This study analyzed both the long and short run relationship between insurance development and economic growth in Nigeria over the period 1986 to 2010. Using error correction model (ECM), the study finds that insurance development cointegrated with economic growth in Nigeria. That is there is long run relationship between insurance development and economic growth in Nigeria. The results also shows that physical capital and interest rate both at contemporary and one lagged value has significant positive effect on economic growth in Nigeria while physical capital and inflation has negative long run relationship with economic growth. The results of this study generally indicate statistically significance contribution of insurance to economic growth in Nigeria.
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Olalekan Yinusa (2013) studied this question.
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