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Insurance Sector Development and Economic Growth: Empirical Analysis from NigeriaMay 30th, 2022
This study evaluated the relationship of insurance sector development with the growth of Nigerian economy between 2003 and 2020. The study proxied development insurance of sector with the productivity of the sector, measured by the Gross Domestic Product of the sector (GDPIS), insurance sector total assets base (INSTA) and insurance sector total claim expenditure (INSTC). To measure the variables, the study collected quantitative data from the secondary source, specifically, from the Statistical Bulletin issued by the Central Bank of Nigeria which covered the period of the study. The study analyzed data by employing Autoregressive Distributed Lag Model. Thus, findings indicated that insurance sector productivity was a statistically significant determinant of economic growth with coefficient 0.8092 (p-value = 0.0250<0.05); hence, the study revealed that Nigerian economic growth was strongly and positively promoted by the productivity of the insurance sector. Also, insurance sector claim
