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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
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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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