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The
Contributions Of Insurance Industry To Gross Domestic Product (GDP) In Nigeria
ABSTRACT
This work
examined the contributions of the insurance industry to the gross domestic
product (GDP) in Nigeria. Data for the study were basically through the
secondary process, extracted from journals, newspapers, internet, magazines,
textbooks, CBN statistical Bulletin and Statement of Account etc. The Ordinary
Least Square technique was used to test the validity of the hypotheses stated
in the study. The research revealed that insurance industry through her routine
activities has contributed significantly to economic growth of Nigeria. Through
the signs from a priori expectation, it revealed a positive linear relationship
between insurance contributions with gross domestic product (GDP) in Nigeria.
However, the study revealed a negative relationship between total investments
of insurance industry to gross domestic product. This is due the negligence of
investment in the industry. Furthermore, the study exposed that neglect of laws
governing insurance practise in Nigeria, poor accounting practice, poor claims
settlement, failed public image, negligence of investment, low awareness of
insurance etc as the major problems of the industry. The researcher recommended
an increased supervisory role of NAICOM (National insurance commission), prompt
payment of premiums, effective utilisation of insurance funds, research,
improved public awareness through adverts and campaigns as possible solutions
to the challenges facing the industry.
TABLE OF
CONTENT
TITLE
PAGE……………………………………………………………….i
APPROVAL
PAGE…………………………………………………………ii
DEDICATION……………………………………………………………..iii
ACKNOWLEDGEMENT………………………………………………….iv
ABSTRACT…………………………………………………………………v
TABLE OF
CONTENT…………………………………………………….vi
CHAPTER ONE:
INTRODUCTION
1.1 Background of the study………………………………………….1
1.2 Statement of the problem…………………………………………..3
1.3
Objective of the
study.................................................................................
5
1.4 Research hypotheses……………………………………………….6
1.5 Significance of the study……………………………………………7
1.6 Scope and limitations of the
study…………………………………7
CHAPTER TWO
2.0
Literature Review: Introduction
2.1
Theoretical literature
2.1.2 The
Evolution of modern Insurance Business in Nigeria..... 9
2.1.3
Concept of insurance business……………………………..11
2.1.4
Classification of insurance Business...........................................
13
2.1.5 The mechanism of insurance……………………………….14
2.1.6 The insurance industry and Nigerian
Economy…………..15
2.1.7 The investment case for the insurance
sector………………16
2.1.7.1 Key
factors for prospects in the industry.............................. 17
2.1.7.2 Real
sector
growth.........................................................................
18
2.1.7.3
Implications of government legislation.................................... 18
2.1.8 Evolution of capital requirements in the
insurance sector…20 2.1.8.1 Pre-recapitalisation/consolidation………………………….21
2.1.9 Contributions of insurance to the gross
domestic product in
Nigeria.................................................................................................
22
2.1.10The
insurance industry in Nigeria and the Financial Strategy (FSS) 2020…
………………………………………………27
2.1.10.1
Intended position of the industry.............................................
28
2.1.10.2 The
way
forward............................................................................
29
2.1.10.3 The
code of ethics…………………………………………..30
2.2 Empirical literature……………………………………………31
2.3 Limitations of the previous
studies……………………………38
CHAPTER
THREE
3.0 Research
Methodology ………………………………………………39
3.1 Model specification…………………………………………40
3.2 Method of Evaluation………………………………………41 3.2.1
Evaluation Based on statistical criteria……………………42 3.2.2.1 Coefficient of
multiple Determinations (R2)……………42 3.2.3 Evaluation Based on Econometric
criteria…………………42
3.3 Co-integration and Error Correlation
representation……44
3.4 Justification of the model……………………………………45
3.5 Data required and sources…………………………………..45
CHAPTER FOUR
4.0 Presentation and interpretation
…………………………………..47
4.1 Unit root test…………………………………………………47 4.1.1
Co-integration Test…………………………………………48
4.2 Presentation of regression
result……………………………..49
4.3 Economic a priori criteria…………………………………..50
4.3.1
Statistical criteria (first order test)……………………….51
4.3.1.1
Coefficient of multiple determinations (R2)
’ ……………………………………
4.3.1.2 The
student s t –test
.51
4.3.1.3 F
–Statistics……………………………………………..53
4.3.2
Econometric criteria (second order test)…………………54
9
4.3.2.1 Test
for Autocorrelation…………………………………..54
4.3.2.2
Normality Test for
Residual....................................................... 55
4.3.2.4 Test
for multicollinearity…………………………………57
4.4 Policy
implications……………………………………………58
CHAPTER FIVE
5.0 Summary of the findings, Recommendations and
conclusion
5.1 Introduction………………………………………………….60
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