Insurance Risk Management is the analysis of a customer and the likelihood and effect of potential and probable losses that are peculiar to the customer’s profile that the insurer (Insurance Company) would be expected to settle. It is used to accurately calculate the amount and manner of coverage a customer is entitled to or that would best benefit them, given the customer’s profile.
One of the main benefits of group life insurance in Nigeria is that it provides financial security to the families of employees who may pass away unexpectedly. The insurance payout can help cover funeral expenses, pay off outstanding debts, and provide ongoing financial support for the deceased employee's dependents. This can be especially important in a country like Nigeria where many people live “paycheck to paycheck” and may not have savings to fall back on in the event of a family member's death.
Islamic law has urged the protection of some specific Shariah objectives for the survival of society as a whole, and Islamic law will not disregard anything that will assist in reaching these objectives. Takaful alludes to a covenant of mutual help and solidarity among community members, in the event that one of the members suffers loss or damage.
The entire fabric of insurance as we have it today can be traced to the Lloyd’s Coffee House owned by Edward Lloyd in the year 1688, on Tower Street, in the City of London. The Lloyd’s legacy since the tail end of the 17th century has paved way for numerous insurance businesses and concepts, apart from general insurance and reinsurance. One of such developments is the concept of knock for knock
