The insurance companies in Nigeria: sources and application of funds 1979-1982

Abstract

This report analyses insurance companies' sources and application of funds between 1979 and 1982 with a view to ascertaining the industry's performance. The companies discussed here are those whose annual returns were submitted to the insurance division of the Federal Ministry of Finance. Adjustments in form of estimates have been made for cases of non-response. The report is divided into five parts. Part I briefly discusses the structure of the industry, that is, its number and type, ownership, paid-up capital and income and expenditure, while parts II and III examine in detail the sources and application of funds arising from the underwriting of life, and non-life insurance policies. Part IV analyses the assets and investment and Part V summarizes and concludes the paper.