Raji, Oladeinde Akeem and Omojola, Titilayo (2019) INSURANCE AS AN IMPETUS FOR ECONOMIC DEVELOPMENT IN NIGERIA. In: 1st National WITED Conference, Ilaro Chapter., August 13 - 19, 2019, The Federal Polytechnic Ilaro, Ogun state.
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INSURANCE AS AN IMPETUS FOR ECONOMIC DEVELOPMENT IN NIGERIA.pdf Download (381kB) |
Abstract
The insurance sector has contributed little or no effect in its role of mobilizing funds effectively and efficiently for productive investment which could lead to economic development. The study aims at investigating the impact of insurance business on the development of Nigerian economy. Secondary data were sourced from the Central Bank of Nigeria (CBN) statistical bulletin (2017), was used for the study and the time series data covered the period of 27 years ranging from 1991 to 2017 was implored. Ordinary least square regression was adopted with the aid of Econometric View 7 to analyze the data. The study reveals that life insurance premium and non-life insurance premium are statistically significant at 5% level of significant, which indicates that life insurance premium and non-life insurance premium have significant impact on the gross domestic product, while total insurance investment does not have significant impact on the gross domestic product. The study therefore concluded that, insurance company has a significant but negative association to economic growth and based on the above findings, we hereby recommended that government should ensure a compulsory insurance policy to be mandated on employers and vehicle users, authority and NAICOM should look into the investments of the insurance companies so as to ensure transparency, avoid unnecessary extortion and ensure fair dealings in order to actualize the sectors objective and hence, promote economic growth of our country Nigeria.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | L Education > L Education (General) |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | Unnamed user with email [email protected] |
| Date Deposited: | 28 May 2021 13:04 |
| Last Modified: | 28 May 2021 13:15 |
| URI: | http://eprints.federalpolyilaro.edu.ng/id/eprint/1400 |
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