IMPACT OF INSURANCE MARKETING ACTIVITY

ABSTRACT

The influence of Nigeria's insurance sector on economic development is examined in this research. The study's hypotheses were put to the test using a multiple regression analysis. In Nigeria, non-life insurance penetration had a negligible but beneficial impact on economic development. According to the coefficient of determination, a total of 85.4% of the observed variations in the dependent variable could be ascribed to changes in the independent variables (R-square). Although the impact on GDP growth was good overall, it was not statistically significant, as was the case in Nigeria. The coefficient of determination (Rsquare), a goodness-of-fit statistic, revealed that the independent variables could account for 86.01% of the observed oscillations in the dependent variable. The level of insurance coverage in Nigeria and the expansion of its economy were directly and favourably correlated. The independent variables explained 97.4% of the observed variations in the dependent variable, according to the coefficient of determination (R-square), which assesses the model's correctness. This research suggests, among other things, that clients purchase life insurance as a way of reducing risk and building wealth. Additionally, access to insurance services is essential for a strong economy.