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ABSTRACT
The objective of this present study is to find out the macroeconomic and demographic factors that are responsible for the demand for life insurance demand in Nigeria for the period 1981 – 2022. Life insurance demand was captured by life insurance penetration measured as a ratio of insurance premium to GDP. The macroeconomic and demographic indicators utilized in the study include Real GDP, financial development, life expectancy, educational attainment, inflation rate and unemployment rate. The methodology employed in the study involved the estimation of a multivariate ordinary least squares regression model. The study finds that life expectancy is the only significant and positive factors driving the life insurance demand. The study recommends the adoption of economic policies that encourage life insurance demand. Also, the ongoing domestic insurance sector reform should be continued and strengthen to conform to the requirement of globalization and global competition.
