Final Test Essay Example | Topics and Well Written Essays - 500 words

Last Test - Essay Example The impact of this is the peruser doesn't get a sort of â€Å"whiplash† when managing the rotating subjects that the creator looks to uncover. In any case, the general shortcoming of such a methodology is the way that the writer doesn't have a wide enough topic so as to draw in the peruser with an undifferentiated story approach, for example, the one that has been utilized without gambling dwelling on the point and losing the consideration of the peruser. Despite the fact that the topic is in any case intriguing, it is hard to clutch the factious story with such a constrained and shallow grasp upon a restricted part of the topic. The third book, Sizwe's Test, utilizes a blended style of contention that is concentric upon both answer and definition. By methods for utilizing such a methodology, the writer can connect with the peruser by bringing up key issues in regards to the degree of the AIDs problem in S. Africa while simultaneously offering a rejoinder for the methods by wh ich the malady can't be eased back or halted positively. As opposed to endeavoring to characterize the issue and contend for a given result, the creator tries to characterize the issue and afterward invalidate the manners by which the infection has been right now dealt with. As an element of this, a far more prominent and progressively successful contention is drawn and the peruser can increase significant knowledge into the infection as it exists just as endeavoring to comprehend subtleties that would somehow or another be darkened by a great part of the disinformation.

Understanding Delphi Class (and Record) Helpers

Understanding Delphi Class (and Record) Helpers A component of the Delphi language included a few years prior (route back in Delphi 2005) called Class Helpers is intended to let you add new usefulness to a current class (or a record) by acquainting new techniques with the class (record). Beneath youll see some more thoughts for class partners realize when to and when not to utilize class aides. Class Helper For... In straightforward words, a class aide is a develop that broadens a class by presenting new strategies in the aide class. A class assistant permits you to broaden existing class without really changing it or acquiring from it. To expand the VCLs TStrings class you would pronounce and execute a class partner like the accompanying: type TStringsHelper class aide for TStrings open work Contains(const aString : string) : boolean; end; The above class, called TStringsHelper is a class aide for the TStrings type. Note that TStrings is characterized in the Classes.pas, a unit that is as a matter of course accessible in the utilizations provision for any Delphi structures unit, for instance. The capacity were adding to the TStrings type utilizing our class partner is Contains. The execution could resemble: work TStringsHelper.Contains(const aString: string): boolean; start result : - 1 IndexOf(aString); end; Im certain youve utilized the above commonly in your code - to check if some TStrings relative, similar to TStringList, makes them string an incentive in its Items assortment. Note that, for instance, the Items property of a TComboBox or a TListBox is of the TStrings type. Having the TStringsHelper actualized, and a rundown box on a structure (named ListBox1), you would now be able to check if some string is a piece of the rundown box Items property by utilizing: on the off chance that ListBox1.Items.Contains(some string) at that point ... Class Helpers Go and NoGo The usage of class partners has some positive and a few (you may consider) negative effects on your coding. By and large you ought to abstain from expanding your own classes - as though you have to add some new usefulness to your own custom classes - include the new stuff in the class usage legitimately - not utilizing a class aide. Class aides are along these lines progressively intended to broaden a class when you can't (or don't have to) depend on ordinary class legacy and interface executions. A class assistant can't pronounce example information, as new private fields (or properties that would peruse/compose such fields). Including new class fields is permitted. A class aide can include new strategies (work, method). Before Delphi XE3 you could just broaden classes and records - complex sorts. From Delphi XE 3 discharge you can likewise expand straightforward sorts like number or string or TDateTime, and have build like: var s : string; start s : Delphi XE3 partners; s : s.UpperCase.Reverse; end; Sick expound on Delphi XE 3 basic sort partner sooner rather than later. Wheres MY Class Helper One restriction to utilizing class partners that may assist you with messing yourself up is the way that you can characterize and connect different assistants with a solitary sort. In any case, just zero or one partner applies in a particular area in source code. The assistant characterized in the closest extension will apply. Class or record aide degree is resolved in the typical Delphi design (for instance, option to left in the units utilizes provision). This means you may characterize two TStringsHelper class partners in two distinct units however just one will apply when really utilized! On the off chance that a class assistant isn't characterized in the unit where you utilize its presented techniques - which by and large will be in this way, you don't have the foggiest idea what class partner usage you would really be utilizing. Two class aides for TStrings, named distinctively or living in various units may have diverse usage for the Contains technique in the above model. Use Or Not? Truly, yet know about the conceivable reactions. Heres another convenient expansion to the previously mentioned TStringsHelper class aide TStringsHelper class aide for TStrings private work GetTheObject(const aString: string): TObject; system SetTheObject(const aString: string; const Value: TObject); open property ObjectFor[const aString : string]: TObject read GetTheObject compose SetTheObject; end; ... work TStringsHelper.GetTheObject(const aString: string): TObject; var idx : whole number; start result : nil; idx : IndexOf(aString); in the event that idx - 1, at that point result : Objects[idx]; end; strategy TStringsHelper.SetTheObject(const aString: string; const Value: TObject); var idx : whole number; start idx : IndexOf(aString); on the off chance that idx - 1, at that point Objects[idx] : Value; end; On the off chance that youve been adding items to a string show, you can think about when to utilize the above convenient assistant property.

The Relevance of J.D. Salingers The Catcher in the Rye in Modern Times Essay Example for Free

The Relevance of J.D. Salingers The Catcher in the Rye in Modern Times Essay Its exceptionally charming that years after its distributing, The Catcher in the Rye stays such a captivating novel to instructors, understudies, and everyone the same. However through investigating the principle topics of the book, one can derive that despite the fact that the slang and style may be obsolete, The Catcher in the Rye is as yet relatable and pertinent. This can be principally ascribed to the consistent topic of high school apprehension and want for insubordination, a typical inclination prodded among the youthful for a considerable length of time. The book likewise stays important in view of the history behind the book just as the way of life it has made. Despite conclusions be that as it may, J.D. Salingers The Catcher in the Rye, albeit composed 50 years prior, keeps up pertinence in this opportunity as an approaching old enough novel that opens points of view and strikingly uncovered topics that were once frowned upon in the American culture. To start, Holden has principally kept up importance in the cutting edge age since he keeps on giving a voice to the young people of our general public. Taking a tone of resistance, Holden isolates himself from the general public that is so ill-conceived in his eyes, and appears to shape his very own domain inside his psyche. This principally involves his lack of regard for most grown-ups and the principles they make for everybody. You can see Holdens scorn for grown-ups during his discussion with Mr. Spencer, [] I could shoot the old bull to old Spencer and consider those ducks at the equivalent timeYou dont need to think too hard when you converse with an instructor. (Salinger 18). The part of Salingers epic that is generally pertinent to youth today is the means by which it shows young years as a period of contention and change. Struggle is found between an adolescent and their general public, yet additionally between others, and even inside themselves. Holden appears to scorn his condition, deriding others as fakes and scrutinizing activities and occasions all over the place. Says Holden about a companion of Sallys, [] he went to Andover. Enormous, large dealHe was the sort of a fake that need to offer themselves room when they response somebodys question. (Salinger 165) This is corresponding to the scandalous young generalization of defiance and insubordination, as youth today are seen as egotistical and needing to make their own standards. The tale incites feeling inside the peruser in light of the fact that they are at long last ready to interface with somebody on that level. On that note, the book likewise interfaces with a young people uncertainties and self-assessment, demonstrated by its use by different writers. A case of this would be the novel King Dork, wherein the fundamental character Tom scrutinizes his school for commending The Catcher in the Rye when it truly isnt that uncommon. The reality of the situation, in any case, is that Tom is amazingly like Holden, in that the two of them have passionate and entangled lives as youngsters loaded up with anxiety and disunity. The way that Catcher is alluded to such a great amount in this novel that is 50 years more up to date shows that J.D. Salinger has had an effect in youth writing and made a format for which essayists can investigate the unpredictability of the high school mind. At last, the book stays a fundamental piece of the twentieth century culture not just in light of the message of high school apprehension it depicts but since of the accompanying it picked up and reputation of certain supporters. Prominently, The Catcher in the Rye was noted to be a basic part to two discrete, prominent homicide endeavors, one of which was fruitful. The most well known occurrence was the 1980 death of John Lennon by Mark David Chapman. Chapman, who at one point even attempted to change his name to Holden Caulfield, killed John Lennon in 1980. When captured, Chapman was grasping a duplicate of The Catcher in the Rye, and composed inside, This is my announcement (Ball). In a meeting, Chapman expressed he [] was actually living insideThe Catcher in the Rye (Chapman). While Chapman was organized, and the association he produced using the book to the homicide presently can't seem to be resolved, the riddle of the books motivation for homicide despite everything interests individuals (Ball). Taking everything into account, The Catcher in the Rye despite everything catches enthusiasm from perusers today in light of the fact that the message of high school tension and development is ageless. The tale can viably depict a youngsters defiant nature and dismissal of society that veils vulnerability of ones own self. It likewise has a feeling of secret encompassing it, as roused one of the most notable killings of the twentieth century. J.D. Salinger enamors perusers in light of the fact that the novel does not have the cliché glossing over of a youthful grown-up novel; it gives a genuine point of view on the difficulty of being a youngster and uncovered a totally different domain that individuals can appreciate. Works Cited Ball, Sarah. J.D. Salingers Influence. The Daily Beast. 27 Jan. 2010. Web. 23 Sept. 2011. http://www.thedailybeast.com/newsweek/2010/01/27/the-gospel-as per holden.html. Chapman, Mark D. Imprint David Chapman in His Own Words. Meeting by Larry King. CNN. 30 Sept. 200. Web. 22 Sept. 2011. http://transcripts.cnn.com/TRANSCRIPTS/0009/30/lklw.00.html. Salinger, J. D. The Catcher in the Rye. Boston: Little, Brown, 1951. Print.

Budgeting and reporting Essay Example | Topics and Well Written Essays - 2000 words

Planning and announcing - Essay Example With such strength in costs and number of meetings it is a failure that the firm has lower net gain than the contender. The warning plan is underutilized by the customers of the firm. On normal they use around 75% of every single prepaid meeting, which isn't a favorable position for the firm. The firm would like to have customers utilize all 100% and pay additional hours with ordinary expenses. Be that as it may, it must be offset with the fulfillment of the customers that may be glad to prepay current levels. By and large the firm looks progressively wasteful in overseeing costs contrasted with the contender. Addendum 2 likewise uncovers that the contender pulls in increasingly new enquiries and gives more interviews to new customers. This is an indication of solid development (Chadwick, 1997), joined with the quantity of objections it shows that the contender is better at drawing in and holding new customers, which may give significant future bit of leeway in the business improvement. The stressing number is the quantity of fruitful cases for careless guidance. Each fruitful case subverts the notoriety of the firm and ventures a negative picture to planned and existing customers. It very well may be a major driver for customers to change to the rival later on as it is a solid pointer of the administration quality. The choice of the creation chief to source less expensive material and to utilize lower grade work is reflected in the difference examination. Material cost expanded, be that as it may, the material utilization gace unfavorable impact because of expanded wastage. Generally speaking, the material fluctuation is negative 5100-7500=-2400$, which flags that the advantage of utilizing less expensive material with higher waste is faulty. The equivalent goes for the lower grade work, which improved work rate and exacerbated work effectiveness. It shows that number of hours spent by the lower grade work is higher than

Journal Of Business Economics Management -Myassignmenthelp.Com

Question: Examine About The Journal Of Business Economics Management? Answer: Presentation Representative execution and prizes the executives is a procedure of remunerating the workers as far as different advantages, pay and wages to guarantee that the representatives are happy with their activity job, give their best foot forward and give most extreme profitability. The prize administration framework was presented after the therapists contemplated the conduct of the people how the individuals responds to prizes and remunerations and how it rouses them to proceed with their best execution. The analysts have made certain persuasive speculations, which are firmly related with the thoughts of inspirational prize framework. In this report the article identified with Samsung paying prize to the representatives will be examined, the fundamental issue of remunerations will be investigated. The theme will likewise be talked about relating it with the worker relations challenges, execution the board, learning and improvement, inspiration and prizes, overseeing assorted variety, and representative turnover and maintenance. Having a proficient arrangement of remuneration, is obligatory with the goal that the representatives come to know in insights concerning their errand sand show the abilities to do it, they will have the degree of inspiration required to work and give best execution. The main motivation behind this report is to recognize the issue identified with execution reward the board, dissect the speculations identified with the theme lastly to give answers for the issue. The Issue Related To Performance and Rewards in the Story The story gave in the article is about the organization Samsung, the organization has paid exceptional reward to their representatives having a place with their versatile division who were earnest in their work (Haider et al., 2015). Regardless of the lackluster showing of the organization for that year, they kept the division running and forestalled any pointless slope down in the organization, as Samsung was not doing great in business during the year. Samsung has taken up this activity to rouse their workers during such a difficult time by paying them rewards (Pepper Gore, 2015). As per the expressions of a Samsung official, Samsung will attempt to spur laborers through appropriate remuneration. The choice for most extreme rewards to portable workers incorporates the organization administrations wants to continue on their given strategic new initiative. The central issue to recognize in this report is to discover the job of remunerations and execution pays and how that spurs the r epresentatives, regardless of whether money related pay truly inspires the workers to proceeding with their best execution, how is pay identified with worker inspiration (Joshi et al., 2015). The Theories on Compensation or Rewards and the Performance of Employees To comprehend which of the segments of pay are better in adequacy, the hypotheses of compensation of representatives are required to be (Caza, McCarter Northcraft, 2015). There are three such hypotheses of worker pay Reinforcement and Expectancy speculations, Equity hypothesis and Agency hypothesis. Support Theory As per the Reinforcement hypothesis, the activity of an individual which is compensated or acknowledged will be rehashed again(Malik, Butt Choi, 2015). The impact of remuneration is that if a representative gives high caliber of work and for that, on the off chance that money related prizes are given to that worker, at that point he/she will be bound to keep creating such work once more (Lee et al., 2015). Following a similar hypothesis, in the event that a top notch execution isn't trailed by separate pay, at that point almost certainly, such activity will never be rehashed ever again (Terera Ngirande, 2014). The hypothesis underlines the significance of an individual really encountering the prize. Anticipation Theory Like the Reinforcement hypothesis, Expectancy hypothesis propounded by Victor H. Vroom an educator in Yale School of Management, centers around the association between remunerations or prizes and behavior(Hameed, Ramzan Zubair, 2014). As indicated by the Expectancy hypothesis, inspiration is the result of valence, help and individual hope. The frameworks of compensation can change when these inspirational parts will be affected. Valence of pay and its results continue as before inside various compensation frameworks. The Expectancy hypothesis manages the plan of an occupation and preparing instead of pay system. Value Theory As per Equity hypothesis, the worker who encounters disparity or injustice in his/her remuneration consistently tries to acquire equity(Kala, 2015). The hypothesis proposes balance in the compensation structure of the representatives. The treatment of the representatives by their organizations holds most extreme significance to them. The explanation which says a reasonable day work for reasonable day pay realizes a feeling of value among the representatives. At the point when workers experience disparity then it can bring about lessening in efficiency, high number of non-attendants or abatement in income of the organization. Organization Theory The office hypothesis accentuates on the different objectives and points of the partners goodness an association and the manners by which compensation of a representative can be altered to suit those objectives. In a specialty unit, the two partners are the workers and the businesses, representatives take upon the job of principals and the representatives assume the job of operators (Aslam et al., 2015). It is characteristic that the representatives expect high organization costs while the businesses look to limit it. As indicated by the office hypothesis the business or the rule must pick a contracting plan that can change the interests of the representatives or the specialists with the interests of the business. These understandings can be appointed either conduct arranged (for example merit pay) or result situated (for example investment opportunity plans, benefit sharing, and commission) At the essential sight, result situated agreements have all the earmarks of being the most good game plan. The advantages delighted in by the representatives increment with the expansion in the benefits of the organization, and simultaneously the prizes decline if the business experience loss of income. The Different Types of Rewards Prizes are required in the associations and they assume a tremendous job in persuading the representatives (Howard,Turban Hurley, 2016). They effectively achieve higher hierarchical objectives, help in making sure about better nature of representatives and to expand their yearly income. The first target is to fabricate people's enthusiasm to work in one's association, to overhaul their proficiency. There are two sorts of prizes: Outward rewards: strong measure of remunerations that the representatives get. Rewards: By and huge reliably, Bonuses incites the workers to place in all undertakings and attempts amidst the year to accomplish in excess of an agreeable evaluation that develops the probability of acquiring two or three compensation as specific total (De Gieter Hofmans, 2015). The plans identified with rewards varies inside associations; while a portion of the associations guarantee fixed measure of rewards, then again different associations pay rewards to their workers based on their presentation consistently, this procedure rather builds the odds of inclinations to happen and that may eventually prompt representative disappointment and loss of efficiency. In this manner, supervisors must be mindful so as to stay fair. Compensation raise: The representatives accomplish this kind of remunerations following a time of difficult work, and this raise inspires the workers to increase new aptitudes and improve their presentation. The raise in compensation brings about the drawn out activity fulfillment of the representatives. In these, sort of circumstances identified with compensation raise the administrators ought to stay impartial and judge the representatives just as per their exhibition and there ought not be any segregation among the workers. Blessings: These kinds of remunerations are a transient based gratefulness strategy. On a very basic level introduced as a token of thankfulness for an accomplishment or acquiring an affiliations required objective (Clot et al., 2015). Any representative would hold this sort of pay in high respects and they would pick up trust in their work. This sort of remuneration guarantees the representative that his/her way id the right one and in this manner they attempt to keep doing awesome future also. Advancement: This is very like the pay raise mode of pay. Advancements will in general make a drawn out fulfillment in the brains of the workers (Al-Emadi, Schwabenland Wei, 2015). This is finished by permitting a representative to ascend to a higher assignment and by giving a higher title; this will obviously accompany an expansion in the duties and responsibility. The enthusiasm of the representative is expanded in this kind of remuneration as they accept that the executives will pick the individuals who will demonstrate to suit the assignments best. In this sort of remunerations also the individuals who are in the administration ought to be mindful so as to pick the competitors dependent on their benefits as it were. Inborn prizes: these kinds of remunerations will in general give certain degrees of individual fulfillment to the representatives. Data/criticism: This is a noteworthy kind of remuneration which is trailed by the successful administrators as it holds enormous significance to the representative just as for the administration. Criticisms offer direction to the workers whether in a positive way or in a negative way. This procedure simultaneously make a bond and furthermore increases the value of the administration and worker relationship. Acknowledgment: Recognition can be clarified as the verbal type of appreciation. This sort of remuneration might be given to the individual representative through conventional gatherings or under casual conditions. Trust/strengthening: In the social orders or in any associations, trust is an indispensable necessity between two people or between a worker and the association. Trust is significant so as to finish the undertakings effectively, this prompts increment in responsibility and aides in winning the certainty of the administration, a

10 Vonnegut-Centric Sites So the Internet Goes

10 Vonnegut-Centric Sites So the Internet Goes This post is part of our Kurt Vonnegut  Reading Day: a celebration of one of our  favorite authors on the occasion of the publication of his letters. Check out the full line-up here. In celebration of Vonnegut Day, weve compiled an eclectic (re: random) list of ten Vonnegut-centric sites. Want a Kilgore Trout t-shirt? Done. Want to hear Vonnegut describe semi-colons as just a way of showing that you went to college? Your wish is our seriously considered suggestion. Sally forth, Vonnegut-ites! 1.Genre in the Mainstream: The Kurt Vonnegut Question by Ryan Britt, a 2011 essay published on Tor.com that considers whether or not Vonnegut was a sci-fi writer. 2.Kilgore Trout t-shirt. They also carry this gem, if you want the asterisk and all it means RIGHT OVER YOUR HEART. 3.Kurt Vonneguts speech How to Get A Job Like Mine, wherein he tells you to basically stop trying to get a job like his and just create (this is the speech with the semi-colon funny business). 4. If youre still in the buying mood, there are Kilgore Trout GelaSkins for your various electronic devices. 5. Vonnegut reading the opening of Breakfast of Champions. 6. There exists in the world a Vonnegut-themed guided tour of Dresden, if you happen to find yourself in a somber mood. Whilst in Germany. 7. A collection of video clips from a panel discussion featuring Vonnegut, mostly consisting of Joyce Carol Oates arguing with him about war and history and the end of the world. 8. The Kurt Vonnegut Memorial Library, which you should absolutely visit if youre near Indianapolis. And not just because their slogan is Welcome to the monkeyhouse. 9. A collection of Kurt Vonnegut literary tattoos (see if you can spot our own Liberty Hardys Goodbye Blue Monday tattoo!). 10. A composite of four interviews spanning several years, done by The Paris Review. BONUS ROUND: A collection of reviews of Vonneguts books from The New York Times, as well as the articles he wrote for the publication. Sign up to Swords Spaceships to  receive news and recommendations from the world of science fiction and fantasy. Thank you for signing up! Keep an eye on your inbox.

Examining the Insurance Industry in Nigeria - Free Essay Example

Nigeria is a West African country having an area of 923,768 square kilometers. The geographical position of Nigeria is 3o and 15o east between longitudinal arena and 4o and 14o latitude in north. It has a population count near to 150 million. The growth of population is moderate and it is growing by around 2.7. The internationally country is bounded by on the West by the Republic of Benin; on the East by the Cameroon Republic; on the North by Niger and Chad Republics and on the South by a vast coastline of the Atlantic Ocean (John Harris, 1959). The Landscape The physical landscape of Nigeria is can be broadly classified as plains, lowlands, highlands and plateaus. The Coastal and Niger Delta area fall under low lands. Undulating plains which covered most part of the western region and the sokoto plains which are by characteristics plain are fall under plain land. The Chad basin can also be categorized under this forum these are located on the extreme northeast of Nigeria. The highlands are consisting of the Jos plateau, Mandara Mountains, Adamawa highlands and Obudu plateau. River System Niger and its tributary is the largest river in Nigeria. It flows from the North to west and joined by its major tributary. Another river named Benue flows from northeast which makes a confluence at Lokoja. The river Niger meet into the Atlantic Ocean in the end while before that it forms a network of tributaries which are known as Niger Delta. Other major rivers include the Ogun, Benin, Imo , Cross River, Kaduna, Shansha, Yobe, Komadugu, Hadijia, Shari and Sokoto. Nigeria is very rich in natural resources it has diversified climatic conditions and diversified natural resources too. Its agriculture, industries and mineral resources are very rich and diverse which also include oil and gas (William Arnett, 1979). Weather Season The climatic condition of Nigeria is varied in two major seasons. It has the wet season or rainy season after that the dry season fall. The south Nigeria is hot in comparison to the Northern part. The temperature varies from 35 0C in summers to 230C in Southern part of Nigeria while in Northern region the temperature various from 310C to 180C in the north. Though due to Global warming the average temperature has gone up in the last decade. The total annual rain fall varies from 3800 mm at Facades to below 650 mm at Maiduguri which is located in the north east of the country. Political Structure Nigeria is a democratic country which follows the federal structure of the government. It has three arms model with the executive, legislative and judicial systems are in place. In 1999 the Federal government decentralize and distributed the power in 36 small states and 774 local governments so that the development activities and their execution can be further enhanced. ICT Impact: Its Advancement Development Introduction In the past few decade information technology has attained a great deal of attention from all over the world across all the streams. It is most sought field of study not only from academia but also from business prospective because of its application in daily routine work into many corporations. In present Scenario the business environment is very dynamic and changing very rapidly. Customers are more knowledgeable, aware and ever demanding due the advancement in information technology. They can access any information about any product, service, and query, anything within a second or with a click of mouse. Business organization especially Insurance industry in the 21st century operates in such a fierce competitive and dynamic world. The word dynamic is used to explain the present climate of economic uncertainty and the advancement in information and communication technology. The management cannot ignore the information system and its advancement as they are working in contemporary environment. It has been found in their study that all the fortune 500 companies cash flow is linked to the information and communication system (Laudan Laudan, 1991). It has become imperative for insurance industry to critically analyse the fundamental importance of applicability of information and communication technological concept. It has become a regular practice for insurance companies to be local and internationally competitive. ICT directly affect the decision making ability of management and their offering. It plays a vital role in planning and offering to a particular product and services. It is continuously changing the way how insurance organization maintains their corporate and customer relationship. ICT has also enhanced the quality and speed of services offered by the insurance service provider. Literature Review of ICT in Insurance Industry Insurance service providers are requiring modifying and improving their traditional operational practices to make their business viable in the 21st century (Harlod and Jeff, 1995). They found that the one of the most significant shortcoming of insurance industry is negligence of information and communication technology advancement. The senior management need to understand the grasp of importance of ICT technologies in formulation of strategic decision accordingly. Woherem (2000) claimed that the financial organizations which will modernize their payment and other delivery operational activities and apply new ICT technologies are likely to survive and prosper in the new millennium. He advice the banks and other financial institutions to re-examine their service offering and delivery systems in order to re-frame them as per latest framework of information and communication technology. The insurance industry in Nigeria has been passed through various advancement in ICT in through the past few years. In the pursuance of survival, global relevance, maintenance of existing market share and to sustain development many organization had already exploited the advantages ICT by applying some automated devices which imperative for industry. The study evaluates the impact of ICT on insurance sector in Nigeria, how they have impacted the insurance market in Nigeria and their direction of future. Information and Communication Technology Advancement As per Khalifa (2000) Information Technology (IT) is the automation of processes, controls, and information production using computers, telecommunications, software and ancillary equipment such as automated teller machine and debit card. It is a term which is usually covers the usage of electronic technology for communication, collection, storage, dissemination and presentation of information. Some of the financial services are revolutionized by the use of ICT technologies for example to purchase a insurance now customer can avail all the related information online, they do not require to consult an agent and to stand in a queue to meet the insurance personal, and waste a substantial amount of time, money and energy. They can easily open their policies online submit online document, transacts online and other queries can be solved easily (Irechukwu, 2000). Now the consumer get premium alert via e-mail, phone, messages etc which reduces the chances of any mistake. Communication techn ology also dealt with the physical devices such as hardware as well as software devices which connect or work as a interface between hardware devices. Software link also connect some of the hardware devices to transfer data from one location to another location (Laudon and Laudon; 2001). ICT product used in insurance industry includes smart card, Telephonic services, Online services, MICR, Electronic Data interchange, Electronic fund transfer, electronic access to the account and policies documents. Several researches has been done to identify the impact of ICT in insurance sector within the Nigeria country. Agboola et al (2002) discussed the basic attributes in which the ICT has played a crucial role within the economy of Nigeria. They include the use of Magnetic ink character reader (MICR) for various document verification processes. It makes the procedure of encoding, reading and sorting of document more convenient. Plastic card and electronic fund transfer system is the second attribute which make the money settlement at the same time and more safe and convenient to use. The automated delivery channel which makes it easier for service provider to convey their message to the consumer. Use of interactive TV channels and internet made revolution in insurance industry. Agboola (2001) studied the impingement of ICT on the financial services in Lagos and found that with the advancement in information and communication technology the financial services offered by the institutions have been significantly improved in Lagos. The study was limited to the financial nerve of the Nigeria, Lagos and concentrated on only six major financial institutions. Woherem (1997) discovered that Nigerian financial institutions have significantly performed better since 1980 in the prospective investment in information and communication technology than the other industrial sector of Nigeria. An analysis of the study carried out by African Development Consulting Group Ltd. (ADCG) on IT diffusion in Nigeria shows that financial institutions have invested more on IT, have more IT personnel, more installed base for PCs, LANs, and WANs and 6 a better linkage to the Internet than other sectors of the Nigerian economy. The study, however pointed out that whilst most of the financial institutions in the west and other parts of the world have at least one PC per staff, Nigerian banks are lagging seriously behind, with only a PC per capital ratio of 0.18 (Woherem, 2000) More or less the offering from insurance organization is standardised. They are offering same set of product and services. The banking and insurance industry increasingly utilises computers and telecommunication equipment connected via the Internet as the ordinary distribution channel of their services. Ranging from Online brokerage and Home banking to Electronic insurance contracts by companies like Cosmos Direct, information and communications technologies (ICTs) have changed the financial service industry significantly over the past decade. By looking at the expenditure in financial industry on information and technology investment is comparatively high than any other industry after 1995 (for the US see e.g. Council of Economic Advisors, 2001, for the EU see EITO, various yearbooks 1996 until 2001) The key to success for financial industry is to grow by continuous investment in technology and advancement in financial services. The online premium payment facilities, Account statement, Access their portfolio from any location in any branch are some of the little advancement which has taken place in the insurance industry in Nigeria. With the availability of internet it has given the power to user to access their investment in insurance from any corner of the world. While the revolution in mobile technology has also changed the way people do transactions. While it is not the end of innovation still a lot of transforming process has yet to be completed. Still a lot of new innovations and labour-saving process has to be implemented in near future. The Structure of the Nigerian Financial System The financial system of Nigeria which are comprmised of banking and non-banking activities.. The regulatory body of financial system in Nigeria are), Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Federal Ministry of Finance (FMF Federal Mortgage Bank of Nigeria (FMBN), National Insurance Commission (NAICOM), National Bank of Communities Board (NBCB) and Securities and Exchange Commission (SEC). Federal Ministry of Finance (FMF) It play a vital role in the finance related strategic decision taken by the government it helps and suggest the government of Nigeria on its financial operation and other monetary counts. The Central Bank of Nigeria (CBN) The central bank of Nigeria act 1959 lead to the establishment of the Central bank of Nigeria and it started its operation soon early in July, 1959. It is the apex body in Nigerian financial system. Its same like federal bank in United State America and Reserve Bank in India. Their primary functions are to make sure the monetary stability in the state and to maintain a sound financial system. It also acts as a bank and financial adviser to the federal government. It is the bank of bank, it also provide framework and platform for other financial institution to operate effectively (Yanusa, 1998). The Nigerian Deposit Insurance Corporation (NDIC) NDIC is autonomous body and directly answerable to Federal Ministry of Finance. it complement the supervisory and controlling, and regulatory role of CBN in financial activities. NDIC is formed in 1989 to deposit insurance and other related services for banks so that the confidence in banking industry will strengthen. It has power to check the books and accouts of the insured bank and other deposit taking financial institutions. It ask only one percent of the deposit liabilities from banks as insurance premium. The maximum cap of claim exercised is limited to N50, 000 in the case of bank failure. It has planned to hike the exercised limit from N50, 000 to N200, 000. The Securities and Exchange Commissions (SEC) Under the Sec act, 1979 Securities Commission Exchange was established. Formerly it was known as Capital Issues Commission. As the name suggest it play a dynamic role in capital market and the apex body capital market regulation. Any merger and acquisition require to be get approve from SCE prior to their exercise. It establishes the unit trust. It maintain the surveillance on the capital market to enhance it efficiency and effective utilization of resources. It issues and designs the guideline for the establishment of the stock exchanges and after that the deregulation of the Nigerian capital market. It also releases the guideline related to the foreign direct investment in Nigerian capital market. Debt Management Office (DMO) Debt related affairs are left as there is was no autonomous body to regulate and direct it. Hence the Federal Government of Nigeria has taken a major step and formulated an autonomous debt management office (DMO). By the creation of DMO all the debt related affairs has been handled by it, hence a consolidated picture and proper coordination has been developed between various agencies as these are handled by a single agency. The DMO centralize and coordinates the entire debt recording and management related activities of Nigeria. It includes debt service forecast, advising of debt negotiation, debt service payment and new borrowings (Yasuna, 1998). National Insurance Commission (NAICOM) The National Insurance Commission (NAICOM) is new form of the Nigerian Insurance Supervisory Board (NISB). It is powered by more efficient and effective administration, supervision, regulation and control over the insurance business in Nigeria. It is policy making body regarding insurance activities. The specific function of the body consist of the establishment of the procedures for the conduct of insurance business, protection of insurance policy holders and the establishment of a council to which any issue, complaint can be submitted related to any insurance company and their intermediaries by the customer. NAICOM manage the adequate level of cash and reserve, management practices, the level of technical expertise and engagement of ICT. The Federal Mortgage Bank of Nigeria (FMBN) The Care of assets and liabilities of Nigerian Building Society is taken by the Federal Mortgage Bank of Nigeria (FMBN). It provides the advisory services to and executes the research related to housing and development activities. The FMBN is empowered in 1990 with the adoption the housing policies to license and regulating the institution which deal in pimary mortgage in Nigeria and act as a apex body for regulating mortgage finance industry. The Federal Mortgage Finance dealt with the financing which was earlier comes under the jurisdiction of Federal Mortgage Bank of Nigeria. While it is still having its regulatory role and it take the guidance from Central Bank of Nigeria. (Bassey Enamatte, 2001). The Money Market and Its Institutions The money markets are short-term debt instrument, it manipulate or facilitate the sector which are facing a deficit problems. It gets the funds diverted from the cash plus sector of the economy to the other sectors of the economy which are experiencing a downfall. The deficit unit can be public or private; they can access the money market to meet their short term need. They can trade in Commercial Papers (CP), call money, Certificate of Deposit (CD), Treasury Bills and Treasure Certificates. The horizon of the money market has been improved significantly with the help of the Open Market Operation (OMO) commenced by the CBN. Discount houses worked as a catalyst and it helped in the raising of participant member in the market. These institutions club the hub of a financial system. It consist of special purpose bank, commercial, rural development, merchant bank, discount houses, like Nigerian agricultural co-operative bank and community bank etc. Discount Houses The discount houses were established as an intermediary between CBN, financial institution and with the other incensed banks. It directly controls the market based financial system. A discount house is a non-bank financial institution. It helps the mobilizing in securities while keeping the view of liquidity in the market (Glaser, 1992). It does by providing some discount on the money market instrument of the government securities, which lead to the purchase of these by institutions and individual. Hence in turn it creates money liquidity in the market. Some the operating major discount houses in Nigeria are Associate Discount House Limited, Consolidated Discount house Limited, First Securities Discount House Limited, Express Discount House Limited, and Kakawa Discount House Limited. Universal Banking The Universal Banking in the Nigeria has been introduced by CBN. After the formulation of guidelines for universal banking in Nigeria till now more than 10 banks are having universal banking status. Hence these banks can operate as commercial and merchant functions. Commercial and Merchant Banks Banks and other financial institutions (BOFI) act works as legal and statutory framework for commercial and merchant banks in Nigeria. Basically three main functions are performed by commercial bank in Nigeria. These functions can be classified as granting of loans and operation of payment, acceptance of deposit and settlement mechanism. A rapid growth in commercial banking sector has been observed since September 1986 as the government commenced the active deregulation on the same year (Rotberg, 2004). The number of commercial banks has been grown significantly and their offerings become too wide and complex. Nigerian Acceptance Limited (NAL) is the first merchant bank in Nigeria which started its operation in 1960. These banks take deposit and cater the need of corporate world. These banks helps the corporate and institutional customer by providing them loan syndication financing and engaging in activities such as equipment leasing, medium and long term loans project advice, debt factoring to their client. In turn they get better return on their loan and charge for their services. Now the trends have been changed and merchant banks are also performing the general banking operations. It helps them to diversify their risk and portfolio and also leads to creation of funds. Community Banks Today more than 1366 licensed community banks exist in the Nigerian market. First community bank started its operation in 1990. The National Board for Community Banks (NBCB) is the apex body which decides the suitability and feasibility for the establishment of the community banks. Basically the purpose of a community bank is to provide financial assistance to a particular community. These are self-sustaining financial institutions owned and managed by a particular and within the community members (Patike Communication, 2002). The Capital Market It is used for generating long term fund into the market. Securities and Exchange Commission (SEC) is the apex body which serve as a regulatory authority of the market; also it is the main player in the market. The Nigerian Stock Exchange (NSE) is the issuing house of securities and stock broking firm. NSF is the main exchange for large enterprise which encourages the large as well as small and medium scale enterprise to have the benefit of the public listing. Second-Securities Market (SSM) is the market for small and medium scale enterprises where the listing requirement rules are less stringent and complex. Nigerian Capital Market has enjoyed a phenomenal growth rate in the first twenty years of its inception. It has maintained its operation in the primary and secondary markets. The market capitalization has been grown from N 1.7 billion in 1980 to N 472.9 billion in years 2000. On the other hand the listed companies have grown by 92 in 1980 to 196 at the end of year 2000. In the year 2000, 21 new listing raised N 16.71 billion from the capital market to fund their expansion and development projects (Patike Communication, 2002). Keeping in the views of financial resources of big and small player Unit trust Schemes has been started in the market for the purpose mobilization of the funds. The retail customer can achieve maximum return with minimum risk on their investment. At present there are 14 Unit Trust Operation in the Nigerian market. Major Participant in the Nigerian Capital Market (Uka Eznewe, 2003) The Securities and Exchange Commission (SEC), it is the apex body and responsible for the overall law and regulation of the entire market. The Nigerian Stock Exchange (NSE), it is a self-regulatory body in NCM that supervises and surveillances the operations of the formal quoted market. Market Operators, these consist of the Issuing Houses (Stock broking firms and Merchant Banks), Trustees, Registrars, and Stockbrokers etc. Pension Fund, Insurance Companies, Investors, Unit Trusts (Institutional Investors) and Individuals. The Central Bank of Nigeria (CBN). The Federal Ministry of Finance Development FinanceÂÂ ¿Institutions (DFIS) To contribute the development of some specific sectors of the economy some specialised banks or development finance institutions (DFIs) were established. For enhancing the operation and effectiveness of the DFI a lot of structural changes have been made and most of the DFI has been merged and restructured. The Bank of Industry (BOI) and the Nigerian Agricultural Co- operative and Rural Development Bank (NACRBD) are result of merger and restructuring of the various DFIs. These two banks are engaged in agricultural development related activities and provide soft loans to industries related to agriculture. Federal Mortgage bank (FMB), Urban Development Bank (UDB) and Education Bank (EB) are some of the other existing DFI to cater the sector specific need as specified by their name. Other Financial Institutions and Funds Apart from banking institutions there are other non-banking institutions within the financial system. These institutions play an important intermediating role. Some of these institutions are as follow: Insurance Companies Insurance companies are combination of life and non-life and of those which are engage in both types of activities. There are some reinsurance firms also. The investments made by insurance companies are basically in government organization and Mortgage funds. They play a role of financial intermediary and mobilize the fund relatively for a long term. In the past decade a significant growth in the insurance industry has been observed. The sourced fund are mainly from reduction in outgoing and other assets, if calculate their contribution stand for 80.8 % of the total fund value. The insurance cover for insurance companies is provided by the National Insurance Commission. Other function of National Insurance Commission includes helping the government in attaining its economical and social goal in the areana of insurance and re-insurance. It is mandatory for all the registered insurance companies in Nigeria to park 20 % of their annual premium collected with the National Insurance Commi ssion. Finance Companies Finance companies are private or publicly owned institutions that focus in short-term, non-banking intermediation. They collect the fund from public and mobilize it by investing it in public. They channelize it through borrowing, facilitate Local Purchase Order (LPO), debt factoring, project financing and equipment leasing etc. These finance companies are controlled and supervise by CBN. BOFI act has given the power to CBN to tackle any issue related to finance companies (Odoko, 2004). Bureaux de Change Authorised since 1989 the Bureaux de change has been in lieu of to expand the foreign exchange market and to ameliorate the process and function to access the foreign exchange especially for small enterprise and users. Today there are more than 240 licensed Bureau de changes are operating in the Nigerian economy. Exchange Control Regulations In Nigeria foreign exchange transaction are taken place at the autonomous foreign exchange market. The royalties and technical fees are payable on imported technical services while on the same time profit, unconditional repatriation of capital and dividends are allowed. The disposal of assets from a repatriation of proceeds is allowed (Issac Dada, 2003). Primary Mortgage Institutions (PMIS) All the primary mortgage institutions are requiring operating within the set guideline of act no 53 of 1989. The saving are mobilize towards the development of housing societies by PMI. The total asset/liabilities outstanding were increased to the level of N 7248.2 million in 1999. To check it and make correction and to rectify it the Federal Mortgage bank of Nigeria tightened its surveillance of PMIs by issue Clean Bill of Health to 116 institutions which deal in mortgage. As a result the new criteria for primary mortgage institutions to have a share capital of at least not less than N 20 Million. Nigerian Social Insurance Trust Fund (NSITF) Nigerian Social Insurance Trust fund (NSITF) s designed to replace the defunct National Provident Fund (NPF). NPF was a compulsory pension scheme to the non-governmental employee or non-pensionable public servants who works in private sectors. The main objective of this fund to adopt a more comprehensive social securitys of the employee who work in the private sectors organizations. The basic purpose behind the creation of this fund is to keep the interest of private employees. Organizations which having at least a staff of 25 people or more than that it is compulsory for them to register under NSTIF. Employee contribution in NSTIF is around 2.5 % of their basic salary while the employer contribution is around 5 %. When the employee gets retired they got pension and other benefit from this corpus and they got a handsome return on the same also. The financial System of Nigeria has undergone some remarkable changes in the past few time. Various developmental action has been taken place some of these developments include the promulgation of the Failed Banks (Recovery of Debt) and Financial Malpractice in Banks Decree No. 18 of 1994. Creation of Financial Services Regulatory Coordinating Committee (FSRCC) by the CBN in 1994 is another major step. The agenda behind these changes is to coordinate and standardize the regulatory practices of all financial institutions in the system with a view to evolving coherence and comprehensiveness. The forbearance is granted by CBN to finance companies operating in Nigeria whereby they were given a maximum of four years to amortize their classified assets portfolio against their current profits (Charles R Ghiest, 1988). The financial system of Nigeria has observed some significant changes in recent times. It consist the announcement of the failed banks (recovery of debt) and the malpractices which are taking place in the financial markets. The most crucial development was the establishment of the Financial Services Regulatory coordination Committee (FSRCC) by the CBN in 1994. The basic aim behind this to coordinate and restructure the all financial institutions which are available in the systems. A comprehensive picture of the financial system can be prediction could become possible with the help of FSRCC. The financial companies which are operating in Nigeria forbearance has been granted by the CBN. Their asset portfolio should only be against their current profits. Managing Insurance Business A Peep into The Future The present time phase is indeed both interesting and on the same time is challenging for Nigerias insurance industry. Till few year back its was like a Beautiful Bride and luring to both local and foreign investors. It was flourishing very high and the risk base was low. In 2008 a hike 24 % has been observed in the insurance index of FSDH. Now the sector is getting more complex and competitive as new players are coming into that and they are fighting for the same share pie. The regulatory framework became more stringent and complex. The insurance service providers are obliged to work under the given guidelines. There is no free lunch in this world (J. Onoho, 1980). Recent Past The instruction made by Central Bank of Nigeria In 2004, to the banks to re-capitalize by the end of 2005 to a minimum of N25billion (about USD20million). It leads to the emergence of 25 banks which was a tough requirement at that time. Today no less than six bank out of these bank are having paid-up capital more than N 500 Billion. It can be easily inferred from this higher level of capitalization which paced the economic activities in Nigeria. Banks have also shown their active participation in insurance sector. In 2006, new capitalisation rules were also introduced in the insurance industry N2billion for Life and N3billion for Non-Life business, this was from a base of N150million and N250million respectively. 49 companies met this requirement through business consolidations and a much wider equity ownership. GDP per capital in Nigeria increased from USD 800 (2006) to USD1,300 (2007). The increase in the All Share Index was 38% in 2006 and 75% in 2007. However, Life, Health and Household insurance premiums accounted for less than 0.3% of our GDP in 2006/7. It thus seems that there are significant opportunities to deepen insurance penetration if acceptable products can be designed and appropriate marketing programmes embarked upon new capital will help finance these development needs. A peep into the future Business growth and wider ownership structures will likely lead to (management) reporting challenges in the future. Quality people and adequate information systems need to be acquired to administer, manage and report on the increased business volumes. Shareholders will require more frequent and accurate information on the business trend and their worth. Hence operating ratios, the calculation of technical reserves and declared underwriting profits will be under more scrutiny than hitherto (Cottarelli, 1997). We illustrate below issues we believe management will in future, need to communicate in details to stakeholders shareholders, investment analysts, rating agencies, and the regulator. We believe potential and current shareholders will wish to be appraised as in other industries of how the business `adds up and what efforts are being put in place to ensure value/worth is not eroded. Put another way, insurers will have to demonstrate how they manage risk! Risk Management In our view, risk management will be a major contributor to the successful future of the insurance sector. Management will need to constantly review the adequacy of the premium rates, underwriting policies and (Know Your Client) KYC enquiries, reassurance programmes, investment policy, operating systems, processes, people etc. We believe stakeholders will require companies to establish risk management principles to identify the sources of business risk and install processes that will mitigate the risks jeopardising business objectives and Shareholders worth. We give below some examples of risk and mitigating actions (Schroeck, 2002). Type of Risk Example Some Mitigating Actions Market Risk An adverse change in asset market values without a corresponding change in liability values. Have a formal asset distribution policy, define sartorial distribution, and stock selection criteria. Match assets to liability profile. Interest Risk A change in the discount rate adopted in calculating liability values without matching changes in asset values. Prudential Reserving Approaches Insurance Risk An increase in mortality experience (e.g. group life). An increase in life expectancy (annuity business). Increase/decrease policy lapses etc. Anticipate potential changes through prudential reserving Operational Risk Inadequate premiums ICT failures Failure to reassure Inadequate staff Review Rates Document ICT processes, external backup sites, maintenance etc Review administrative processes Train staff, review recruiting and remuneration policies Credit Risk Failure of reassure Failure of debtors (debt security/large broker/agent) Have operational and financial criteria for choosing reassures and debt securities Liquidity Risk Failure to meet obligations due to cash flow strains or having illiquid assets. Asset liability matching Secure adequate banking arrangements etc. Embedded Value The change in end year reserves directly impacts the declared underwriting profits and by implication the overall business profits, dividends and shareholders worth. We anticipate that reserve calculation methods and their adequacy will in future need to be justified to stakeholders. The calculation methods will have to be scientific, independent of management and be in line with best global practice (Carey, 2006). As in other territories we perceive stakeholders will require Shareholders Worth to be expressed as the Embedded Value (EV), which essentially is The Adjusted Net Asset Value (NAV) balance sheet NAV if assets and liabilities are expressed at their fair values The estimated future profits to shareholders from the business currently in force. Typically, the EV will exceed the normally reported NAV. Companies are beginning to privately calculate their EVs in Nigeria and we expect that as insurance market analysts and financial consultants get increasingly involved in the insurance sector, demands for companies published EVs will increase as is happening in Asia, Australia, Europe and the Americas. Economic Capital We foresee businesses/managers in the near future enquiring of the amount of Capital actually needed to be dedicated to insurance business to reflect the projected business mix and growth over a review period (typically 1 year). This capital, called the Economic Capital, will reflect the entitys risk appetite and will, for instance, differ for identical companies with different reassurance programs (Schztz, 1997). In Nigeria, where capital requirements are presently high in comparison to technical liabilities the concept of economic capital will immediately be useful for the investment management of the Shareholders Funds. A relatively risk free approach could be adopted for the investment of the economic capital whilst a more risky approach may be adopted for the balance of funds, reflecting the degree of the enterprises risk adverseness. We anticipate the latter half of 2008 and, particularly 2009 to herald significant changes in the insurance sector (Onosode, 1993). Management making significant investments in operating systems and people Active new Product development efforts More educative and aggressive marketing efforts Significant business expansions occurring in 2009 A relative influx of foreign potential core investors Improved financial reporting, especially a shift to EV reporting Increased regulatory alertness/requirements. The current rules based approach to capitalisation and reserves may yield to a principles based approach. It has been estimate that 2010 will be the year of the `big bang with Life, health and household insurance premium incomes exceeding 1% GDP and at least three (3) insurance companies recognised as being leaders in Nigerias financial services sector. Reforms in the Insurance Industry The Government of Nigeria in view of keeping the confidence of common man and organization in the market and to enhance the insurance industry has taken some reformative action . it include the process of recapitalisation and consolidation. As to remain competitive in the global world these are desperately required. After the reform new bigger and stronger player come into the existence which can fight in a global environment with the other foreign companies. Post reform the Nigeria insurance industry works on a small marginal scale. Which restricted the growth of the market and the organization as the profitability is low and premiums are high. It can specially be referred in the context of oil and energy business. The government feel there is immense potential in the field of insurance industry if some corrective measure to be taken. The absence of private and public developmental infrastructure also hindered the growth of insurance industry in Nigeria. There is a vision 2020 determined by the Nigerian government for insurance sector which shows the future of the market and some prediction has been made about the industry. The vision was focused towards the choices available among the emerging market. To be count in the top 20 insurance market in the world Nigerian insurance market is require to be attain more efficiency and safety measure, more transparent and a higher market penetration and capacity. Keeping the view of vision 2020 the reforms in the insurance industry being developed so that the bigger and stronger player can emerge which can in turn fight with the global competition and trends. While there scale of operation will be large and can bear the any uncertainty in more professional way (Mehta, 1990). Okechukwu Chukwulozie, talked on the reforms in insurance industry that One of the major task faced by the NAICOM is to the increase the market charming of the share of insurance companies. So that the individual and corporate house can feel the insurance companies share more attractive than others. According to him it is prerequisite for NAICOM to increase the awareness in the public about the insurance companies, to publish the great financial performance attained by the insurance companies. It will lead to the confidence building in the public hence will lead to the purchase of insurance and their companies shares. Later on it will have ripple effect. He emphasized on the reformative active action has to settled as soon as possible as companies have to accept the reality and look for a bigger picture by compromising on their personal objectives for short term. According to him Oil and Gas insurance business is the most important for Nigerian Insurance Industry. Though the industry has made a remarkable progress in this regard but it still require the co-operation from the NNPC. According to Okechukwu Chukwulozie the future of insurance industry in Nigeria is very bright and it looks more promising as the government enforce 45 % local content policy in Oil and Gas industry. Also the insurance companies are having their own committee which are run by the representative of the relevant stakeholders which look after the interest of all working projects. With the government enforcement of 45 % local content policy the insurance industry is expected to boost up by over USD 400 million in the coming two year. This phenomenon wills not just only the profit for the coming years but also throw up new challenges and opportunities. Some more researched and calculative action has to be taken in lieu of strengthening of insurance industry of Nigeria. (Edwin, 2005). The task in front of insurance industry is to build up a Sovereign Trust franchise at local and international level. A more strategic partnership is requiring with the West African Sub-region. The privatization or partial privatization is welcomed for ill unites and non-performing erstwhile public companies. Nigeria is a rapidly developing economy is experiencing the entry of foreign companies in the domestic market in telecommunication, banking, energy and petroleum which will further fuel the competition. Economic Capital Shareholders Real Worth Reported Profits + Dividend Policy True Underwriting Profits Technical Reserves (Calculation Method) Risk Management Policies