Enterprise risk management in the Nigerian insurance industry

Abstract

The study looked at how Nigerian-listed insurance companies performed in terms of enterprise risk management(ERM). An ex post facto research design was used in the study. According to Nigeria Stock Exchange (NSE) data, asof December 30, 2021, there were 23 insurance businesses listed on the Exchange (NSE). Ten Nigerian insurancefirms made up the sample size. In choosing the selected firms, we used the convenience sampling approach. Thesample firms’ financial statements and annual reports were used to collect data for the study. The statutory auditof the financial accounts served as the foundation for validity and reliability. Inferential (multiple regressions) anddescriptive statistics were used to analyze the data. According to the findings, ERM has no significant impact onthe earnings per share, return on assets, or return on equity of Nigerian-listed insurance companies. According tothe study’s findings, ERM has little or no financial impact on Nigeria’s listed insurance businesses. The researchproposed that risk committee meetings be held regularly in order to improve performance and that members of thecommittee should be proficient in managing risk-related issues. It also suggested that the committee be allowedto operate independently.