Explore publications.

Risk management is defined as the sequential planning and implementation of initiatives and programs to cope with institutions' and individuals' substantial losses and loss exposure and to secure their properties. The study aims to evaluate risk management's role in economic growth.  This was executed through the use of a desktop literature review. The use of Google Scholar was utilized to locate seminal references and journal articles that were pertinent to the study. Papers published within the past five years were used to meet the inclusion criteria.  One of the principal objectives of a risk management strategy is to identify risks, address risks, and eliminate risk items before they are deemed detrimental to a company's progress or a significant component of expensive modification to a company's processes. According to the study's findings, insurance companies benefit from economic expansion in their roles as institutional investors and as providers of insurance risk management and indemnification. The paper recommends that the government develop better mechanisms to substitute disaster victims for their losses. At the same time, public sentiment would compel the nation to implement ways of reducing the burden of catastrophes on the public treasury. The enactments that would follow would pave the way for the nation's brilliant economic growth and development. Furthermore, insurance companies must also participate in insurance venture that is both environmentally and client-friendly and also formulate insurance initiatives that can cover every segment and section of the economy.

This research analyzed the insurance industry and economic growth in Nigeria between 1980 and 2015. Secondary data ranging from real gross domestic product, the premium of the insurance business, claim expenditure of insurance industry and inflation rate were utilized and sourced from Central Bank of Nigeria (CBN). The Ordinary Least Squares (OLS) multiple regression techniques, Descriptive statistics, Augmented Dickey-Fuller (ADF) test of stationarity and ARDL Bound Test Co-Integration were adopted for the model in the Study. The findings revealed that the premium of the insurance industry (PMI) impacts negatively on economic growth both in the extended and short run period. The claim expenditure of the insurance industry (CEX) revealed a progressive relationship with economic growth in the long run and a negative relation with growth in the short run. We therefore conclude following the Keynesian theory of aggregate demand which states that, ‘’if we will have to wait till the long run, we will all be dead’’, that insurance industry in Nigeria has not impacted positively on economic growth of Nigeria within the period under review and its operations and investment have not been prominent and contributory to the growth and development of Nigeria. Based on these outcomes, we recommend amongst others, that more investment ought to be made towards the insurance industry in Nigeria especially in terms of proper policy formulation by the government that would channel funds and encourage competition among the players in the industry and invariably contribute to the growth of the economy.