Actuarial Analysis of Reinsurance Management in Nigeria's Economy

Student: Temitope Blessing Oloyede (Project, 2025)
Department of Actuarial Science
Ekiti State University, Ado-Ekiti, Ekiti State

Abstract

This study investigates the role of actuarial analysis in reinsurance management and its impact on Nigeria's economic development, using an ex-post facto research design and focusing on a population of Nigerian insurance companies. The study's objectives included determining the level of qualified personnel in the industry, evaluating company performance, and assessing contributions to economic development. The research utilized correlation analysis and econometric empirical analysis with ordinary least squares (OLS) estimation. The study concludes that while the Nigerian reinsurance sector has experienced growth and contributes to economic stability, it faces challenges such as outdated technology, regulatory constraints, and insufficient capital, hindering its full potential. The study recommends that insurance companies diversify their portfolios, prioritize reinsurance programs, and ensure effective underwriting practices. Additionally, regulatory bodies should simplify frameworks, and companies should seek international partnerships to enhance access to technology and capital.

Keywords
Actuarial analysis Reinsurance management Nigeria's economic development Insurance companies Reinsurance sector Economic stability Regulatory constraints Diversification
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