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ABSTRACT
The objective of this study is to find out the socio-demographic factors that influences the penetration of life insurance in Nigeria for the period 2000 – 2023. Life insurance penetration was measured as a ratio of insurance premium to GDP. The socio-demographic indicators utilized in the study include age dependency (AGE), educational level (EDU, population growth (POP) and urbanization (URB). The methodology employed in the study involved the estimation of a multivariate regression model. The study finds that age dependency (AGE), educational level (EDU) and population growth (POP) are the significant socio-demographic factors driving the life insurance penetration in Nigeria while urbanization seems not to be a key driver of life insurance penetration in Nigeria. The study recommends among others the adoption of economic policies like social safety nets to alleviate financial pressure on working-age adults, potentially enabling them to consider life insurance options. Also, the ongoing domestic insurance sector reform should be continued and strengthen to conform to the requirement of globalization and global competition.
