Research from University of Lagos Reveals New Findings on Economics and Business (The Impact of Asymmetric Information on Auto Insurance Policy in Lagos State): Economics – Economics and Business

2023 NOV 15 (NewsRx) -- By a News Reporter-Staff News Editor at Economics Daily Report -- Research findings on economics and business are discussed in a new report. According to news reporting originating from the University of Lagos by NewsRx correspondents, research stated, “This study investigates the impact of asymmetric information on auto insurance policies in Lagos State.”

Our news correspondents obtained a quote from the research from University of Lagos: “The main objective is to determine the effect of asymmetric information on affect insurer’s acceptance of risk and claims payment in auto insurance. The scope of the study is the five big insurance companies in Nigeria. The survey research design was used for this study. The study population consists of 15,341, and the sample size is 390. A structured questionnaire was used to gather responses from the respondents, simple percentages and descriptive statistics were used to analyze the study, and a chi-square test was used to test the hypothesis. Based on the findings and analysis of the data, it was clear that it is possible to reduce asymmetric information in the automobile insurance market by ensuring that systems are put in place to get accurate information from the insured and do extensive research about the subject matter.”

According to the news reporters, the research concluded: “It was concluded that insurance companies in Nigeria recognize the negative impact of asymmetric information on a company’s profitability and investment. It was recommended that targeted stipulations be used frequently to reduce or narrow the chances of asymmetric information auto insurance policies to take the asymmetric information factors into account and alleviate the problem areas.”

For more information on this research see: The Impact of Asymmetric Information on Auto Insurance Policy in Lagos State. Acta Universitatis Danubius: Oeconomica, 2023,19(5). (Acta Universitatis Danubius: Oeconomica - http://journals.univ-danubius.ro/index.php/oeconomica/index). The publisher for Acta Universitatis Danubius: Oeconomica is Danubius University.

Our news editors report that more information may be obtained by contacting Oluwaleke Ebenezer Akindipe, University of Lagos.

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