6) Insurance Service Sub-Sectors and Output Performance In Nigeria: A Generalized Linear Model Approach
This study examines the insurance services sub-sectors impact on output performance in Nigeria from the period 1981-2017. Using service exports and imports as proxy for insurance services. Methodically, this study test for stationary, test for the cointegration using the Engle-Granger single-equation and use the Generalized Linear Model (GLM) method to analysis the static impact. The results confirm one cointegrating relationship amongst the variables used in the study. The results also reveal that the insurance service exports has a positive significant impact on output performance, while insurance service imports does not have significant impact on output performance in Nigeria in the static analysis. For product innovations in the insurance industry and effective out growth, this study recommends that policy legislation should provide adequate transparency and efficiency. Also, formulation of policy by the government should targeted at providing institutional improvement, especially in risk management.