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ABSTRACT
The study empirically investigates the impact of insurance investment funds on economic growth in Nigeria for a period of 27 years (1996 to 2022). The objectives of the study were to find out whether insurance investment funds (TINVR), insurance premium (INPR), insurance penetration (INPEN), insurance income (INCOM) and insurance claims (INCLAM) significantly impact real gross domestic product (measured as economic growth) The fully modified lest square (FMOLS) econometric analysis was employed for the analysis of data and the results revealed that insurance investment fund (TINVR) and insurance income (INCOM) have weak negative effect on economic growth in Nigeria; while insurance premium (INPR) and insurance claims (INCLAM) has significant positive relationship with economic growth in Nigeria, insurance penetration (INPEN) has a strong negative relationship with economic growth. The study recommends that insurance firms should expand their horizon of investment outside the sector and should be encouraged and also mandated to actively participate in capital market investment in Nigeria. With this, their overall income level will be enhanced and in turn, investment rate will have the need positive impact on economic growth in Nigeria.
