Impact of Insurance Service Indicators on Economic Growth of Nigeria, 1997-2022
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- September 30, 2023
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Prof. Ugwuanyi, Willy1, Agbaji, Benjamin PhD2, Ezema, Clifford Anene PhD3 and Agbaji, Bright Igwebuile4
1Department of Baking and Finance, Open University of Nigeria
2,3,4Department of Insurance Risk and Management, Enugu State University of Science and Technology (ESUT)
| Abstract This paper focused on impact of insurance service indicators on economic growth of Nigeria, 1997-2022. The specific objectives include to: examine the impact of insurance premium on economic growth of Nigeria and ascertain the impact of insurance investment on economic growth of Nigeria. Ex-post facto design was applied. Preliminary tests were conducted using Augmented Dickey-Fuller, together with normality test (descriptive statistics) that proved how well distributed the variables were. Autoregressive Distributed Lag (ARDL) method was used to estimate the variables. Empirical decisions were based on a 5% level of significance. This study revealed that insurance premium had a negative and non-significant impact on economic growth of Nigeria measured by GDP and insurance investment had a positive and non-significant impact on economic growth of Nigeria measured by GDP. In the light of findings, the study concluded that insurance service indicators had non-significant impact on economic growth of Nigeria. The study recommended that the regulation of the Nigeria insurance sector should be enhanced to improve the sector’s performance and ensure increased total insurance premium in Nigeria economy and the insurance sector investment guidelines should be reviewed to ensure viable insurance investment portfolios. Keywords Insurance Service Indicators; Economic Growth; Insurance Premium; Insurance Investment Citation Ugwuanyi, W., Agbaji, B., Ezema, C. A. & Agbaji, B. I. (2023). Impact of Insurance Service Indicators on Economic Growth of Nigeria, 1997-2022. International Journal of Advanced Finance and Accounting, 4(3), 38-49 https://doi.org/10.5281/zenodo.10402173 |
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