Life Assurance Investment and Economic Performance in Nigeria

The study examined the impact of life assurance investment and economic performance of Nigeria, using time series data (1998-2025). The study adopted ex- post facto. Secondary data were used and collected from Central Bank of Nigeria Statistical Bulletin, 2025. Hypotheses were formulated and tested using Ordinary Least Squares (OLS) technique. The study reveals a positive significant impact of life assurance premium on Gross Domestic Product in Nigeria. Life assurance claims settlement has a positive significant impact on Gross Domestic Product in Nigeria. The coefficient of determination indicates that about 56% of the variations in economic growth can be explained by changes in life assurance sector variables (LAP and LACS) in Nigeria. Thus, the study concluded that the life assurance sector has contributed to the growth and development of Nigerian economy as a result of effective and increasing rate of market penetration. The study recommended that government should encourage the insurers to diversify their investment portfolio by providing a conduicive environment for the investors. Nigerian insurance companies should be proactive in terms of innovation of insurance products. Quality advertisement should be done to boost the image of the industry. Regulatory agencies and authorities should ensure that they display or perform their best in terms of services so as to improve their confidence and trust level. Government should ensure that the relevant agencies like the police and the Federal Road Safety Corporation should prosecute unlicensed and uninsured motorists. The insurers should try as much as possible to indemnify the insured who suffered loss in order to redeem the image of the sector.