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ABSTRACT
This study empirically investigate the relationship between motor insurance and the performance of the Nigerian economy over the period 1995 to 2022. To effectively capture this, two motor insurance policy related variables were used (accident insurance premium and premium income of motor) as well as two control variables such as interest rate and inflation rate. The fully modified least square techniques was employed for the analysis of data. The results from the analysis revealed that accident insurance premium (GAIP) and premium income of motor insurance (PIMI) have significant positive relationship with economic performance in Nigeria; while inflation rate has insignificant negative impact on economic growth, interest rate (INTR) has significant positive impact on economic performance in Nigeria. The study recommends that, since the finding has proven that general accident insurance premium is significantly related to economic growth, it therefore follows that insurance firms and regulators must as a matter of importance develop a customer’s friendly policy that will help in attracting clients and potential clients to fully appreciate the several benefits of taking accident insurance policy.
