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ABSTRACT
The study is on insurance sector development sector and exchange rate volatility. The study adopted the dynamic ordinary least square (DOLS). Exchange rate volatility was estimated with ARCH/GARCH model. The outcome of the study revealed exchange rate volatility has a positive and insignificant impact on insurance sector penetration, exchange rate volatility has a negative and significant influence on insurance investment rate, exchange rate has a positive and significant influence on insurance premium, exchange rate volatility has a negative and insignificant influence on insurance assets. The study however recommends that the Nigerian financial sector needs a clear exchange rate regime and a single exchange rate. This is crucial because industries like Nigeria's insurance business may have benefited greatly from the nation's unstable financial system, which is characterized by various rates and an undefined regime.
