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ABSTRACT
The study examines the impact of insurance market development on economic growth in Nigeria using ordinary least square (OLS). We utilize insurance market development indicators such as gross insurance premium, number of insurance companies and total insurance claims as well as control variable which is private sector credit from 2001– 2020. With GDP as the dependent variable, we estimate regression estimate of the model. The OLS result reveals that gross insurance premium and number of insurance companies have a positive and significant impact on economic growth while total insurance claims has a positive but not significant impact. Private sector credit was negative and not also significant. The study recommends the continuous development of the insurance market and timely payment of claims by insurance companies.
