IMPACT OF INSURANCE SECTOR DEVOLOPMENT ON INSURANCE PERFORMANCE IN NIGERIA, 1996 -2024.
Abstract
his study examined the impact of insurance sector development on insurance performance in Nigeria from 1996 to 2024. Specifically, the study investigated the effects of insurance penetration and insurance density on insurance performance within the Nigerian insurance industry. Secondary data were obtained from relevant sources such as the Central Bank of Nigeria (CBN) statistical bulletin and other financial reports. The study adopted econometric techniques to analyze the relationship between insurance sector development variables and insurance performance.
Findings revealed that insurance penetration and insurance density play important roles in influencing insurance performance in Nigeria. However, the study also highlighted that the level of insurance penetration in Nigeria remains relatively low compared to other developing economies due to factors such as low public awareness, lack of trust in insurance institutions, and inadequate regulatory enforcement.
The study concluded that improving insurance sector development can significantly enhance insurance performance and contribute positively to economic growth. It therefore recommended increased public awareness, improved regulatory supervision, and innovative insurance products to boost insurance penetration and density in Nigeria.
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