Nigerian Journal of Banking and Financial Issues (NJBFI)

IMPACT OF INSURANCE PREMIUMS ON CLAIMS EXPENDITURE OF OIL AND GAS INSURANCE FIRMS IN NIGERIA

Authors

  • Taiwo Olarinre Oluwaleye Author
  • Oluwaseun Michael Afuye Author
  • Olufunmilayo Omobosola Adenipekun Author

Keywords:

Insurance premiums, claim expenses, oil and gas insurance firms, Nigeria

Abstract

The study examines the impact of gross premium written, gross premium income, and net premium income on claim expenditures of oil and gas insurance companies in Nigeria. Secondary data collected for 2017-2022 was analysed through descriptive statistics and multicollinearity tests, pooled OLS estimation, fixed and random effect analysis. The most reliable and optimal estimation analysis result is the random effect and it indicated that gross premium written and gross premium income impact positively and significantly on claims payment; net premium income exerts a negative substantial influence on claims settlement of oil and gas insurance firms. The study suggests that Nigerian insurance firms should explore ways to increase their customer base for oil and gas insurance and boost insurance premiums to ensure increased claim payment.

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Published

2026-01-22

Issue

Vol. 11 No. 1 (2025): Nigerian Journal of Banking and Financial Issues (NJBFI)

Section

Articles