The Dynamics of Insurance Development and Economic Growth in Nigeria
This study examined the dynamics of insurance development and economic growth in Nigeria for the period 1996–2014. Specifically, the study addressed two important issues: the impact of insurance development on economic growth and the causal nexus between insurance development and economic growth. The study utilised two techniques: ordinary least squares (OLS) and causality. The OLS regression estimate revealed that insurance development had an insignificant effect on economic growth, while the causality estimate showed a one-way causation from economic growth to insurance development. The study recommended that the government should put in place appropriate policies and regulations which would bring about sound development of the insurance sector. This would enhance the contribution of the insurance industry to the growth of the Nigerian economy. JEL Classification: E44, G22, O40