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ABSTRACT
The study empirically examined the role of insurance penetration in economic growth in Nigeria for the period 1990 to 2022. The specific objectives of the study were to find out whether insurance penetration (INPEN), life insurance premium (LIPR), none life insurance premium (NLIPR) and claim settlement (CLMS) has significant impact on economic growth in Nigeria. The fully modified least square econometric technique was employed for the analysis of data, and the results revealed that insurance penetration (INPEN) has significant inverse relationship with economic growth in Nigeria; while life insurance premium (LIPR) and none life insurance premium (NLIPR) has a weak negative effect on economic growth; claim settlement (CLMS) has a weak positive relationship with economic growth. The study conclude that, in the determination of economic growth in Nigeria, insurance penetration (INPEN) is a relevant factor to be considered and which must not be ignored by relevant policy makers and government. The study recommends among others that, since total insurance penetration significantly and negatively influence economic growth in Nigeria, appropriate insurance policies that will intensify the level of penetration of insurance through aggressive enlightenments campaign and regular advertisement on news and print media should be vigorously pursued by government, insurance firms’ management and regulatory authority in the insurance sector.
