{"id":23028,"date":"2024-12-04T12:32:11","date_gmt":"2024-12-04T12:32:11","guid":{"rendered":"https:\/\/journals.amssr.org\/grjaf\/?p=23028"},"modified":"2024-12-04T12:34:24","modified_gmt":"2024-12-04T12:34:24","slug":"sustainability-reporting-of-the-causality-that-existed-between-insurance-sector-and-economic-growth-nexus-1996-2022-nigeria-evidence","status":"publish","type":"post","link":"https:\/\/journals.amssr.org\/grjaf\/2024\/12\/04\/sustainability-reporting-of-the-causality-that-existed-between-insurance-sector-and-economic-growth-nexus-1996-2022-nigeria-evidence\/","title":{"rendered":"Sustainability Reporting of the Causality that Existed between Insurance Sector and Economic Growth Nexus 1996-2022 (Nigeria Evidence)"},"content":{"rendered":"\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2024\/12\/Sustainability-Reporting-of-the-Causality-that-Existed-between-Insurance-Sector-and-Economic-Growth-Nexus-1996-2022-Nigeria-EvidenceONUOHA-AND-EZEMA-JOURNAL-2.2.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Sustainability Reporting of the Causality that Existed between Insurance Sector and Economic Growth Nexus 1996-2022 (Nigeria Evidence)ONUOHA AND EZEMA  JOURNAL 2.2.\"><\/object><a id=\"wp-block-file--media-45d747be-9a31-4c30-b10d-9f1259f30b85\" href=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2024\/12\/Sustainability-Reporting-of-the-Causality-that-Existed-between-Insurance-Sector-and-Economic-Growth-Nexus-1996-2022-Nigeria-EvidenceONUOHA-AND-EZEMA-JOURNAL-2.2.pdf\">Sustainability Reporting of the Causality that Existed between Insurance Sector and Economic Growth Nexus 1996-2022 (Nigeria Evidence)ONUOHA AND EZEMA  JOURNAL 2.2<\/a><a href=\"https:\/\/journals.amssr.org\/grjaf\/wp-content\/uploads\/sites\/2\/2024\/12\/Sustainability-Reporting-of-the-Causality-that-Existed-between-Insurance-Sector-and-Economic-Growth-Nexus-1996-2022-Nigeria-EvidenceONUOHA-AND-EZEMA-JOURNAL-2.2.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-45d747be-9a31-4c30-b10d-9f1259f30b85\">Download<\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Abstract<\/h2>\n\n\n\n<p><strong>Research Objective:<\/strong> This study measured the sustainability reporting of the causal relationship between insurance and economic growth in Nigeria from 1996 to 2023. Specifically, it examined the causality between insurance investment, insurance premiums, insurance assets, and economic growth.<\/p>\n\n\n\n<p><strong>Methodology:<\/strong> An ex-post facto research design was adopted, with data sourced from the Central Bank of Nigeria Statistical Bulletin (2023). The augmented Dickey-Fuller test was applied to determine the diagnostic properties of the variables, and the Jarque-Bera test confirmed that the variables were normally distributed. Causality analysis was conducted, using Gross Domestic Product (GDP) as a proxy for economic growth, with insurance premiums, insurance investments, and insurance assets serving as explanatory variables.<\/p>\n\n\n\n<p><strong>Findings:<\/strong> The results indicated a bi-directional causal relationship between insurance premiums, insurance assets, insurance investments, and economic growth. This suggests that the growth of the insurance industry drives economic growth, and vice versa, creating a mutually reinforcing relationship. This dynamic fosters financial stability, economic resilience, and effective risk management, contributing to overall economic development.<\/p>\n\n\n\n<p><strong>Conclusion:<\/strong> The study concluded that insurance premiums, investments, and assets have a strong relationship with economic growth in Nigeria. The mutual interaction between the insurance industry and economic growth highlights the importance of a robust insurance sector for sustainable development.<\/p>\n\n\n\n<p><strong>Recommendation:<\/strong> The study recommends making insurance policies mandatory for individuals and businesses to protect investors and ensure sustained economic growth. Regulatory authorities should enforce policies that promote transparent and efficient fund management by insurers. Additionally, investors should diversify their portfolios to enhance returns and strengthen their capacity for claims payment, thereby reinforcing their contribution to economic growth.<\/p>\n\n\n\n<p><strong><em>Key words:<\/em><\/strong><em> Insurance premium, Insurance investment, Insurance assets and economic growth.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">References<\/h2>\n\n\n\n<p>Akademik A (2020). Effect of insurance premium on economic growth in European Union&nbsp;<\/p>\n\n\n\n<p>countries journal of economics 12(23): 442-451<\/p>\n\n\n\n<p>Alhassan, A. L. (2016). Insurance market development and economic growth: Exploring<\/p>\n\n\n\n<p>causality in 8 selected African countries. International Journal of Social Economies, 43(3), 1-26.<\/p>\n\n\n\n<p>Alhassan, A. L., and&nbsp; Fiador, V. (2014). Insurance-growth nexus in Ghana: An autoregressive<\/p>\n\n\n\n<p>distributed lag bounds cointegration approach. Review of Development Finance 4, (2), 83-96<\/p>\n\n\n\n<p>Chang, T., Lee, C.-C., &amp; Chang, C.-H. (2013). Does insurance activity promote economic<\/p>\n\n\n\n<p>growth? Further evidence based on the bootstrap panel Granger causality test. The European Journal of Finance, 20(12), 1187-1210.<\/p>\n\n\n\n<p>Eze, C &amp; Okoye, V. (2013). Analysis of insurance practices and economic growth in Nigeria:<\/p>\n\n\n\n<p>Using co-integration test and error correction model. Global Advanced Research Journal of Management and Business Studies, 2(1), 063-070.<\/p>\n\n\n\n<p>Ezema, C. &amp; Ibe, J. (2023). Examined the effects of insurance service activities on economic&nbsp;<\/p>\n\n\n\n<p>growth in Nigeria; 1996-2022. Global research journal of accounting and finance ISSN: 2811-1729.<\/p>\n\n\n\n<p>Hab, I. L (2022). Assess the impact of the insurance sector on economic growth. Journal of&nbsp;<\/p>\n\n\n\n<p>optimum Economic Studies 2(108), 13-14&nbsp;<\/p>\n\n\n\n<p>Haiss, P., &amp; S\u00fcmegi, K. (2006). The Relationship of Insurance and Economic Growth \u2013 A<\/p>\n\n\n\n<p>Theoretical and Empirical Analysis. Paper for presentation at the 2006 EcoMod Conference (pp. 1-37). Hongkong: Europe Institute University of Economics and Business Administration.<\/p>\n\n\n\n<p>Lasisi (2018). Effect of premium growth, liquidity risk on the performance of quoted insurance&nbsp;<\/p>\n\n\n\n<p>firms in Nigeria.<\/p>\n\n\n\n<p>Mankiw, N. G. (2016). Principles of Economics. Cengage Learning.<\/p>\n\n\n\n<p>Mwangi (2013). Principles of Economics, 8th Edition (2017).<\/p>\n\n\n\n<p>Mehr, R.I. &amp; B.A. Hedges( 1974). Risk Management: Concepts &amp; Applications, Homewood,<\/p>\n\n\n\n<p>Illinois: R.D. Irwin, Inc., 1974<\/p>\n\n\n\n<p>Mutemi Mwuende (2015). Role of the private insurance sector on Economic growth in Kenya.<\/p>\n\n\n\n<p>Research journal school of economics university of Kenya Nairobi<\/p>\n\n\n\n<p>Mutumira, M. A. (2019). Effect of capital adequacy on the financial performance of insurance&nbsp;<\/p>\n\n\n\n<p>companies in Kenya. International Academic Journal of Economics and Finance, 3(4), 172-185.<\/p>\n\n\n\n<p>Oke, M. O. (2012). Insurance sector development and economic growth in Nigeria. African<\/p>\n\n\n\n<p>Journal of Business Management, 6(23), 7016-7023<\/p>\n\n\n\n<p>Okparaka, V.C (2018). Impact of insurance investments on Nigeria capital market. International<\/p>\n\n\n\n<p>Journal of Advanced Research in Management and Social Sciences, 7(8)124-135.<\/p>\n\n\n\n<p>Okoye, G. &amp;&nbsp; Ezema, C. (2021). Financial deepening and Economic growth Nexus in Nigeria.&nbsp;<\/p>\n\n\n\n<p>Cointegration Approach 1981-2019. Air journal academic ink review. 39(1) 233- 286<\/p>\n\n\n\n<p>Oladunni, O.E and Eche, A.U. (2022). Impact of reinsurance underwriting operations on assets management of insurance companies in Nigeria. <em>International Journal of Research and Innovation in Social Sciences<\/em>, 6(4), 604-613.&nbsp;<\/p>\n\n\n\n<p>Pfeffer, Irving (2018). Insurance &amp; Economic Theory, Homewood, Illinois, R.D. Irwin, Inc.,&nbsp;<\/p>\n\n\n\n<p>2018.<\/p>\n\n\n\n<p>Sajid, M (2017). The relationship between insurance and economic growth. Review of&nbsp;<\/p>\n\n\n\n<p>International Business and Strategy. 45(2), 241-281<\/p>\n\n\n\n<p>Shennaev, K.M (2020). Impact of insurance and its impact on economic growth.&nbsp; International&nbsp;<\/p>\n\n\n\n<p>Journal of Economics, commerce and management.&nbsp; 2348 -0386 (12),&nbsp;<\/p>\n\n\n\n<p>Solow, R. M. (2016). &#8220;A Contribution to the Theory of Economic Growth.&#8221; The Quarterly<\/p>\n\n\n\n<p>Journal of Economics, 70(1), 65-94<\/p>\n\n\n\n<p>Suwadogs, Gorrineau &amp; Ouedriego (2018). life insurance development in economic growth&nbsp;<\/p>\n\n\n\n<p>evidence from developing countries. International journal Acxademic Research in Economics and managemet Sciences 2(3) 453-487<\/p>\n\n\n\n<p>Udeze, J. (2003). <em>Groundwork of Research Management<\/em>. Enugu: Splash Media Publication Ltd.<\/p>\n\n\n\n<p>Ugwuanyi &amp; Ugwunta (2019). Impact of insurance development and economic growth..&nbsp;<\/p>\n\n\n\n<p>International journal of Academic research in Economics and management sciences, 7(3), 251-266<\/p>\n\n\n\n<p>United Nations. (2021). World Economic Situation and Prospects. New York: United Nations.<\/p>\n\n\n\n<p>World Bank. (2020). World Development Report. Washington, D.C.: World Bank Group.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abstract Research Objective: This study measured the sustainability reporting of the causal relationship between insurance and economic growth in Nigeria from 1996 to 2023. Specifically, it examined the causality between insurance investment, insurance premiums, insurance assets, and economic growth. Methodology: An ex-post facto research design was adopted, with data sourced from the Central Bank of Nigeria Statistical Bulletin (2023). The augmented Dickey-Fuller test was applied to determine the diagnostic properties of the variables, and the Jarque-Bera test confirmed that the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[335,572,571],"tags":[528,613],"class_list":["post-23028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grjaf","category-vol-5-issue-1","category-volume-5","tag-ezema-clifford-anene-phd","tag-onuoha-donatus-chinedu"],"_links":{"self":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/comments?post=23028"}],"version-history":[{"count":1,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23028\/revisions"}],"predecessor-version":[{"id":23030,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/posts\/23028\/revisions\/23030"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/media\/21742"}],"wp:attachment":[{"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/media?parent=23028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/categories?post=23028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjaf\/wp-json\/wp\/v2\/tags?post=23028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}