The Role Of Insurance Industry In The Development Of Nigerian Economy (A Case Study Of Nicon)

ABSTRACT

The focus of this study has been to critical examine the role of

insurance industry in the development of Nigerian Economy by

specifically tracing the origin and growth of insurance in Nigeria,

the different types of insurance policy as well as their benefits. To

achieve these objective, the research methodology applied

includes both descriptive and quantitative analysis based entirely

on secondary data drawn from publications of the Nigerian

Insurers Association (NIA), Central bank of Nigeria (CBN) and the

Federal Office of Statistics (FOS). After a critical analysis of

secondary data, it was found out that the number of insurance

industry does not contribute to the growth of Nigerian economy

and the insurance sector contributes to the growth of the

Nigerian economy. On the whole, it is recommended that the

insurance sector should educate and sensitize the public on the

uniqueness and importance of insurance thereby correcting their

iiiisconception S.