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ABSTRACT
The study empirically investigates the relationship between consumer behaviour and insurance business performance in Nigeria using some selected registered insurance firms in Benin City, Edo State as a case study. The specific objectives of the study were to ascertain whether risk perception, financial literacy, socioeconomic status, religious beliefs and cultural beliefs influence insurance business performance in Nigeria. A total of 100 questionnaire were administered to respective respondents and out of these, 80 were successfully retrieved. Descriptive statistics involving the use of tables, simple percentages and bar charts were employed in the analysis of the data. The results from the analysis generally indicate that, all the hypothesized measures of insurance consumer behaviour (risk perception, financial literacy, socioeconomic status, religious beliefs and cultural beliefs) are significant determinants of insurance business performance in Nigeria overtime. The study recommends among others that, intensive enlightenment campaign should be vigorously pursued in order to effectively educate insurance clients and potential clients about risk perception on investing in insurance products in Nigeria. When they are constantly informed and aware, their fears and wrong notions about insurance would be reduced and more products will be purchased and thereby increase the overall income and performance of insurance firms in Niger
