Data from University of Lagos Broaden Understanding of Economics (Gross Premium Income And Claims Settlement For Fire Insurance Policy in Nigeria: A Panel Approach): Economics

2023 MAR 09 (NewsRx) -- By a News Reporter-Staff News Editor at NewsRx Policy and Law Daily -- Current study results on agriculture have been published. According to news reporting originating from the University of Lagos by NewsRx correspondents, research stated, “Fire is one of the most common sources of waste in any country.”

Our news journalists obtained a quote from the research from University of Lagos: “As a result, in the insurance sector, the term ‘fire waste’ is employed. Man has been afflicted by fire-related losses since the invention of fire at the dawn of civilisation. Surprisingly, the rate of fire losses has increased as a result of today’s sophisticated nature. (Izuoba, 2017). Every year, fire claims the lives of hundreds of people and destroys property worth millions of naira. Calculating the extent of damage to property and people in Nigeria is exceedingly challenging due to the fact that most damages caused by fire-related risks are not typically covered.”

According to the news reporters, the research concluded: “Even if a fire-ravaged property’s owner is reimbursed, fire insurance can only cover the financial side. A fire could be caused by arson, natural elements, defective wiring, gas equipment, and other things.”

For more information on this research see: Gross Premium Income And Claims Settlement For Fire Insurance Policy in Nigeria: A Panel Approach. Annals of the University of Craiova: Economic Sciences Series, 2022,2(50):5-14. (Annals of the University of Craiova: Economic Sciences Series - http://feaa.ucv.ro/annals/index.html). The publisher for Annals of the University of Craiova: Economic Sciences Series is Universitatea din Craiova.

Our news editors report that additional information may be obtained by contacting AKINDIPE Oluwaleke Ebenezer, Department of Actuarial Science & Insurance, Faculty of Management Sciences, University of Lagos, Nigeria. Additional authors for this research include ISIMOYA Ogorchukwu Augustine.

(Our reports deliver fact-based news of research and discoveries from around the world.)