You have no items in your shopping cart.
ABSTRACT
This study investigated insurance penetration and economic growth in Nigeria. The study covered a period of thirty-three (33) years (1990 – 2022). The specific objectives of this study were to determine the effect of insurance claims, insurance penetration, insurance premium, insurance investment rate on Real Gross Domestic Product (proxied for economic growth). The Ordinary Least Square (OLS) regression technique was employed to estimate the data as well as testing the stated hypotheses. The study findings revealed that insurance claim, insurance investment rate does not significantly impact on real gross domestic product in Nigeria, while it is uncovered that insurance penetration, insurance premium plays a significant role in determining real gross domestic product in Nigeria. To this end, the study recommended that government should implement policies that foster a more competitive insurance market. This could involve reducing regulatory barriers for new insurance companies to enter the market, encouraging foreign investment in the insurance sector, and promoting innovation in insurance products and services. This increased competition could drive efficiency, lower premiums, and expand insurance accessibility to a larger portion of the population.
