This study was on the role of insurance in the growth of the financial market in Nigeria. The specific objectives of the study were to assess the role of total insurance industry investments on the growth of government securities traded on the Nigerian Stock Exchange and to examine the role of total insurance industry investments on the growth of bonds traded on the Nigerian Stock Exchange. The period of the study was from 1996 to 2020. Data was sourced from the National Insurance Commission industry annual reports and the Central Bank of Nigeria Statistical Bulletin. Ordinary Least Squares regression technique was used to analyse the data. It was found that the total insurance industry investments has no significant role in the growth of the government securities traded on the Nigerian Stock Exchange. In addition, it was found that the total insurance industry investments has no significant role in the growth of bonds traded on the Nigerian Stock Exchange. Based on the findings of the study, it was concluded that investments made by the insurance industry has not played a significant role in the growth of the financial market in Nigeria. In line with the findings of the study, it was recommended that the insurance industry should make its investments in the financial market collectively, with regards to government securities traded on the Nigerian Stock Exchange. Also, the insurance industry investment in bonds should focus on bonds offered by the institutions with higher likelihood of using them in such a way that it will guarantee a higher yield.