The Contributions Of Insurance Industry To Gross Domestic Product (Gdp) In Nigeria (1985 – 2010)

ABSTRACT

 This work examined the contributions of the insurance industry to the gross domestic product (GDP) in Nigeria. Data for the study were basically through the secondary process, extracted from journals, newspapers, internet, magazines, textbooks, CBN statistical Bulletin and Statement of Account etc. The Ordinary Least Square technique was used to test the validity of the hypotheses stated in the study. The research revealed that

insurance industry through her routine activities has contributed significantly to economic growth of Nigeria. Through the signs from a priori expectation, it revealed a positive linear relationship between insurance contributions with gross domestic product (GDP) in Nigeria. However, the study revealed a negative relationship between total investments of insurance industry to gross domestic product. This is due the negligence of investment in the industry. Furthermore, the study exposed that neglect of laws governing insurance practise in Nigeria, poor accounting practice, poor claims settlement, failed public image, negligence of investment, low awareness of insurance etc as the major problems of the industry. The researcher recommended an increased supervisory role of NAICOM (National insurance commission), prompt payment of premiums, effective

utilisation of insurance funds, research, improved public awareness through adverts and campaigns as possible solutions to the challenges facing the

industry

TABLE OF CONTENT

CHAPTER ONE: INTRODUCTION

CHAPTER TWO

2.0 Literature Review: Introduction 

2.1 Theoretical literature

2.1.2 The Evolution of modern Insurance Business in Nigeria.....9

2.1.3 Concept of insurance business……………………………..11

2.1.7.2 Real sector growth........................................................18

CHAPTER FIVE

5.0 Summary of the findings, Recommendations and conclusion

Bibliography……………………………………………………………66

Appendix………………………………………………………………..75