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ABSTRACT
The insurance sector in Nigeria has seen significant transformations over the last few decades This has been fueled by factors such as regulatory changes, technology adoption, and increased awareness of insurance benefits among the population The main objective of this study is to examine the effect of insurance sector development on stock market performance in Nigeria. However, the specific objectives are investigate the relationship between insurance penetration rate and stock market performance in Nigeria and also examine the impact of premium growth in the insurance sector on stock market performance in Nigeria; This study focuses on the effect of insurance sector development on stock market performance in Nigeria. The study specifically seeks to ascertain the effect of insurance penetration rate, premium growth, the number of insurance companies, insurance investments, and insurance assets on stock market performance between the periods This research will utilize the ex-post facto research design, which is considered suitable since the studied event has already occurred. The study focuses on the stock market in Nigeria and examines how insurance sector development indicators influence its performance This study examined the insurance sector development and the performance of deposit money banks in Nigeria It is equally suggested that relevant regulatory authorities should pay more attention to macroeconomic stability and the enhancement of efficiency which will guarantee a more stable economic environment which in turn will encourage the performance of stock markets in the Nigeria economy. Finally, insurance penetration rate and premium growth rate be effectively managed, because failure of effectively managing same will result in an adverse effect.
