Effect of Regulatory Support as Contextual Factor on Performance of Insurance Industry Operators in Lagos State, Nigeria

This study investigated the effect of regulatory support as contextual factor on performance of insurance industry operators in Lagos State, Nigeria. The sample of the study comprises of seventeen (17) food and beverage companies listed on the Nigerian Stock Exchange market. Primary data will be collected to address the objectives of this study. The study аdоpted structured closed-ended questionnaires to collect data from the top strategic units of the insurance industry operators in Lagos State, Nigeria. The seventy insurance operators are categorized into sixty-seven (67) insurance companies and three (3) reinsurance companies. Of the sixty-seven (67) Insurance companies, thirteen (13) are Life specialist company, twenty-seven (27) are Non-life or General Business companies, thirteen (13) Composite companies, nine (9) Micro Insurance companies and five (5) Takaful Insurance companies. Findings of this study indicates regulatory support has positive and significant moderating effect on the association between contextual factors and performance of insurance industry operators in Lagos State, Nigeria (ΔR2=0.285, ΔF= 51.870, P= 0.000). This study concluded that there was a statistically significant effect of contextual factors on performance of insurance industry operators. Further analysis showed that regulatory support has significant moderating effect on the interaction between contextual factors and performance of insurance industry operators in Lagos State, Nigeria. The study therefore recommended that technology integration, crisis management preparedness and social responsibility initiatives have insignificant relatives contribute to loss development making the effect of contextual factors on loss development to be low.