This study empirically examined the effect of risk-based strategy on the performance of listed insurance companies in Nigeria. Panel data of twenty-two (22) insurance companies spanning 2012 to 2022 were collected from the audited annual publication of each company as published by the Nigerian Exchange Limited (NEL). Several statistical and econometric techniques of descriptive statistics, correlation analysis and the panel regression of fixed and random effects methodology within static panel were adopted. Findings revealed some variables considered conform to A priori expectation in the FE model. Risk management (RMGT), Risk-based strategy (RBS) and firm size (FSIZE) have a significant positive effect on ROA. However, only the effect of firm age (FAGE) and risk-based capacity (RBC) was negative and not significant at 5 % level. From the foregoing analysis, the study concludes that risk-based strategy and risk management are significant determinants of insurance firm performance in Nigeria.
Iroh et al. (Thu,) studied this question.