ABSTRACT
In the past, insurance companies hardly thought of how best to
manage genuine claims and this led to the disillusionment of
many claimants.
But with increasing number of insurance companies in recent
years coupled with the declining purchase on the best method
of manage claims.
The researcher delved into this study in order to help insurance
companies to identify some of the problems militating against
prompt settlement of claims.
The recommendations made would help to solve these
problems. The data used for this research were carefully
collected through extensive filed work and the instruments used
in collecting the data were questionnaire.
The research was carried out in Lagos Metropolis alone where
most of the insurance companies have their head offices.
The research was however, not easy as the researcher
encountered a lot of problems in collecting data.
Although, this work included a lot of time and money, we were
however, consoled by the fact that the outcome of the research
work will be of great value to the insurance companies.
This research is made up of five chapters, one deals with the
introductory part and examines the statement of problems,
objective of study and hypotheses, significance of the study and
limitation of study.
In chapter two, the researcher tries to look at the various works
on insurance since he could not lay his real work on the same
topic. It is here that the real work on the project was carried
out. Chapter three deals with the presentation and analysis of
data and hypothesis testing. Summary, recommendation and
conclusion were made in chapter five.
Four hypotheses were formulated, and were treated with chisquare
method. All tests were also conducted at five percent
level of significance. Two hypotheses were accepted while two
were rejected based on the findings of the study. It was found
that against prompt claims payment and that over fifty percent
of the claims presented are fraudulent in their nature. It has
also found that it takes an insurer up to five months or more to
settle a reported claim. After due investigation and that the
insured’s attitudes during the period of claim settlement have
no effect in claim settlement.
