MANAGEMENT OF INSURANCE COMPANIES IN NIGERIA A CASE STUDY OF UNIC INSURANCE PLC
ABSTRACT
This research work was aimed at determining the impact on management of insurance companies in Nigeria with particular reference to UNIC INSURANCE PLC
            A structured questionnaire made up of a little combination of some dictatorship and open ended questions was developed and distributed to a total of 80 male and female employees of UNIC INSURANCE PLC.
            The data collected were analyzed using percentages, mean   and rank order. Based on the above  major findings include;
1,         That the human and non-human resources available in the    insurance company are not adequate.
2.         That UNIC INSURANCEPLC has not experienced any form of     friend.
3.         Under interference and insanity of the job/position of           supervisions affect the objetinty of their reports and      recommendations.
4.         That non-implementation of previous reports affect the        function           of supervisors.   
            Based on these findings, the following efficiency and          effectiveness in the management of insurance companies.
a.                   That Insurance companies should use delegation as a supervisory strategy to be in professional touch with all the department in the insurance company.
b.                  A  programme of in-service education and training should be given to staff on regular basis to enable them get abreact with the changing demand of time him.
c.                   Insurance companies should consistently organize seminars .Staff meeting, individual conferences, professional lectures and provision of office bulletins
d.                  Staff safety and welfare packages must be adequately assured for proper continuity.
TABLE OF CONTENT
CHAPTER ONE
Introduction                                                    
1.1              Background of the study                    
1.2              Statement of problems                                    
1.3              Purpose of the study                                       
1.4              Test of Hypothesis                                          
1.5              Significance of the study                    
CHAPTER TWO
Review of related literature                            
2.1              insurance company organization                     
2.2              Under writing                                                             
2.3              Theory of rating                                              
2.4              Premium rating in non-life insurance  
2.5              Premium change in life insurance                   
2.6              Sources of insurance company fund               
2.7              The investment of insurance company fund   
2.8              Insurance company account                            
2.9              Summary of the review literature                               
CHAPTER THREE             
Research methodology                                               
3.1              Area of study                                      
3.2              Population                                                       
3.3              Sample and sampling procedure                     
3.4              Instrument for data collection                        
3.5              Validation of research instrument                   
3.6              Reliability of research instrument                   
3.7              Administration of the research instrument                 
3.8              Method of date analysis                                             
CHAPTER FOUR    
Data presentation and results                                      
4.1              Date presentation and analysis                       
CHAPTER FIVE
Discussion of results                                                   
5.1              Discussion of findings                                                            
5.2              Conclusion                                                                              
5.3              Recommendation                                            
5.4              Limitation of study                                         
Appendices                                                     
 CHAPTER ONE
INTRODUCTION
1.1              BACKGROUND OF THE STUDY
The management of an insurance company, like any other business outfit, has an aim or purpose to pay claim in return for payment of premium. The insurance company undertake numerous activities in their operation usually assessing the extent to which the risk presented in any respect departs from normal and if so, to what extent additional hazard can be mitigated at what rating consideration.  A process known as premium rating is used to decide vohat price you should change to. The premium price should reflect the claims list and expenses associated with the contract but also include an allowance for the insurer profit margin, this allowance depends on the level of competition in the relevant insurance market.  
Like every other business if the insurance companies want to increase the amount of business they undertake (at the right price) and attempt to do this involves different system since company differ in their degree of reliance on a direct sales force rather than using brokers and also in the amount they spend on advertising.  Also insurance company cannot pay all claims out of revenuer received for premium and investment income, because the timing of these payments and receipts cannot be co-coordinated, they must therefore maintain a fund that can be used to pay claims, such funds are also necessary in the case claims are unexpectedly large.  In many classes of insurance fund are accumulated carefully investment of these funds will allow insurers to earn interest income and make capital again.
    More so, the insurers may be aware that certain potential claims payment may exceed his financial resources.  He will therefore wish to pass on some of the liabilities for the claims to another insurer by buying insurance like other enterprise, insurers make payment to creditors (claims to insure commission agents) and receive money from debtor (such as premiums) They ought then compile accounts for internal management, shareholders and the taxation and supervisory authorities. A major problem with these is that insurers liabilities that the potential claims payments may not be know and must therefore be estimated.  Insurance companies must pay co-corporate with tax value added tax and capital gain tax.
1.2              STATEMENT OF PROBLEMS
    i       Based on the fact that every successful company      weather profit or non-profit oriented in Nigeria lies on its management.
ii.         Secondly goes majority of Nigerians do not appreciate         the       role insurance industry pay in the economic         development of this country.
            iii.        Another striking factor that off this research work is                                     the fact that our people appear not to understand the              impact insurance could have in national development.
            v.         There is also the problem of non-challant attitude of                         most    Nigerians in embracing the idea of insurance                                 coverage as one of the veritable instrument for the                            national development in developing countries. It is                             therefore on the foregoing premise that this research                         work is necessary in the first instance.
1.3       PURPOSE OF THE STUDY
1.                  To what extent does insurance in Nigeria helps in solving economic problems in building of the nation
2.                  To what extent does the non-challant attitudes of some people affect nation development.
3.                  To what extent does is the usefulness of insurance of the manage management; serve as a reference point for the self-help and self-reliance.
4.                  To what extent has Government gone to curb the problems associated with insurance management as regards development?  
1.4       TEST OF HYPOTHESIS (NULL)
In the course of the study (4) hypothesis were treated these include Hoi there is no significance benefits derived by common man from insurance fund and management.  Ho2 There is no significant evidence to prove that some people have non-challant attitude towards insurance industries.
Ho3 There is no usefulness of insurance management as reference point for self-help and self-reliance.
Ho4   there are many identified problems associated with insurance management towards national development.
1.5       SIGNIFICANCE OF THE STUDY
A work of the nature is not without significance or relevance to some people, group and companies alike.  It is on this basis that the research outlined the following significance of the study.
i.          This study provides background for the enlightenment         of the masses to understand the need for insuring  reasons to insure, how to insure and so on.
ii.         the study on insurance company management and    practice in Nigeria entails giving detailed enlightened to  the insuring and general public on how the insurance            industries are being managed and practice.  
iii.        It is vital for the masses to know and understand some         terminologies in insurance duties and responsibility of each department and staff in an insurance company.
iv.        This research work will serve as a study to ascertain this process of assessing risk proposed for insurance and fixing proper premium rate, which is otherwise know as underwriting.
            v.         Knowing how to re-insure which helps to reduce his ultimate liability warranties and condition of insuring   also      criteria of the risk accounts of the company.
            vi.        The study will assist in identifying various problems    associated with insurance management towards national economy.
            vii.       It will at the same time save as a reference point to   many itching to insure to encourage them and to help   in knowing how to chose an insurance company of his  choice.
            viii.      At the end of this research work, many people in our   society will be able to correct their mistakes and  ignominious approach towards insurance management                      and its importance towards improving living standard                 and      other economic development in the nation.