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ABSTRACT
This study investigates the relationship between insurance concentration and economic growth in Nigeria, employing the insurance concentration ratio, insurance claims, insurance premiums, and insurance investment rate as variables. Drawing upon data spanning a specified timeframe (1990 - 2022), the research employs econometric techniques to analyze the impact of insurance market concentration on economic development. By utilizing a panel dataset encompassing diverse economic indicators and insurance metrics, including the concentration ratio, claims, premiums, and investment rates, the study endeavors to elucidate the nuanced interplay between insurance market structure and macroeconomic performance in Nigeria. The findings are anticipated to offer valuable insights into the potential avenues through which enhancing insurance market competitiveness and efficiency can catalyze sustainable economic growth and development in Nigeria. Additionally, the study aims to contribute to the existing literature by providing empirical evidence on the relationship between insurance market concentration and economic dynamics within the Nigerian context, thereby informing policymakers, practitioners, and stakeholders about the ramifications of insurance market structure on broader economic outcomes.
