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ABSTRACT
The study examines the impact of insurance sector development on economic development in Nigeria using ordinary least square (OLS).We utilize insurance market development indicators such as gross insurance penetration, number of insurance companies and total insurance claims as well as control variable which is inflation rate from 1986– 2023. With economic development which was proxy by human development index as the dependent variable, we estimate regression estimate of the model. The OLS result reveals that number of insurance companies has a negative and significant impact on economic development while total insurance claims settled has a positive and significant impact on economic development. Insurance penetration and inflation rate was negative and not also significant. The study recommends among others that management of insurance companies should continue to settle claims as and when due in other to stimulate economic development in Nigeria.
