ABSTRACT

This study examines the relationship between insurance activities and economic growth in Nigeria employing the insurance investment rate , insurance premiums and total asset of the insurance sector as variables. Using annual time series data from 1990 to 2022, this research employs econometric techniques such as regression analysis to investigate the impact of insurance activities on economic growth in Nigeria. The findings reveal significant positive correlations between insurance activities and economic growth indicators, suggesting that a well-developed insurance sector contributes positively to Nigeria's economic performance. It indicates a significant positive impact of insurance (life and non-life) premiums , insurance investment and asset on economic growth in Nigeria. The results suggest that insurance contributes positively to a nation's economic activities and promotes economic growth. The government should formulate and implement economic policies to stimulate insurance activities, enforce statutory insurance and sound corporate governance.