Insurance Operations and Financial Deepening in Nigerian: Policyholders Perspective (1999-2020)

Donatus Chinedu Onuoha and Kenneth Chukwudi Dr Ezekwe
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Donatus Chinedu Onuoha: Doctorate Student, Department of Insurance and Risk Management, Enugu State University of Science and Technology, Enugu Enugu State, Nigeria.
Kenneth Chukwudi Dr Ezekwe: Insurance Department, Federal Polytechnic Oko, Anambra State, Nigeria.

International Journal of Research and Innovation in Social Science, 2022, vol. 6, issue 12, 196-202

Abstract: Insurance as a financial risk management mechanism performs several operations at ensuring financial deepening in an economy. This study examined the effects of insurance operations on financial deepening in Nigeria: Policyholders Perspectives (1999-2020). The research design employed was an ex-post facto. Data for the study was collected from the Central Bank of Nigeria Statistical Bulletin and annual publications of the Nigerian insurance digest for 22 years’ period, 1999-2020. Using linear regression model, the results revealed that insurance premium income and insurance claims paid had statistical significant negative relationship with financial deepening in Nigeria. The study recommends that regulatory bodies and other stakeholders in the Nigerian insurance industry should put in place appropriate mechanisms that will ensure public awareness on the inevitability of insurance, and also that technical staff training and retraining for effective underwriting and claims management practices should be prioritized.

Date: 2022
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