyholders in Lagos, Nigeria.METHODOLOGY: The study adopted a cross-sectional survey research design. The study population was the total number of registered motorists recorded in 2019 by the Motor Vehicle Administration Agency, 704,828. Thus, quota and convenience sampling methods were adopted in the questionnaire distribution and collection processes. A structured questionnaire was employed for data gathering. A total of 399 copies of the questionnaire were distributed, of which 287 were found usable, representing a 72% response rate. The data procedural technique employed were simple frequency percentages and Friedman’s rank test statistical method.RESULTS/FINDINGS: This study confirms the importance of motor insurance policyholders attached to claims handling processes in Nigeria. This study recommended that claims handling procedures should be strategically designed to incorporate the various attributes explained to provide for a mutually beneficial ambience between policyholders and insurers. Furthermore, motor insurance providers should put in place attractive claims packages to boost the confidence level of the motoring communities. Given the implications of this study, research work is thus encouraged to look at behavioural factors that can influence the claims handling preferences of motor insurance policyholders in Nigeria.peer-reviewe

EVALUATING TURNAROUND STRATEGIES AND ORGANIZATIONAL PERFORMANCE IN A SMALL BUSINESS–A STUDY OF EKO SUPPORT SERVICE LIMITED.

Numerous associations today experience authoritative decay sooner or later in their life cycles as a result of both outside and inside factors. Much of the time, associations face decline when they neglect to perceive and adjust to outer and interior tensions that compromise the association's presence. The reaction to such circumstances is quite often a significant amount of work to "turn the organization around". This study seeks to examine the effects of turnaround strategies on organizational performance of Eko Support Service Limited. The researcher used a structured questionnaire to collect data. The population of the study was 400 and a sample of 200 respondents was obtained via the Taro Yamane formula. The data collected were analyzed using descriptive statistics such as simple percentages and the relationship between the variables of the model was tested using linear regression analysis. The study found that there is a positive and significant effect of diversification strategy on market share (R2 = 0.127, at p<0.05) and the F-Value yielded 9.335. The result of hypothesis 2 also indicates a positive significant effect of retrenchment strategy on profitability (R2 = 0.388, at p<0.05) and F-Value yielded 60.793 and lastly, top management re-organization strategy has a significant effect on organizational efficiency (R2 = 0.116, at p<0.05) and F-Value yielded 13.034. The study, therefore, concludes top-level management have significant roles to play indecision-making and conceptual skill regarding turnaround strategies and their applicability. The study recommends that top management re-organization in terms of structure, people, leadership, and organizational culture should be given priority in times of distress as this has proven to be a measure to improve organization efficiency

Environmental Risk, Reputational Risk, and Legal Risk as determinants of Performance of Manufacturing Companies in Nigeria

Most manufacturing firms focus on how to improve their effectiveness and pay less attention to the possible risks that can affect their profitability. The impact of environmental, reputational and legal risks on the performance of manufacturing firms was examined in this paper. An exploratory research design was used by the researcher. The population of this study is 305 senior staff from 10 manufacturing companies in Lagos state's Ikorodu Metropolis. The Logit Binary regression model was used to test the study's hypotheses. This model is thought to be suitable because it can predict the impact of independent variables on dependent variables.  According to the findings of this study, environmental risk, reputational risk, and legal risk all have a negative significant impact on the performance of manufacturing firms. This study recommended that manufacturing company management give greater attention to their environmental, reputational, and legal risks by making sure that such risks are properly managed with the help of Enterprise Risk Management Tools and by offering valuable intelligence into their entire organization with Data-Driven Decision Making. Manufacturing firms should use Optimised Heat Maps and Charts to distinguish, analyze, and assess Environmental Risk, Reputational Risk, and Legal Risk in order to avoid or minimize such risks

Pomiar wartości marek handlowych i świadczenie usług: badanie empiryczne w nigeryjskim sektorze ubezpieczeniowym

This study evaluates brand equity measurements on service delivery of insurance companies in Nigeria. An explanatory research design was employed. A purposive sampling technique was adopted. Structured questionnaire was employed for data gathering exercise. The study surveyed 31 insurance companies in Nigeria; with a sample size of 212 giving a response rate of 68%. More so, data collected was analysed using multiple regression method. Findings from the study have shown the relative importance of individual brand equity measurement and how positively related to service delivery of insurance companies in Nigeria. This research awakes the regulatory body of the need to continually engage academia, insurance practitioners and other stakeholders in scrutinising and improving insurance market penetration level in Nigeria. Insurance practitioners are enjoined to take value creation in their service delivery process critically important in a bid to allow for good brand repute and image. Lastly, National Insurance Commission should take its supervisory function crucial by regularly engaging in getting feedbacks from insuring populace concerning customers’ insurance brand judgment. The study provides an empirical approach to managers of insurance companiesW niniejszym artykule oceniono pomiar wartości marek handlowych w odniesieniu do świadczenia usług przez firmy ubezpieczeniowe w Nigerii. Przyjęto scenariusz badań objaśniających. Posłużono się techniką celowego doboru próby, a dane zebrano za pomocą ustrukturyzowanego kwestionariusza. Badaniem objęto 31 firm ubezpieczeniowych w Nigerii i uzyskano 68% zwrotności kwestionariuszy z całej próby liczącej 212 respondentów. Zgromadzone w ten sposób dane poddano analizie w oparciu o metodę regresji danych. Wyniki ukazały relatywne znaczenie indywidualnego pomiaru wartości marki handlowej i jego pozytywny związek ze świadczeniem usług przez przedsiębiorstwa ubezpieczeniowe w Nigerii. Niniejsze badania powinny uświadomić organy regulacyjne co do potrzeby ciągłego zaangażowania środowiska akademickiego, praktyków ubezpieczeniowych oraz innych interesariuszy w analizowanie, nadzorowanie i poprawę poziomu penetracji rynku ubezpieczeniowego w Nigerii. Zaleca się, aby praktycy ubezpieczeniowi włączyli kreowanie wartości w proces świadczenia usług jako krytycznie ważne, co pozwoli na dobry wizerunek i reputację marki. Wreszcie, Krajowa Komisja Ubezpieczeniowa (ang.: National Insurance Commission) powinna poważnie traktować swą funkcję nadzorczą poprzez regularne angażowanie się w pozyskiwanie opinii zwrotnej ubezpieczających i ubezpieczonych w zakresie opinii klientów na temat marek ubezpieczeniowych. Artykuł przedstawia empiryczne podejście do menedżerów firm ubezpieczeniowych z punktu widzenia potrzeby zwracania uwagi i badania świadomości marki, skojarzeń z marką oraz zaufania do niej przez klientów

Brand Equity Measurements and Service Delivery: Empirical Study from the Nigerian Insurance Industry

This study evaluates brand equity measurements on service delivery of insurance companies in Nigeria. An explanatory research design was employed. A purposive sampling technique was adopted. Structured questionnaire was employed for data gathering exercise. The study surveyed 31 insurance companies in Nigeria; with a sample size of 212 giving a response rate of 68%. More so, data collected was analysed using multiple regression method. Findings from the study have shown the relative importance of individual brand equity measurement and how positively related to service delivery of insurance companies in Nigeria. This research awakes the regulatory body of the need to continually engage academia, insurance practitioners and other stakeholders in scrutinising and improving insurance market penetration level in Nigeria. Insurance practitioners are enjoined to take value creation in their service delivery process critically important in a bid to allow for good brand repute and image. Lastly, National Insurance Commission should take its supervisory function crucial by regularly engaging in getting feedbacks from insuring populace concerning customers’ insurance brand judgment. The study provides an empirical approach to managers of insurance companiesW niniejszym artykule oceniono pomiar wartości marek handlowych w odniesieniu do świadczenia usług przez firmy ubezpieczeniowe w Nigerii. Przyjęto scenariusz badań objaśniających. Posłużono się techniką celowego doboru próby, a dane zebrano za pomocą ustrukturyzowanego kwestionariusza. Badaniem objęto 31 firm ubezpieczeniowych w Nigerii i uzyskano 68% zwrotności kwestionariuszy z całej próby liczącej 212 respondentów. Zgromadzone w ten sposób dane poddano analizie w oparciu o metodę regresji danych. Wyniki ukazały relatywne znaczenie indywidualnego pomiaru wartości marki handlowej i jego pozytywny związek ze świadczeniem usług przez przedsiębiorstwa ubezpieczeniowe w Nigerii. Niniejsze badania powinny uświadomić organy regulacyjne co do potrzeby ciągłego zaangażowania środowiska akademickiego, praktyków ubezpieczeniowych oraz innych interesariuszy w analizowanie, nadzorowanie i poprawę poziomu penetracji rynku ubezpieczeniowego w Nigerii. Zaleca się, aby praktycy ubezpieczeniowi włączyli kreowanie wartości w proces świadczenia usług jako krytycznie ważne, co pozwoli na dobry wizerunek i reputację marki. Wreszcie, Krajowa Komisja Ubezpieczeniowa (ang.: National Insurance Commission) powinna poważnie traktować swą funkcję nadzorczą poprzez regularne angażowanie się w pozyskiwanie opinii zwrotnej ubezpieczających i ubezpieczonych w zakresie opinii klientów na temat marek ubezpieczeniowych. Artykuł przedstawia empiryczne podejście do menedżerów firm ubezpieczeniowych z punktu widzenia potrzeby zwracania uwagi i badania świadomości marki, skojarzeń z marką oraz zaufania do niej przez klientów