Global Advanced Research Journal of Management and Business Studies (GARJMBS) ISSN: 2315-5086 January 2014 Vol. 3(1), pp 001-006

Copyright © 2013 Global Advanced Research Journals   

 

Review

The Role of Nigerian Insurance Industry in Environmental Risk Management in the Nigerian Quarry Industry 

Sunday C. Nwite 

Senior Lecturer, Department Of Banking And Finance, Ebonyi State University – Abakaliki.Phone NO: 080-37743134,

E-MAIL: nwitewhite2006@yahoo.com; sunnynwite@gmail.com 

Accepted December 2013


Abstract

This study examined the role of Nigerian insurance industry in environmental risk management in the Nigerian quarry industry (evidence from Abakaliki quarry industry). The study shows that most of the activities in the quarry industry do result to health hazards. The inhalation of fumes, smokes and dust in the quarry site cause a lot of diseases to workers, third party, people who live close to quarry sites and the immediate environment. The implication of effective risk management in the Nigerian quarry industry include reduction of injury and health hazards, reduction of the cost of legal claims on the company, employees will not be exposed to unnecessary dangers, will lead to more production and profitability of the company and will also reduce environmental pollution. Thus, these could better be achieved by embracing insurance because of the significant role it plays in management of environmental risk in Nigeria. At the end, it was recommend that; industrial sites should be located out-sketch of towns to reduce pollution, workers should be provided with safety gadgets in the quarry sites, there is need for regular environmental survey, government should enact relevant law and policies that will help preserve our environment, insurance should be embraced as a put option for effective environmental risk management in the Nigerian quarry industry. Moreover, the Nigerian insurance industry should introduce new insurance policies to complement the few existing ones so as to close the existing gap in environmental risk management in Nigeria. 

Keywords: Quarry, environment, pollution, risk, hazard, insurance industry, risk management.

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