Nexus between Economic Growth and Insurance Business in Nigeria

Abstract

The role of insurance sector in mitigating sudden and devastating occurrences thereby stimulating economic growth cannot be over emphasized, however, no consensus has emerged on the impact of insurance development on economic growth. Hence the need to inquire not only the growth of the insurance sector in Nigeria but also how the sector has impacted economic growth.  Data were collected from secondary sources and it was regressed using ordinary least square at 95% significant level. It was discovered that there is relationship between insurance business and economic growth within the period of study.

Keywords: Insurance sector, Economic growth, investment.