You have no items in your shopping cart.
ABSTRACT
The study empirically examined the between the premium investment and the growth of the insurance sector in Nigeria for the period 2000 to 2022. The specific objectives were to find out whether premium investment (PI), inflation rate (IR), and insurance penetration (IP) significantly impact the growth of the insurance sector in Nigeria. The unit root test and the ordinary least square (OLS) econometric technique were used in the analysis and the results indicate that premium investment (PI), has a strong positive on the growth of the insurance sector; inflation rate (IR) has significant negative impact on the growth of insurance sector; while insurance penetration (IP) also has a positive impact on the growth of insurance sector in Nigeria. Considering these findings, the study concludes that policymakers, industry stakeholders, and investors are urged to recognize the critical interplay between investment premiums, insurance penetration, inflation rates, and sector growth. Proactive measures should be undertaken to bolster investment inflows, promote greater insurance penetration, and institute effective inflationary controls to foster a resilient and thriving insurance ecosystem in Nigeria. The study therefore recommends that, policymakers, particularly NAICOM, should adopt policies that promote the growth and development of the insurance sector in Nigeria. Also, the insurance sector should continue to encourage proper premium investments and diversify their portfolios to gain maximum profits at the least possible risk.
