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Insurance Market Activity and Economic Growth: Evidence from Nigeria

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  • Philip Chimobi Omoke

    ()
    (Department of Economics and Development Studies Covenant University Ota, Ogun State)

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    Abstract

    The focus of this study is to empirically assess insurance market activities in Nigeria with the view to determining its impact on economic growth. The period of study was 1970- 2008, the study made use of insurance density measures (premium per capita) as a measure for insurance market activity and real GDP for economic growth. It also employed control variables such as inflation and savings rate as other determinants of growth. The Johansen cointegration and vector error correction approach was used to estimate the relationship between the variables. All the variables used were stationary at first difference and the result showed a long term relationship existing among the variables. The hallmark finding of this study is that the insurance sector did not reveal any positively and significant affect on economic growth in Nigeria within the period of study. The result shows a low insurance market activity in Nigeria and that Nigerians have not fully embrace the insurance industry despite its importance to the growth of the economy.

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    Bibliographic Info

    Article provided by Asian Economic and Social Society in its journal Asian Economic and Financial Review.

    Volume (Year): 1 (2011)
    Issue (Month): 4 (December)
    Pages: 245-253

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    Handle: RePEc:asi:aeafrj:2011:p:245-253

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    Related research

    Keywords: Insurance; Financial Intermediation; Economic growth; Cointegration; Vector error correction approach.;

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    References

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    1. Beck, T.H.L. & Webb, I., 2003. "Economic, demographic, and institutional determinants of life insurance consumption across countries," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125512, Tilburg University.
    2. Ross Levine, 2004. "Finance and Growth: Theory and Evidence," NBER Working Papers 10766, National Bureau of Economic Research, Inc.
    3. Martin F. Grace & Michael J. Rebello, 1993. "Financing and the Demand for Corporate Insurance," The Geneva Risk and Insurance Review, Palgrave Macmillan, vol. 18(2), pages 147-171, December.
    4. Peter Haiss & Kjell Sümegi, 2008. "The relationship between insurance and economic growth in Europe: a theoretical and empirical analysis," Empirica, Springer, vol. 35(4), pages 405-431, September.
    5. Maurice Kugler & Reza Ofoghi, 2005. "Does Insurance Promote Economic Growth? Evidence from the UK," Money Macro and Finance (MMF) Research Group Conference 2005 8, Money Macro and Finance Research Group.
    6. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    7. Marco Arena, 2008. "Does Insurance Market Activity Promote Economic Growth? A Cross-Country Study for Industrialized and Developing Countries," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 75(4), pages 921-946.
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    Cited by:
    1. Pasali, Selahattin Selsah, 2013. "Where is the cheese ? synthesizing a giant literature on causes and consequences of financial sector development," Policy Research Working Paper Series 6655, The World Bank.

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