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ANALYSIS OF CONTRIBUTIONS OF INSURANCE SECTOR TO ECONOMIC GROWTH IN NIGERIA
This paper analyzed the contribution of insurance sector to economic growth in Nigeria using time series data for the period 1981 to 2019. The ex-post facto study design was adopted for the study. The data for the study was analyzed using regression analysis. The findings of the study revealed that insurance premium had a negative and insignificant effect on Nigerian economy. The study therefore recommended that aggressive education of the masses on the importance of insurance products in the society should be embarked upon by insurance operators at regular interval nation- wide. It was further recommended that insurance companies should as a matter of fact make prompt payment of claims to their clients that suffer loss in order to gain the confidence of the general public.
Insurance sector, Economic growth, ARDL, Nigeria