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ABSTRACT
For insurance company to adequately develop and contribute effectively to economic development there is need for efficient flow of information among parties to insurance transaction. Insurance contributes significantly by providing certainty at the uncertainty of loss, it also helps in loss through its compensation system. This study involves the test of information asymmetry in Nigerian life insurance market for the period of 2018 - 2023. The objectives of the study are to examine the existence of moral hazard in life insurance market in Nigeria and to examine the existence of adverse selection in life insurance market in Nigeria. In order to achieve the objectives of the study, 300 (three hundred) copies of questionnaires were used to elicit information from policy holders in University of Benin. The data was analysed with the t-test statistical techniques and it was found that there is high incidence of moral hazard in life insurance market in Nigeria, it was also revealed the adverse selection significantly plague the Nigeria insurance market.
