IMPACT OF INSURANCE PRODUCTS ON THE SUSTAINABILITY OF NIGERIA ECONOMIC
Raji, Oladeinde Akeem&Adejuwon, E. O.
Department of Insurance
The Federal Polytechnic,Ilaro, Ogun State
Email: akeemraji02@yahoo.com; adejuwonolatunji95@gmail.com
ABSTRACT
The study evaluated the impact of insurance products on the sustainability of Nigeria economic growth between 1981 and 2019. The study used secondary data on gross domestic product, Fire insurance premium, accident insurance premium and motor insurance which were gathered from Central Bank of Nigeria (CBN) Statistical Bulletin and NAICOM Bulletin 2019. The study employed descriptive statistics and multiple regression technique based on the E-views version 9.0 computer software as methods of data analysis for predicting the relationship between the adopted insurance product and economic growth based on the model. The study found that fire insurance premium and motor insurance premium has a positive relationship with the gross domestic product while accident insurance premium has a negative relationship with the gross domestic product. Also, it was found that fire insurance premium, accident insurance premium and motor insurance premium has a significant effect on the gross domestic product. The study concluded based on the findings that insurance product has impact on the sustainability of Nigeria economic growth. The study therefore recommended that government to make insurance protection mandatory for individuals and businesses to ensure safety of investment and sustain the level of growth in the economy.
Keywords: Accident Insurance,Fire Insurance, Motor Insurance, Gross Domestic Product, Premium.