Actuarial Science and Insurance -Scholarly Publications

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Perceived Role of Ethics and Social Responsibility in the Insurance: views from Developing Countries
(Knowledge Globalisation Institute and Sawyer Business School, 2008) Obalola, M.A
The convoluted nature of insurance, like any other financial services, makes insurance business vulnerable to ethical dilemma, thus requiring managers to show high level of socially responsible behavior in dealing with prospects and existing customers. However, before managers' behavior can become ethical and reflect greater social responsibility, they must first perceive ethics and social responsibility to be important for organizational effectiveness. This study therefore examines the perceptions of insurance managers in Nigeria, using the PRESOR scale, about the role of ethics and social responsibility in business success. The moderation effects of personal and situational factors were also examined. The dimensionality of the scale was determined for the study' samples through principal component analysis (PCA) and its reliability were assessed. Results of the analysis were presented and discussed, with managerial implications.