GROSS PREMIUM INCOME AND CLAIMS SETTLEMENT FOR FIRE INSURANCE POLICY IN NIGERIA: A PANEL APPROACH

Oluwaleke Ebenezer Akindipe and Ogorchukwu Augustine Isimoya
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Oluwaleke Ebenezer Akindipe: Department of Actuarial Science & Insurance, Faculty of Management Sciences, University of Lagos, Nigeria.
Ogorchukwu Augustine Isimoya: Department of Actuarial Science & Insurance, Faculty of Management Sciences, University of Lagos, Nigeria.

Annals of University of Craiova - Economic Sciences Series, 2022, vol. 2, issue 50, 5-14

Abstract: Fire is one of the most common sources of waste in any country. As a result, in the insurance sector, the term "fire waste" is employed. Man has been afflicted by fire-related losses since the invention of fire at the dawn of civilisation. Surprisingly, the rate of fire losses has increased as a result of today's sophisticated nature. (Izuoba, 2017). Every year, fire claims the lives of hundreds of people and destroys property worth millions of naira. Calculating the extent of damage to property and people in Nigeria is exceedingly challenging due to the fact that most damages caused by fire-related risks are not typically covered. Even if a fire-ravaged property's owner is reimbursed, fire insurance can only cover the financial side. A fire could be caused by arson, natural elements, defective wiring, gas equipment, and other things.

Keywords: fire waste; fire insurance; arson; natural elements; defective wiring; gas equipment (search for similar items in EconPapers)
JEL-codes: M16 Z23 (search for similar items in EconPapers)
Date: 2022
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