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ABSTRACT
The study empirically examined insurance penetration rate and Nigerian insurance market performance from 2001 to 2022. The study examined if penetration rate (PEN), insurance premium (PREM), GDP, and insurance investment rate (INVR) affect Nigerian insurance business performance. Insurance penetration (PEN) and GDP have a short-term positive impact on performance, but in the long run they have a negative impact on insurance industry performance, according to Autoregressive Distributed Lags (ARDL) analysis. Premium (PRE) and investment rate (INVR) have a minimal effect on performance, but they boost insurance market performance in Nigeria over time. According to the study, penetration rate (PEN), insurance premium (PREM), GDP, and insurance investment rate (INVR) are crucial factors in the long-term performance of the Nigerian insurance industry and should not be ignored by management and policymakers. Since premium is crucial to the Nigerian insurance industry's overall performance, the study recommends that management invest collected premium in productive ventures, especially in the financial market and real economy, to increase returns and improve the industry's financial performanc
