The Role of Insurance Company in Management of Risk in Medium Scale Organization
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Abstract on The Role of Insurance Company in Management of Risk in Medium Scale Organization
The main purpose and focus of this study was to investigate and bring to limelight the roles of insurance company in management of risk in medium scale organization. The researcher used Usmer water ventures located at No. 2 Hospital Lane Uyo, Akwa Ibom State for her study. In order to achieve the objectives of the study, seven (7) research questions and five (5) hypothesis were formulated to give a proper guide to the study, literatures that were related to the variables of the topic under study were reviewed stated according to the hypothesis for the study. The researcher underwent descriptive research as she conducts the study. The sample size of the study was taken from the original samples of the population which was 28. As veritable tools for data collection, questionnaire, observation and interview were used for data collection. Chi-square analysis was used to test the hypothesis and arrived at reasonable conclusion and solution. Based on the findings of this study, it was recommended that management of business organization should not overlook the insurance of their business because that is the only way risk and uncertainties can be managed and controlled.
Chapter one on The Role of Insurance Company in Management of Risk in Medium Scale Organization
Background of the Study
Every purposeful and responsible enterprise quest is to improve and succeed in its prospection objective and for any business establishment to venture into achieving her goals and objectives must first and foremost take precautions in other to even though not to totally eradicate dangers and uncertainties that may subsequently come up will go a long way to limit it and its effects. It is at this point that a risk manager comes in to bring in ways in which risk could be managed in order to efficiently run and to achieve the organizational goals and objectives.
As we are in a business society one of the important thing most managers should have at the back of their mind is that there is no business enterprise that is free of risk, it certainly face some degree of risk, and some of the risk are controllable with respect to the appropriate taken against it whereas some are largely unpredictable. Before looking at the meaning of “risk management” it will be important to briefly examine the concept of risks. ISO 3100- International Organization for Standardization (2009) defined and summarized risk as the probability and/or impact of unfortunate events or the likelihood of loss. It went further to say that risks can be found anywhere from financial markets, project natural causes, securities, industrial processes, health, science experiments and so forth, therefore, risk ought to be managed in order to minimize the realization of unwanted opportunities.
Risk management is defined as a systematic process of identifying and assessing organization risks and taking actions to protect the firm against them (Encyclopedia of management) ISO 3100 (2009), want ahead to defined risk management as the identification, assessment and prioritization of risk followed by coordinated and economical application of resources to minimize, monitor and control the probability and/or impact of unfortunate event or to maximize the realization of opportunities. Risk management is a functional management process or transfer mechanism of identification, evaluation earnings of a business or other enterprise with minimum cost and maximum efficiency.
In a paper presented by “Insurance Training Centre” Ogere Ogun state dated April, 1987 titled “scope of risk management extend beyond mere handling of insurance risk, it does encompasses, the management of all types of risk. Risk management is concerned with formulating some forms of defensive strategy, which takes account of organizational assets and objectives. This price of work will initially examined the various mechanism employed by Anchor Insurance company in the Assessment of risk. These include:
- Process of identification
- Monitoring and controlling of such risk
– The Identification of risk will include information on the proposal which reveals the physical and morale hazards of the subject matter of insurance.
– The evaluation of risk views placement of value on the identified risks, which threatens a corporate assets. The monitoring and control of risk highlights the physical and financial control of risk that threatens assets.
The centre piece of this work will be to thoroughly analyze various means of identifying corporate objectives. These will include retention, reduction and transfer of risk. Also, taking steps pre-loss and post loss objectives and the procedure for transfer and reduction of loss. The entire work of this piece will be comprehensively packaged by ascertaining various hazards and inherent liabilities present at the risk and make recommendations based on experts opinion to enable underwriter to decide whether the risk offered is acceptable at standard rate or otherwise. Finally, this work will also
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