Abstract
This research work explored insurance business in Nigeria and its effect on economic growth and development. A data span from 2007 to 2016 was obtained and analyzed using Ordinary Least Squares (OLS) regression method. Two hypotheses were subjected under tests and results showed that insurance business in Nigeria has significant impact on economic growth in Nigeria and that insurance business has significant impact on unemployment rate in Nigeria. It was recommended however that National Insurance Commission (NAICOM) should ensure proper monitoring of payment of claims by insurance companies so as to ensure transparency, avoid extortion and incorporate prudency which will in turn elicit public confidence in the services rendered by the insurance companies and hence, promote economic growth. Keywords: Insurance Premium; NAICOM; Insurance Claim; Risk
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