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ABSTRACT
The study examines the impact of insurance investment funds on economic growth in Nigeria for a period of 38 years (1981 to 2018). The rationale for the study was based on the realization of the contribution of insurance investment fund to the growth of national economies across the globe. The Augmented Dickey_Fuller unit root tests and the Ordinary Least Square (OLS) methods were used in the analysis of the data. The results from the empirical analysis generally indicates that insurance premium and insurance income are the major drivers of economic growth in Nigeria overtime. However, Insurance investment fund does not have any impact on economic growth in Nigeria in the period under investigation.
The study therefore recommends that there should be proper management of total Insurance premium collected in the Insurance industry in other to either sustain or improve on the current performance of the Nigeria economy. Also, since Insurance income has significant positive impact on economic growth, management, government and the regulatory authority should focus more attention on the proper and efficient application/management of total income accruing to the industry by embarking on productive and assets yielding investment such that it will have the needed positive impact on the growth of the economy atlarge.
