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ABSTRACT
This study examined the determinants of insurance penetration in Nigeria. Four determinants of inflation, level of education, income level and life expectancy were considered. The study employed data from the Nigerian economy covering 1981 to 2023. The FMOL is used as the method of data analysis. The empirical investigation revealed as follows: that inflation is not a significant determinant of insurance penetration in Nigeria, that level of education is a significant determinant of insurance penetration in Nigeria and that income level is a significant determinant of insurance penetration in Nigeria. Based on this findings, the following recommendations were made, the government of the nation should ensure that there is substantial investment and long term investment in education at all level, the government should ensure that the per capita income of individuals in the country is increased by creating the enabling environment for business to thrive and developing a tax structure that do not suffocate the citizens as it currently is in the nation. Conclusively there should be concerted efforts by the Nigerian government on establishing insurance product that increase the average life expectancy period of individuals and that insurance products should be developed to bring into the insurance market net those who not currently in any form of insurance.
