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Abstract
The study examined the effect of insurance industry variables on insurance sector development in Nigeria. To facilitate the study, research questions were designed which were hinged on the objectives of the study and examined the relationship that exist between industry variables and insurance sector development in Nigeria. Secondary data were collected on six variables namely reinsurance premium, annual premium, underwriting expenses, insurance investments, firm size and return on assets for the period of 2007 - 2022. The results show that reinsurance premium, the proxy for insurance risk transfer is positively and significantly related to financial performance, insurance investments, the proxy for internal risk management is significantly related to insurance financial performance, underwriting expenses, the proxy for insurance risk retention, has negative and insignificant relationship with financial performance. The study adopted the error correction method as technique of data analysis after subjecting the variables to preliminary tests like descriptive statistics, correlation matrix and unit root test. Based on the findings of the study it was recommended among others that; there is need to ensure and emphasize effective management of insurance risk assets and liabilities to ensure financial success of insurance companies.
