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The Volume of Marine Insurance Business in an Insurance Firm and Its Impact on Corporate Turnover

The Volume of Marine Insurance Business in an Insurance Firm and It's Impact on Corporate Turnover

Project / Seminar Material
Reference ID: PS-8222-TM

DEDICATION

This research material titled “The Volume of Marine Insurance Business in an Insurance Firm and It's Impact on Corporate Turnover” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Insurance, Book Authors and Profound Scholars of existing or related project material on “The Volume of Marine Insurance Business in an Insurance Firm and It's Impact on Corporate Turnover” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”

    ABSTRACT

    This project is purely an academic exercise presented to the department of insurance, IMT, Enugu in partial fulfilment of the requirement for the award of higher national diploma in insurance

    From the project titled ”The Volume Of Marine Insurance On Corporate Turnover”. 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.

    The Volume of Marine Insurance Business in an Insurance Firm and It’s Impact on Corporate Turnover

    CHAPTER ONE

    Introduction

    1.1 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.

    It is on the basis of this tidy that marine insurance is an interesting area of study because it has many facts, each of which constitutes its own specially and deserves professional treatment for instance, the calculation of premium and settlement of claims in marine insurance requires specialized knowledge of shipping, clasificaiton of goods an freight charges. Another reason which marine insurance comes across as being so unique is that aspect of international commerce with which limited to the local regions of its country of operation. It is ahs its overbearing impact in other countries practices as far as cargoes leave or come to their shores are concerned.

    1.2 Objectives Of The Study

    this project was a study of UNIC pLC and it was concerned with analysis of income generated form marine insurance over a period of three years.

    1. The primary objective was to determine the percentage of contribution of all types of marine insurance to the company’s annual income.
    2. To determine the relative importance and volume of marine insurance as a revenue generating source.
    3. To determine the quantum of income form marine insurance business.
    4. To identify the major non-life insurance businesses form which UNIC PLC, derived its incomes from 2003, 2004 and 2005 and the specific contributions of marine insurance to overall performance.

    1.3 Statement Of Problem

    The statement of problem therefore, is that marine insurance business in developing countries like Nigeria is still not well known or developed. Thus, it is not likely to contribute much to an organization turnover.

    1.4 Significance Of The Study

    The company would be able to have a clear picture of its performances for it to know if it is growing or declining and then be able to plan ahead for a better performance in the coming years. Also that client would also be provided with vital information about UNIC PLC, it performance generally and specially in marine insurance, when the company was established and its strength.

    The country would also benefit in the sense that they would be able to generate revenue from marine. Insurance as it does in motor insurance with the little information gotten form this research work.

    1.5 Research Question

    1. What has been the trend in the growth of marine insurance business in the past 5 year?
    2. Which business organization and institutions patronize your company for marine business?
    3. Is there any future for the Nigerian marine insurance industry ?
    4. How is marine insurance business processed?

    1.6 Scope And Limitation Of The Study

    Scope: the scope of this research work is strictly restricted to the typical Nigerian who might fall to the category of the uneducated or illiterate, the unoriented and the ignorant.

    Limitation: the major limitations of this research work is mainly as a result of time constraint, lack of existing publication of the virgin topic as well as financially in carrying out further research on this believed topic of mine at the student’s level of income.

    1.7 Definition Of Terms

    Cargo

    Goods in a ship

    Commission

    payments made to an intermediary (broker or agent) for introducing to or handling of the business for an insurer.

    Goods

    Goods in the nature of merchandise. It also not include personal effects or provisions and stores for use or board

    Freight insurance:

    insurance of the profit.

    Hull

    The frame or body of a ship

    Hull policy

    covers the vessel and its machinery.

    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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