RISK MANAGEMENT STRATEGIES AND ORGANISATIONAL PERFORMANCE OF SOME SELECTED INSURANCE FIRMS IN ONDO STATE

ABSTRACT This study investigated the relationship between risk management strategies and organizational performance of selected insurance firms in Ondo State, Nigeria. Data were obtained through questionnaires administered to staff and customers, with twenty-three valid responses analyzed using descriptive statistics, Spearman’s rank correlation, and thematic review of open-ended questions. The analysis focused on risk identification, risk measurement, risk mitigation, and risk monitoring, alongside financial and non-financial performance indicators. Findings showed that while firms apply basic risk management practices especially reinsurance approaches to identification and monitoring remain limited and often reactive. Customer responses highlighted the importance of prompt claims handling, clear communication, and firm reputation in shaping satisfaction and loyalty. The study concludes that strengthening risk management practices can significantly improve both operational performance and customer confidence.