The aim of this article is to investigate the relationship between insurance and economic growth at aggregate and disaggregate level for the period 1982-2018. Very few studies have been carried out in this field, with contradictory results and using an aggregate data while, according to different authors, an aggregate data might provide spurious results. The author used Ordinary Least Squares Regressions (OLS) and Granger Causality tests to explore the strength and direction of the relationship between insurance and economic growth at an aggregate level. To check the relationship at disaggregate level life insurance, marine insurance, and property insurance are regressed on trade openness and investment, respectively. Non-life insurance at an aggregate level plays a positive and significant role in promoting economic growth, but life insurance has an insignificant impact on the Pakistan economy. On the other hand, non-life insurances at a disaggregated level such as marine insurance negatively affect a vital part of economic growth, i.e., trade. At the same time, property insurance has a significant and positive role in boosting investment. Life, marine, and property insurance Granger cause economic growth, trade, and investment in a single direction. Nevertheless, is a bi-directional relationship between economic growth and non-life insurance.

Abstract
1. Introduction
2. Literature Review
3. Methodology
4. Results and Discussion
    4.1. Equation 1
    4.2. Equation 2
    4.3. Equation 3
    4.4. Equation 4
    4.5. Granger Causality Test
5. Conclusion and Future Research
References

• Umera ZULFIQAR(University of Huddersfield, UK.)
• Sajid MOHY-UL-DIN(University of Lahore, Pakistan) Corresponding Author
• Ayman ABU-RUMMAN(Business School, Al-Ahliyya Amman University, Jordan.)
• Ata E.M. AL-SHRAÁH(The Hashemite University, Jordan.)
• Israr AHMED(School of Business Management, Universiti Utara Malaysia, Malaysia.)