Research background: Motor insurance is designed as a risk management instrument to guarantee policyholders' peace of mind. It plays a crucial role in safeguarding policyholders from financial losses that motor vehicles can cause ranging from loss of property, medical bills, legal fees, to loss of income. Purpose: This study evaluated motor insurance underwriting factors, with specific reference to the perceptions of motor insurance providers in Lagos, Nigeria. Methods: The study adopted a cross- sectional survey research design. The study sampling frame consisted of 43 motor insurance companies, out of which 30 motor insurance companies were accessed, as recorded in the 2020 insurance digest provided by the Nigeria insurers Association. A structured questionnaire was employed for data gathering. A targeted population of 300 respondents was selected with the adoption of convenience and purposive sampling techniques. With this, 287 copies of the questionnaire retrieved were used for the data analysis. Thus, the data procedural technique employed were simple frequency percentages and Friedman’s rank test statistical method. Findings & Value added: This study confirms the importance of motor insurance providers attached to motor insurance underwriting factors in Nigeria. This study recommended that motor insurance providers should prioritise fascinating underwriting risk factors in order to boost the confidence level of the motoring communities. Regulators should take proactive steps in monitoring possible defaults that can disrupt the underwriting processes of motor insurance policies. Given the implications of this study, research work is thus encouraged to look at the nexus between motor insurance pricing and rating techniques that influence behavioural attitudes of motor users in Nigeria.
Isimoya et al. (Fri,) studied this question.
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