INSURANCE SECTOR’S INVESTMENTS AND VISION 20:2020 OBJECTIVE IN NIGERIA
This study examines the insurance industry's investments and how they have affected Nigeria's development from 1992 to 2022 in achieving its Vision 20:2020 target. The secondary data comes from the National Insurance Commission. In order to evaluate the insurance industry's return on investment, the research substitutes GDP for the 2020 Vision Agenda target of total insurance premiums collected as the dependent variable and total insurance claims paid and total insurance claims settled as the independent variables. We formulate and evaluate hypotheses using time-series econometric models. The variables do not have a unit root, according to the results. Investments in the insurance sector often align with the Vision 20:2020 agenda over the long run. This analysis shows that around 69% of the short-run adjustment speed may be attributed to long-run disequilibrium. The coefficient of determination shows that the investment factors of the insurance industry (TIP, TICS) explain over 61% of the variation in Nigeria's Vision 20:2020 agenda. Studies indicate that the expenditures made by the insurance business have a direct impact on Nigeria's efforts to realise Vision 20:2020. Consequently, the research recommends that the sixteen necessary lines of insurance under the MDRI be implemented by the National Insurance Commission. Nigerian insurance companies must take the lead in making sure their customers are happy and safe. In order to foster more public trust in performers and the services they provide, NAICOM and other authorities need to ensure that performers consistently deliver their best work. Law enforcement and regulatory organisations such as the…
Keywords: Insurance Sector, Investments, Realization, Vision 20:2020, Nigeria.
Citation: , & Phd, P.W.A. (2024). INSURANCE SECTOR’S INVESTMENTS AND VISION 20:2020 OBJECTIVE IN NIGERIA. International Journal of Innovative Research in Accounting and Sustainability, 9(1), 78-87.