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ABSTRACT
The insurance company has been the developmental bedrock of many economies, specifically the Nigerian economy. Insurance companies help to insure the lives and properties of the people against risks that are probable. They help reduce the financial impact of the occurrence of the loss of lives and/or properties on the loved ones of the insured or even the insured. It has been proven by many scholars across different races and times that the insurance sector has a significant and positive impact on the growth of any nation. The insurance sector contributes to the well-being of the country through investment of the premium payments into other financial institutions, thereby making cash flow round the system, in the process, adding to the financial well-being of the people. This research is carried out to ascertain the impact of the insurance sector performance on the economic growth of the country. This task was done by using life and non-life insurance premiums as the substitutes for the performance of the insurance sector while the economic well-being of the nation is measured using the widely known economic indicator, Gross Domestic Product (GDP). The data used in compiling this research are obtained from trusted secondary sources while the data was presented using the textual, graphical and tabular method. The regression method of least squares was used to derive xii a model called line of best fit so as to linearize the relationships between the two insurance sector performance proxies and the GDP. After the presentation and analysis were completed, findings, as a result of the R- and R^2- value of the correlations, showed that both non-life and life insurance premiums had positive and significant impacts on the national well-being of the country, although to varying degrees. The non-life insurance premiums had more significance compared to the life insurance premium counterpart.
