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ABSTRACT
The objective of this present study is to find out the economic and demographic factors that influences the demand for life insurance in Nigeria for the period 2000 – 2023. Life insurance demand was measured as a ratio of insurance premium to GDP. The economic and demographic indicators utilized in the study include inflation rate (IR), economic growth (EG), life expectancy (LE) and age dependency (AD). The methodology employed in the study involved the estimation of a multivariate regression model. The study finds that economic growth (EG) is the only significant factors driving the demand for life insurance in Nigeria while inflation rate (IR), life expectancy (LE) and age dependency (AD) seems not to be a key driver of life insurance demand in Nigeria. The study recommends among others that government should always properly implement insurance reforms in the correct sequence by first maintaining macroeconomic stability as this will improve economic growth which in turn will stimulate life insurance demand. The ongoing domestic insurance sector reform should be strengthen to conform to the requirement of globalization and global competition.
