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ABSTRACT
This study investigates the impact of insurance sector development on economic growth in Nigeria applying the multivariate ordinary least square (OLS) technique using time series data from 1981 to 2021. Real gross domestic product (RGDP) is the dependent variable and the insurance industry in Nigeria represented by the quoted insurance index and economic growth proxied by GDP in Nigeria were proxies for insurance sector development. A major finding is that there is a significant positive relationship between gross premium (GPIS) and economic growth while quoted insurance index and economic growth proxied by GDP have positive significant effect on economic growth. The study recommends that government and other stakeholders should encourage the activities of insurance firms especially their premium in view of its relevance to the growth of the Nigerian economy.
