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ABSTRACT
This study explores the intricate relationship between the life insurance sector and Nigeria's economy. By analyzing key economic variables, including Life Insurance Premium (LLPR), Gross Domestic Product (GDP), Exchange Rate (EXCH), Inflation Rate (INF), and Interest Rate (LINT), the study investigates the impact of the life insurance industry on the nation's economic landscape. Initial descriptive statistics offer insights into variable dynamics, followed by cointegration analysis to unveil potential long-term equilibrium relationships. The study employs the Error Correction Model (ECM) to capture both short-term fluctuations and long-term equilibrium dynamics. Findings reveal the nuanced influence of life insurance variables on GDP changes, substantiated by coefficients and error correction terms. The model's explanatory power is measured through R-squared and Adjusted R-squared values. This research contributes to understanding the role of the life insurance sector in Nigeria's economic growth, providing implications for policymakers, industry stakeholders, and researchers alike.
