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INSURANCE INDUSTRY ASSETS COMPOSITION AND ECONOMIC GROWTH IN NIGERIA


IPIGANSI Pretoria PhD, MICHAEL Joseph Progress
Department of Insurance, Niger Delta University, Wilberforce Island, P.M.B 071 Yenagoa, Bayelsa State-Nigeria
Abstract
This study examines insurance industry assets composition and economic growth in Nigeria spanning from 2012 to 2023. Employing an ex-post facto research design, data for this investigation was sourced from the CBN Statistical Bulletin. The study objectives encompassed analysing the effect of various components of insurance industry assets on the Real GDP of Nigeria, specifically focusing on current assets, fixed assets, goodwill, and outstanding premiums. The findings of the study indicates that Insurance industry current assets has a positive but inconsequentialoutcome on Real GDP in Nigeria, with a Coefficient of 19.85680 and a p-value of 0.3640. Also, insurance industry fixed assets has anaffirmative and substantialoutcome on the real GDP in Nigeria, accompanied by a coefficient of 30.91750, and a p-value of 0.0502. Conversely, insurance industry goodwill and gross premium both had negative and inconsequential effect of real GDP in Nigeria, with coefficients (-161.2627; -82.00930) and p-values (0.6232; 0.1050) respectively. Recommendations derived from these findings include the encouragement of investment in current and fixed assets to stimulate economic growth, enhancement of goodwill management to fortify reputation and trust, and the resolution of outstanding premium challenges through streamlined processes and regulatory oversight.
Keywords: assets, composition, economic,insurance, industry,growth
Journal Name :
EPRA International Journal of Economics, Business and Management Studies (EBMS)

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Published on : 2024-03-26

Vol : 11
Issue : 3
Month : March
Year : 2024
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