You have no items in your shopping cart.
ABSTRACT
This study examines the effect of insurance services on the growth of Nigerian economy. The longitudinal research design was adopted for the study. Data for the study was collected from the Central Bank of Nigeria statistical bulletin covering the period 1981 to 2022. The descriptive statistic, correlation and unit root tests were used for the preliminary investigation. The effect of insurance services on GDP growth was determined using the ordinary least squares. E-view 9.0 econometric software was engaged for the analysis. This study found that insurance services positively and significantly determine economic growth capture using GDP. Precising, the study found that fire insurance, motor vehicle insurance and accident insurance services positively and significantly influence Nigerian economic output. Based on this findings, this study recommends that the government should formulate policy aim at encouraging the seting up of more insurance firms and stimulating the expansion of insurance industry, while intensifying the implimentation of comprehensive motor vehicle insurance policy.
