Role Of Claims Settlements In The Growth Of An Insurance Company

BACKGROUND OF THE STUDY Insurance is a unique industry and one of the contributing tractors to its uniqueness is the product on the insurer that is, the promise to indemnity at a future date, is tangible. It has been generally accepted that insurance industry exist to guarantee the continued existence of other industries (Mehr and Camack (1976). As an illustration if a factory that is insured is destroyed, insurers will indemnify the insured by replacing or reinstating the factory thereby guaranteeing the continued existence of the factory. The reputation of any insurance company depends to …