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ABSTRACT
The study empirically examined role of insurance sector in the performance of capital market for the period 2001 to 2022 (22) years. The specific objective of the study were to find out how insurance penetration, insurance premium and insurance investment rate influenced capital market performance in Nigeria. Hence, the autoregressive distributed lags (ARDL) was employed for the analysis of data, and the empirical results obtained indicate that the previous value of market capitalization (MCAP(-1)) has more impact on capital market performance than the current value; insurance penetration (PEN) has a significant negative impact on capital market performance; insurance premium (PREM) has significant positive relationship with capital market performance; and while insurance investment rate (INVR) does not have any significant impact on the performance of capital market in Nigeria overtime. The conclusion is that, in the determination of capital market performance in Nigeria, past values of market capitalization, insurance penetration and insurance premium are relevant factors to be considered in this direction. The study therefore recommend among others that, insurance firms should as a matter of importance embark on more productive investment outside the normal pool contributions received from various clients, so as to increase existing assets base from where claims can be promptly paid and this will in turn contribute meaningfully to the overall performance of the Nigerian capital
