{"id":22309,"date":"2024-12-04T12:48:47","date_gmt":"2024-12-04T12:48:47","guid":{"rendered":"https:\/\/journals.amssr.org\/grjbm\/?p=22309"},"modified":"2024-12-04T12:48:53","modified_gmt":"2024-12-04T12:48:53","slug":"impact-of-insurance-premium-on-economic-growth-in-nigeria-long-run-approach-1996-2023","status":"publish","type":"post","link":"https:\/\/journals.amssr.org\/grjbm\/2024\/12\/04\/impact-of-insurance-premium-on-economic-growth-in-nigeria-long-run-approach-1996-2023\/","title":{"rendered":"Impact of Insurance Premium on Economic Growth in Nigeria; Long Run Approach (1996-2023)"},"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\/grjbm\/wp-content\/uploads\/sites\/3\/2024\/12\/Impact-of-Insurance-Premium-on-Economic-Growth-in-Nigeria-Long-Run-Approach-1996-2023EZEAKU-OKPARAKA-JOURNAL.IMPACT-OF-INS-PREMIUM-ON-ECO-GROWTH.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Impact of Insurance Premium on Economic Growth in Nigeria; Long Run Approach (1996-2023)EZEAKU &amp; OKPARAKA JOURNAL..IMPACT OF INS PREMIUM ON ECO GROWTH.\"><\/object><a id=\"wp-block-file--media-69b228c4-4319-4471-9c48-eaaa89eb7d1b\" href=\"https:\/\/journals.amssr.org\/grjbm\/wp-content\/uploads\/sites\/3\/2024\/12\/Impact-of-Insurance-Premium-on-Economic-Growth-in-Nigeria-Long-Run-Approach-1996-2023EZEAKU-OKPARAKA-JOURNAL.IMPACT-OF-INS-PREMIUM-ON-ECO-GROWTH.pdf\">Impact of Insurance Premium on Economic Growth in Nigeria; Long Run Approach (1996-2023)EZEAKU &#038; OKPARAKA JOURNAL..IMPACT OF INS PREMIUM ON ECO GROWTH<\/a><a href=\"https:\/\/journals.amssr.org\/grjbm\/wp-content\/uploads\/sites\/3\/2024\/12\/Impact-of-Insurance-Premium-on-Economic-Growth-in-Nigeria-Long-Run-Approach-1996-2023EZEAKU-OKPARAKA-JOURNAL.IMPACT-OF-INS-PREMIUM-ON-ECO-GROWTH.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-69b228c4-4319-4471-9c48-eaaa89eb7d1b\">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 examined the impact of insurance premiums on economic growth in Nigeria from 1996 to 2023. Specifically, it investigated the impact of both general insurance premiums and life insurance premiums on the country&#8217;s economic growth.<\/p>\n\n\n\n<p><strong>Methodology<\/strong>: An econometric model was developed using the Ordinary Least Squares (OLS) estimation technique. Gross Domestic Product (GDP) was regressed on fire, accident, motor, marine, oil and gas, miscellaneous, and life insurance premiums.<\/p>\n\n\n\n<p><strong>Findings<\/strong>: The results showed a positive but insignificant relationship between GDP and life insurance premiums, fire insurance premiums, accident insurance premiums, and oil and gas insurance premiums. In contrast, motor insurance premiums, marine insurance premiums, and miscellaneous insurance premiums displayed a negative but insignificant relationship with GDP.<\/p>\n\n\n\n<p><strong>Conclusion<\/strong>: The study concluded that while insurance premiums, particularly life and general insurance premiums, show a positive relationship with economic growth, this impact is statistically insignificant. The findings suggest that the role of insurance premiums in fostering economic growth in Nigeria may need further strengthening.<\/p>\n\n\n\n<p><strong>Recommendation<\/strong>: It is recommended that individuals and organizations be encouraged to subscribe to both general and life insurance policies to support economic growth. Regulatory agencies should ensure the transparent and efficient management of premium income by insurers. Legislation, policy formation, and product innovation should be promoted to support the growth of fire insurance. Finally, the study advocates for greater government participation in the insurance sector to improve the operating environment and further enhance economic growth.<\/p>\n\n\n\n<p><strong><em>Key words<\/em><\/strong><em>: Insurance premium, General Insurance, Life Insurance, Economic Growth.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">References<\/h2>\n\n\n\n<p>Adams, M., Andersson J., Andersson L. F. &amp; Lindmark M. (2019). The historical relations<\/p>\n\n\n\n<p>between banking, insurance and economic growth in Sweden between 1893 and 1998. Accounting, Business and Financial History, 19(1), 21-38.<\/p>\n\n\n\n<p>Adeyele, J. (2021). Economic liberation of the insurance industry in Nigeria. International<\/p>\n\n\n\n<p>Journal of Research in Management Science, 3(5), 113-118.<\/p>\n\n\n\n<p>Ajayi L. A. (2020). Elements and scope of insurance. Akure: Hybrid Publishers Limited.<\/p>\n\n\n\n<p>Akinlo, T., &amp; Apanisile O. T. (2014). The relationship between insurance and economic growth<\/p>\n\n\n\n<p>in sub-Saharan African: A panel data analysis. Modern Economic Review, 5, 120-127.<\/p>\n\n\n\n<p>Akinlo, T. &amp; Yinusa (2013). The causal relationship between insurance and economic growth in<\/p>\n\n\n\n<p>Nigeria. 1986-2010. Australian Journal of Business and Management Research. 2(12), 49- 57.<\/p>\n\n\n\n<p>Allian Haller (2013) Gheorghe Zane Institute for Economic and Social Research<\/p>\n\n\n\n<p>Arena, M. (2016). Do insurance market activities promote economic growth? A Cross-Country<\/p>\n\n\n\n<p>study of Industrialized and Developing Countries. World Bank Policy Research Paper, 98 (5), 1-3.<\/p>\n\n\n\n<p>Arena, M. (2018). Does insurance market promote economic growth? A cross-country study for<\/p>\n\n\n\n<p>industrialized and developing countries. <em>Journal of Risk and Insurance.<\/em> 75, 921-946.<\/p>\n\n\n\n<p>Dorfman, M. S. (2018). Introduction to risk management and insurance. 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Journal of<\/p>\n\n\n\n<p>Human Resource and Sustainability Studies, 10 (4), 17- 30.<\/p>\n\n\n\n<p>Kugler, M. &amp; Ofoghi, R. (2016). Does insurance promote economic growth? Evdience from the UK.<\/p>\n\n\n\n<p>Money Macro and Finance Research Group Conference, vol 8.<\/p>\n\n\n\n<p>National Insurance Commission (2010). Annual Report and Audited Account.&nbsp;<\/p>\n\n\n\n<p>Osoka O (1992). Insurance and Nigeria Economy, Abiola Press Limited, Lagos.<\/p>\n\n\n\n<p>National Bureau of Statistics (Nigeria). Nigeria Annual Abstract of Statistics (2009). Abuja,<\/p>\n\n\n\n<p>Nigeria:National Bureau of Statistics (Nigeria).<\/p>\n\n\n\n<p>Outrevile, J.F. (1990). \u201cThe Economic significance of insurance markets in developing<\/p>\n\n\n\n<p>countries<em>.\u201cJournal of risk and insurance\u201d<\/em><\/p>\n\n\n\n<p><em>Rejda, G. E. (2011).&nbsp;Principles of Risk Management and Insurance. Pearson Education<\/em><\/p>\n\n\n\n<p>Rejda, G. E. (2011).&nbsp;<em>Principles of Risk Management and Insurance<\/em>. 11th Edition. Pearson.<\/p>\n\n\n\n<p>Skipper, H.D., &amp; Kwon, W.J.(2007). Risk management and insurance; Perspective in a global<\/p>\n\n\n\n<p>Economy&nbsp;<\/p>\n\n\n\n<p>Vaughan, E. J., &amp; Vaughan, T. (2014<em>).&nbsp;Fundamentals of Risk and Insurance. Wiley<\/em><\/p>\n\n\n\n<p>Ward, D &amp; zurbruegg, R. (2000). Does insurance promote economic growth? Evidence from<\/p>\n\n\n\n<p>OECD Countr Mojekwu, J. N., Agwuegbo, S. O., &amp; Olowokudejo, F. F. (2011). The impact of insurance contributions on economic growth in Nigeria, Journal of Economics and International, Finance, 3(7), 444-451<\/p>\n\n\n\n<p>Webb, I., Grace, M. F., &amp; Skipper, H. (2022). The effect of banking and insurance on the growth<\/p>\n\n\n\n<p>of capital and output. Journal of Financial issues, 2(2), 1-3.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Abstract Research Objective: This study examined the impact of insurance premiums on economic growth in Nigeria from 1996 to 2023. Specifically, it investigated the impact of both general insurance premiums and life insurance premiums on the country&#8217;s economic growth. Methodology: An econometric model was developed using the Ordinary Least Squares (OLS) estimation technique. Gross Domestic Product (GDP) was regressed on fire, accident, motor, marine, oil and gas, miscellaneous, and life insurance premiums. Findings: The results showed a positive but insignificant [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21662,"comment_status":"open","ping_status":"0","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,195,179],"tags":[211,210],"class_list":["post-22309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-grjbm","category-vol-4-issue-2","category-volume-4","tag-ezeaku-faith-onyedikachi","tag-okparaka-vincent-chukwuka-phd"],"_links":{"self":[{"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/posts\/22309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/comments?post=22309"}],"version-history":[{"count":1,"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/posts\/22309\/revisions"}],"predecessor-version":[{"id":22311,"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/posts\/22309\/revisions\/22311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/media\/21662"}],"wp:attachment":[{"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/media?parent=22309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/categories?post=22309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/journals.amssr.org\/grjbm\/wp-json\/wp\/v2\/tags?post=22309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}