ABSTRACT

The study was designed to find out the impact of insurance companies in economic growth of Nigeria. The need to carry out this study arose from the challenges faced by insurance companies in Nigeria. Due to banking and insurance companies are The pivots of any economy, while banking provides the safe cusLody of goods and organizes the means of exchange which invoives risks, insurance provides against these risks by spreathng the losses of the unfortunate few over many individuals. This work explores the characteristics, problems and prospects of the Nigeriaii insurance industry. In this research work, the secondary data was analyzed using the standard error of regression method and the secondary data used was the statistical bulletin from year 2000 to 2010 gotten from Central Bank of Nigeria annual surve; and NAICOM Annual Report. The investigative study reveals that life and nonli1e insurance fund contribution has a positive impact on the economic growth of Nigeria: Secondly, that an optimal insurance strategy must focus on establishing and strengthening the existinC surance companies in Nigeria. Lastly, government irivcvenient will rrnain strongly catayticaUy in the development and consolidation of the industry.