Analyzing the Factors Effecting the Sales of Industrial Engineering Insurance Policies: An Explorative Study at the National Insurance Company (NIC)

The Engineering Insurance Branch contributes to supporting the economic development movement of both developed and developing countries, because of its distinct role in providing insurance protection to construction and industrial projects during the implementation phase, and to industrial organizations during the actual operation phase of losses resulting from sudden and unforeseen (accidental) accidents. Nevertheless, the sales of industrial insurance, (one of the most important types of engineering insurance), continues to fluctuate and decline in the sales of insurance policies among insurance companies operating in the insurance markets of the developing countries. On this basis, the subject (Factors affecting the sales of industrial engineering policies) was surveyed at the National Insurance Company (NIC), by selecting a sample of 50 NIC producers. The researchers used a questionnaire as the main data-collection tool. The research hypotheses were tested using the relevant statistical methods. For the purpose of testing the relationship hypotheses, the Spearman Ranking Correlation Factor was adopted. The research revealed a series of conclusions, the most important of which was the emphasis placed by the management of the NIC on marketing engineering construction policies more than its focus on industrial engineering insurance policies, owing to their almost mandatory nature Finally, the researchers made a number of recommendations, the most prominent of which was the decline in the results of the engineering insurance work for the period considered. They recommended intensifying efforts to increase the contribution of industrial insurance to the engineering branch of the NIC.