<p> </p><div><div><p><strong>TITLE PAGE</strong>………………………………………………………………<strong>.i</strong></p><p><strong>APPROVAL PAGE</strong>…………………………………………………………<strong>ii</strong></p><p><strong>DEDICATION</strong>……………………………………………………………<strong>..iii</strong></p><p><strong>ACKNOWLEDGEMENT</strong>…………………………………………………<strong>.iv</strong></p><p><strong>ABSTRACT</strong>…………………………………………………………………<strong>v</strong></p><p><strong>TABLE OF CONTENT</strong>……………………………………………………<strong>.vi</strong></p><p><strong>

Chapter ONE

: INTRODUCTION</strong></p><p><strong>1.1 &nbsp;</strong><strong>Background of the study</strong>…………………………………………<strong>.1</strong></p><p><strong>1.2 &nbsp;</strong><strong>Statement of the problem</strong>…………………………………………<strong>..3</strong></p><p><strong>1.3 Objective of the study</strong>……………………………………………………………………… <strong>5</strong></p><p><strong>1.4 &nbsp;</strong><strong>Research hypotheses</strong>………………………………………………<strong>.6</strong></p><p><strong>1.5 &nbsp;</strong><strong>Significance of the study</strong>……………………………………………<strong>7</strong></p><p><strong>1.6 &nbsp;</strong><strong>Scope and limitations of the study</strong>…………………………………<strong>7</strong></p><p><strong>

Chapter TWO

</strong></p><p><strong>2.0 Literature Review: Introduction</strong></p><p><strong>2.1 Theoretical literature</strong></p><p><strong>2.1.2 The Evolution of modern Insurance Business in Nigeria</strong>….. <strong>9</strong></p><p><strong>2.1.3 Concept of insurance business</strong>……………………………<strong>..11</strong></p><p><strong>2.1.4 Classification of insurance Business</strong>……………………………………. <strong>13</strong></p></div><div><p><strong>2.1.5 &nbsp;</strong><strong>The mechanism of insurance</strong>………………………………<strong>.14</strong></p><p><strong>2.1.6 &nbsp;</strong><strong>The insurance industry and Nigerian Economy</strong>…………<strong>..15</strong></p><p><strong>2.1.7 &nbsp;</strong><strong>The investment case for the insurance sector</strong>………………<strong>16</strong></p><p><strong>2.1.7.1 Key factors for prospects in the industry</strong>………………………… <strong>17</strong></p><p><strong>2.1.7.2 Real sector growth</strong>………………………………………………………………. <strong>18</strong></p><p><strong>2.1.7.3 Implications of government legislation</strong>……………………………… <strong>18</strong></p><p><strong>2.1.8 &nbsp;</strong><strong>Evolution of capital requirements in the insurance sector</strong>…<strong>20 2.1.8.1 Pre-recapitalisation/consolidation</strong>…………………………<strong>.21</strong></p><p><strong>2.1.9 &nbsp;</strong><strong>Contributions of insurance to the gross domestic product in</strong></p><p><strong>Nigeria</strong>……………………………………………………………………………………. <strong>22</strong></p><p><strong>2.1.10The insurance industry in Nigeria and the Financial Strategy (FSS) 2020</strong>…</p><p>………………………………………………<strong>27</strong></p><p><strong>2.1.10.1 Intended position of the industry</strong>……………………………………… <strong>28</strong></p><p><strong>2.1.10.2 The way forward</strong>…………………………………………………………………. <strong>29</strong></p><p><strong>2.1.10.3 The code of ethics</strong>…………………………………………<strong>..30</strong></p><p><strong>2.2 &nbsp;</strong><strong>Empirical literature</strong>……………………………………………<strong>31</strong></p><p><strong>2.3 &nbsp;</strong><strong>Limitations of the previous studies</strong>……………………………<strong>38</strong></p><p><strong>

Chapter THREE

</strong></p><p><strong>3.0 Research Methodology </strong>………………………………………………<strong>39</strong></p></div><div><p><strong>3.1 &nbsp;</strong><strong>Model specification</strong>…………………………………………<strong>40</strong></p><p><strong>3.2 &nbsp;</strong><strong>Method of Evaluation</strong>………………………………………<strong>41 3.2.1 Evaluation Based on statistical criteria</strong>……………………<strong>42 3.2.2.1 Coefficient of multiple Determinations (R2)</strong>……………<strong>42 3.2.3 Evaluation Based on Econometric criteria</strong>…………………<strong>42</strong></p><p><strong>3.3 &nbsp;</strong><strong>Co-integration and Error Correlation representation</strong>……<strong>44</strong></p><p><strong>3.4 &nbsp;</strong><strong>Justification of the model</strong>……………………………………<strong>45</strong></p><p><strong>3.5 &nbsp;</strong><strong>Data required and sources</strong>…………………………………<strong>..45</strong></p><p><strong>

Chapter FOUR

</strong></p><p><strong>4.0 &nbsp;</strong><strong>Presentation and interpretation </strong>…………………………………<strong>..47</strong></p><p><strong>4.1 &nbsp;</strong><strong>Unit root test</strong>…………………………………………………<strong>47 4.1.1 Co-integration Test</strong>…………………………………………<strong>48</strong></p><p><strong>4.2 &nbsp;</strong><strong>Presentation of regression result</strong>……………………………<strong>..49</strong></p><p><strong>4.3 &nbsp;</strong><strong>Economic a priori criteria</strong>…………………………………<strong>..50</strong></p><p><strong>4.3.1 Statistical criteria (first order test)</strong>………………………<strong>.51</strong></p><p><strong>4.3.1.1 Coefficient of multiple determinations (R</strong><strong>2</strong><strong>)</strong></p><p><strong>’</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; ……………………………………</p><p><strong>4.3.1.2 The student s t –test</strong>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>.51</strong></p><p><strong>4.3.1.3 F –Statistics</strong>……………………………………………<strong>..53</strong></p><p><strong>4.3.2 Econometric criteria (second order test)</strong>…………………<strong>54</strong></p><p>9</p></div><div><p><strong>4.3.2.1 Test for Autocorrelation</strong>…………………………………<strong>..54</strong></p><p><strong>4.3.2.2 Normality Test for Residual</strong>………………………………………………. <strong>55</strong></p><p><strong>4.3.2.4 Test for multicollinearity</strong>…………………………………<strong>57</strong></p><p><strong>4.4 Policy implications</strong>……………………………………………<strong>58</strong></p><p><strong>

Chapter FIVE

</strong></p><p><strong>5.0 &nbsp;</strong><strong>Summary of the findings, Recommendations and conclusion</strong></p><p><strong>5.1 &nbsp;</strong><strong>Introduction</strong>…………………………………………………<strong>.60</strong></p><p><strong>5.2</strong></p></div></div><h3></h3><br> <br><p></p>