In the past, insurance companies hardly thought of how best to manage genuine claims and this led to the creation of a bad image for the insurance industry. An increasing number of insurance companies in recent years coupled with the declining purchase of insurance policies has forced companies to work on better methods of managing claims.
I delved into this study in order to aid readers identify some of the problems militating against adequate settlement of claims. The data used for this research was carefully collected through extensive field work and the instrument used in collecting the data were questionnaires.
The research was carried out in the Lagos metropolis alone where most of the insurance companies have their head offices. The research was however not easy as I encountered a few problems in collecting data.
Four hypotheses were formulated and were treated with chi-square method, all tests were conducted at five percent level of significance. Two hypotheses were accepted while two were rejected based on the findings of the study. It was found that over fifty percent of insurance claims presented are fraudulent in their nature. It has also found that it takes an insurer up to five months or more to settle a reported claim. After due investigation, it was also found that the insured’s attitude during the period of claim settlement has no effect on claim settlements.
TABLE OF CONTENTS
Title/Cover page i
Table of contents vii
Background of the Study 1
Statement of the Problem 2
Aim & objectives of the study 4
Scope of the study 5
Research questions 7
Significance of the study 7
Limitations of the study 8
Basic assumptions 8
Definition of terms 9
General review of existing literature on the impacts of claim
settlement on profitability in the insurance industry 11
Classes of Insurance &n