Enterprise Risk Management Practices and Financial Performance of Insurance Firms in Nigeria

Abstract

This study examined the effect of enterprise risk management practices on the financial performance of insurance firms in Nigeria between 2018 and 2024. The study specifically investigated the influence of risk governance and culture, risk control and mitigation, and risk monitoring and reporting on return on assets of insurance firms. An expost-facto research design was adopted, and data were collected and computed from the audited financial statements and annual reports of eight (8) listed insurance companies, yielding fifty-six balanced panel observations. The data were analysed using descriptive statistics, correlation analysis, and pooled ordinary least squares regression to test the research hypotheses at a five percent level of significance. [cite_start]The results showed that risk monitoring and reporting had a positive and statistically significant effect on return on assets, indicating... [cite: 6]

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