THE GROWTH, ROLE AND PERFORMANCE OF INSURANCE INDUSTRY IN DEVELOPING COUNTRY
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Abstract
The main purpose of this research work is to examine the historical background of the Nigerian insurance industry with emphasis on the development of modern insurance industry in Nigeria, the role and performances of the insurance industry as well as the clarification of insurance business in Nigeria and to ascertain whether the growth of insurance industry has been consistent with the social economic development of the country. Examination of the scope and structure of the insurance industry as it may effect the growth and development of the country. The study adopted the ex-post facto research design and annualized cross sectional data for 26-year period 1987-2012 were collated from the Central Bank of Nigeria statistical Bulletin, National Insurance Commission and Nigerian Insurers Association. Four hypotheses were proposed and tested using the Ordinary Least Square (OLS) regression model. Descriptive statistics and graphs were also used to complement the regression results. The results emanating from this study indicate that while life insurance penetration and insurance density had positive and significant impact on economic growth in Nigeria, both total insurance penetration and non-life insurance penetration had positive but insignificant impact on economic growth in Nigeria under the period of this study. The study therefore recommends among others, that for the insurance industry in Nigeria to exert more positive impact on the Nigerian economy, government policies concerning insurance should focus more on attracting rural communities into the insurance bracket. This will assist at enhancing savings therefore providing funds for investment into the Nigerian real sector.
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