Insurance Economic Growth Nexus: Evidence from a Small Open Economy
Abstract: This study investigated the relationship between insurance and economic growth in Nigeria for the period 1998-2020. This study employed autoregressive distributed lag model (ARDL) estimation techniques in analyzing the data. Real Gross domestic product (RGDP) was used as proxy for economi...
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| Format: | Article |
| Language: | English |
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Danubius University
2023-06-01
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| Series: | Acta Universitatis Danubius: Oeconomica |
| Subjects: | |
| Online Access: | https://dj.univ-danubius.ro/index.php/AUDOE/article/view/2334 |
| _version_ | 1797782065270226944 |
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| author | Patricia Orofuke Owen A. Maku |
| author_facet | Patricia Orofuke Owen A. Maku |
| author_sort | Patricia Orofuke |
| collection | DOAJ |
| description |
Abstract: This study investigated the relationship between insurance and economic growth in Nigeria for the period 1998-2020. This study employed autoregressive distributed lag model (ARDL) estimation techniques in analyzing the data. Real Gross domestic product (RGDP) was used as proxy for economic growth while gross insurance premium (GIP), life insurance premium (LIP), non-life insurance premium (NLIP), human capital (HCAP), physical capital (PCAP), total insurance investment (TINV) and trade openness (OPEN) were used as proxies for insurance sector predictive variables. The result of the ARDL estimate revealed that the first lag of real gross domestic product (RGDP), non-life insurance premium (NLIP) and human capital (HCAP) were positively and statistically significant in explaining the variation in economic growth in Nigeria both in the shortrun and longrun. It is therefore recommended that Nigeria as a nation in seeking the welfare of its citizens must as a matter of priority, need to strengthen, build and develop a stable and vibrant insurance industry to foster all round economic growth and development. More, policies and programmes aimed at improving the quality of human capital such education, health entrepreneurial and skill acquisition should be pursued vigorously in Nigeria.
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| first_indexed | 2024-03-13T00:05:48Z |
| format | Article |
| id | doaj.art-6b3a6c8f299c4ad1902fb9e3515a815d |
| institution | Directory Open Access Journal |
| issn | 2065-0175 2067-340X |
| language | English |
| last_indexed | 2024-03-13T00:05:48Z |
| publishDate | 2023-06-01 |
| publisher | Danubius University |
| record_format | Article |
| series | Acta Universitatis Danubius: Oeconomica |
| spelling | doaj.art-6b3a6c8f299c4ad1902fb9e3515a815d2023-07-13T03:23:44ZengDanubius UniversityActa Universitatis Danubius: Oeconomica2065-01752067-340X2023-06-01193Insurance Economic Growth Nexus: Evidence from a Small Open EconomyPatricia Orofuke0Owen A. Maku1Delta State University AbrakaDelta State University Abraka Abstract: This study investigated the relationship between insurance and economic growth in Nigeria for the period 1998-2020. This study employed autoregressive distributed lag model (ARDL) estimation techniques in analyzing the data. Real Gross domestic product (RGDP) was used as proxy for economic growth while gross insurance premium (GIP), life insurance premium (LIP), non-life insurance premium (NLIP), human capital (HCAP), physical capital (PCAP), total insurance investment (TINV) and trade openness (OPEN) were used as proxies for insurance sector predictive variables. The result of the ARDL estimate revealed that the first lag of real gross domestic product (RGDP), non-life insurance premium (NLIP) and human capital (HCAP) were positively and statistically significant in explaining the variation in economic growth in Nigeria both in the shortrun and longrun. It is therefore recommended that Nigeria as a nation in seeking the welfare of its citizens must as a matter of priority, need to strengthen, build and develop a stable and vibrant insurance industry to foster all round economic growth and development. More, policies and programmes aimed at improving the quality of human capital such education, health entrepreneurial and skill acquisition should be pursued vigorously in Nigeria. https://dj.univ-danubius.ro/index.php/AUDOE/article/view/2334Insurance, Economic Growth, Insurance Premium, life Insurance, Non-Life Insurance. |
| spellingShingle | Patricia Orofuke Owen A. Maku Insurance Economic Growth Nexus: Evidence from a Small Open Economy Acta Universitatis Danubius: Oeconomica Insurance, Economic Growth, Insurance Premium, life Insurance, Non-Life Insurance. |
| title | Insurance Economic Growth Nexus: Evidence from a Small Open Economy |
| title_full | Insurance Economic Growth Nexus: Evidence from a Small Open Economy |
| title_fullStr | Insurance Economic Growth Nexus: Evidence from a Small Open Economy |
| title_full_unstemmed | Insurance Economic Growth Nexus: Evidence from a Small Open Economy |
| title_short | Insurance Economic Growth Nexus: Evidence from a Small Open Economy |
| title_sort | insurance economic growth nexus evidence from a small open economy |
| topic | Insurance, Economic Growth, Insurance Premium, life Insurance, Non-Life Insurance. |
| url | https://dj.univ-danubius.ro/index.php/AUDOE/article/view/2334 |
| work_keys_str_mv | AT patriciaorofuke insuranceeconomicgrowthnexusevidencefromasmallopeneconomy AT owenamaku insuranceeconomicgrowthnexusevidencefromasmallopeneconomy |