ROLE OF REINSURANCE IN MANAGING CATASTROPHIC RISK IN NIGERIA A STUDY OF KWARA STATE
Abstract
This study examines the role of reinsurance in managing catastrophic risk in Nigeria, with specific reference to insurance companies operating in Kwara State. The research adopts a descriptive survey design to assess how reinsurance practices influence insurers’ risk exposure, financial performance, and operational resilience. Data were collected from 122 respondents across three major firms, Leadway Assurance, AIICO Insurance, and AXA Mansard, and analyzed using descriptive statistics, correlation, and regression techniques in SPSS. Findings reveal that reinsurance significantly mitigates catastrophic risk exposure and enhances insurers’ capital adequacy and profitability.
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