Ipigansi Pretoria PhD, Izon-Ebi Chris
Department of Insurance, Faculty of Management Sciences, Niger Delta University, Wilberforce Island P.M.B 071 Yenagoa, Bayelsa State-Nigeria
This research explored the impact of inflation on the growth of insurance in Nigeria from 2000-2022. With the specific goals of evaluating the impact of inflation on total claims, total assets, and total premiums of insurance companies in Nigeria. In order to arrive at our findings, the study developed three questions and hypotheses that were consistent with study objectives. Utilizing secondary time series data, the research employed the ex-post facto research design. The data for the study were sourced from CBN and NAICOM publications. Descriptive statistics, the Augmented Dickey-Fuller unit root test, and the ARDL model was used. The study found that the rate of inflation does not significantly impact the total premiums, total assets, and total claims paid by insurance companies in Nigeria. Accordingly, the researcher recommended that the government collaborate with the insurance sector to launch a mandatory insurance programme that would bring in consistent revenue for the sector. Effective controls should be put in place by central banks to guarantee that inflation has no negative impact on a company's investments, profitability, or financial performance. Regulations should be imposed in terms of the cost of insurance and claims settlements which may help insurance companies lower the cost of claims paid during inflationary periods.
Keywords: Inflation, Insurance, Premium, Assets, Claims.
Journal Name :
International Journal of Global Economic Light (JGEL)

Published on : 2024-06-26

Vol : 10
Issue : 6
Month : June
Year : 2024
Copyright © 2024 EPRA JOURNALS. All rights reserved
Developed by Peace Soft