Enterprise Risk Management in the Nigerian Insurance Industry

Abstract

The study looked at how Nigerian-listed insurance companies performed in terms of enterprise risk
management (ERM). An ex post facto research design was used in the study. According to Nigeria Stock Exchange
(NSE) data, as of December 30, 2021, there were 23 insurance businesses listed on the Exchange (NSE). Ten Nigerian
insurance firms made up the sample size. In choosing the selected firms, we used the convenience sampling
approach. The sample firms’ financial statements and annual reports were used to collect data for the study. The
statutory audit of the financial accounts served as the foundation for validity and reliability. Inferential (multiple
regressions) and descriptive statistics were used to analyze the data. According to the findings, ERM has no
significant impact on the earnings per share, return on assets, or return on equity of Nigerian-listed insurance
companies. According to the study’s findings, ERM has little or no financial impact on Nigeria’s listed insurance
businesses. The research proposed that risk committee meetings be held regularly in order to improve performance
and that members of the committee should be proficient in managing risk-related issues. It also suggested that the
committee be allowed to operate independently.