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Claims Settlement and Risk Attitudes: Evidence from the Motor Insurance Policyholders

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  • Ajemunigbohun Sunday Stephen

    (Lagos State University, Nigeria)

  • Olowokudejo Folake Feyisayo

    (University of Lagos, Nigeria)

  • Adeleke Ismaila

    (University of Lagos, Nigeria)

Abstract

Claims, being the heartbeat of the workability of insurance, are the most critical contact influencer between the insuring public and the insurer. It serves as a critical path to truth that shapes the policyholders’ ultimate perceptions of their insurers. Therefore, this study aimed at evaluating the relationships between claims settlement and risk attitudes, with specific reference to motor insurance policyholders in Lagos, Nigeria. The study adopted a cross-sectional survey research design. A survey based questionnaire was applied to 287 motor insurance policyholders. The findings-show that claims settlements are significant in attracting reasonable risk attitudes. The study recommends that motor insurance providers should put in place fascinating claims packages in order to boost the confidence level of the motoring communities. Government should rejuvenate and empower the motor insurance public complaint commission to address issues relating to motor insurance claims of either party in the motor insurance contract. Future research work could direct attention to insurance fraud issues emanating from the insurance claims settlement manual.

Suggested Citation

  • Ajemunigbohun Sunday Stephen & Olowokudejo Folake Feyisayo & Adeleke Ismaila, 2022. "Claims Settlement and Risk Attitudes: Evidence from the Motor Insurance Policyholders," Studia Universitatis Babeș-Bolyai Oeconomica, Sciendo, vol. 67(2), pages 33-49, August.
    • Handle: RePEc:vrs:subboe:v:67:y:2022:i:2:p:33-49:n:1
    DOI: 10.2478/subboec-2022-0008
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    References listed on IDEAS

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    More about this item

    Keywords

    Claims settlement; risk attitudes; motor insurance policyholders; theory of planned behaviour; Nigeria;
    All these keywords.

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania

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