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ABSTRACT
The insurance sector of Nigeria, like any other, is bedeviled by systematic risks that will definitely occur due to the operation of the insurance companies that constitutes the sector. The prevalent systematic risks (called market risks) explained here are macroeconomic factors, this means that they are not specific to the insurance sector but affect other sectors of the nation. In this study, the market risks considered are variations in exchange rate, inflation and interest rate. The study examined the theories and the concept behind the relationship between the aforementioned market risk and the performance of the insurance sector in Nigeria. The research design used in collecting the research data is the expost-facto research design. The population for this study is the registered insurance companies in Nigeria while the sample of the study is the insurance companies listed on the Nigerian Exchange Group (NGX). The data is collected from the annual publications of National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN) statistical bulletins. x The Spearman’s rank correlation is used to ascertain the relationship between market risks and insurance sector performance. The mean and standard error are also used to test the accuracy of the findings and the degree of variability of the study. Findings of the research showed that market risk has a significant impact on the insurance sector performance in Nigeria.
