Impact of Risk Management on the Growth of Insurance Business in Nigeria

This study examines the impact of risk management on the growth of insurance business in Nigeria. The study employed the use of field survey that is cross-sectional. The study used primary data with the aid of a structured questionnaire as instrument used in collecting the data. The population of the study comprises of 19 top insurance companies in Jos metropolis of Plateau State. The data was analyzed and run in the computer through the Statistical Package for Social Sciences (SPSS) version 26 and Statistical tool of Multiple Linear Regression used in testing the two research hypotheses stated to ascertain the relationship between the explanatory (predictor) variables and the outcome (criterion) variable. Findings revealed that risk identification has significant impact on the growth of insurance business in Nigeria (β = 0.641, t = 3.297, p<0.05) and risk mitigation has significant impact on the growth of insurance business in Nigeria (β = 0.738, t = 6.594, p<0.05). It was recommended that Insurance companies should develop a comprehensive risk management program that addresses the specific risk they face and establishes clear procedures for risk identification, risk mitigation and risk monitoring.