This study took an empirical view of the role of the insurance sub-sector in the growth and development of the Nigeria economy. The study highlighted the functions, role and significance of insurance companies in developing economies. It further sought to assess the impact of the growth and structure of insurance industry’s profit, premium and investment on Nigeria’s economic growth. Data were collected from CBN statistical bulletin from 1993-2013 while regression statistical tool was applied. GDP was found to be positively but not strongly significantly related to investment. Employment rate is also positively and significantly related to profit of the insurance industry. It was also discovered that Capital formation is negatively and insignificantly related to total premium of the insurance industry. Empirical findings also showed that all the measures of insurance activities jointly have a significant impact on GDP. Based on the findings, recommendations were made which include that insurance business authorities should review its reform policy and ensure that policies that will strengthen the functions of the sector are put in place. In terms of investment, Insurance companies should invest more in public enlightenment and manpower development to give life assurance business its pride of place in the economy.