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ABSTRACT
The study examined the relationship between insurance sector development and economic growth in Nigeria over the period 1990 to 2022. The objectives of the study were to find out whether insurance premium (INPR), investment rate (INVR), insurance claims (INCLAM) and insurance penetration (INPEN) has significant impact on economic growth. To this end, the Autoregressive Distributed Lags (ARDL) was employed to analyze Nigerian insurance-specific data. The results from the empirical analysis indicate that insurance premium (INPR) has a weak negative impact on economic growth; insurance investment rate (INVR), insurance claims (INCLAM) and insurance penetration (INPEN) have a weak positive relationship with economic growth in Nigeria. The study recommends that, since insurance premium has a weak negative impact on economic growth in Nigeria, appropriate insurance policies that will regulate the right premium in the insurance market and in turn speed up the pace of development in the economy, should be vigorously pursued by all relevant authorities. By so doing, insurance premium will have the much needed positive impact on economic growth in Nigeria.
