This project is focused on Impact of Insurance Company on Economic Development of Nigeria with emphasis on National Insurance Corporation of Nigeria (NICON) Lokoja branch. The study is aimed at examine the Impact of insurance company in the struggle for development in the country, the contributions of insurance companies to the economic development of the country as well as reviewing relevant literatures on insurance as to how risk can be reduced in insurance. The researcher used both primary and secondary sources of data. In analyzing the data, the use of simple percentage method was adopted for easy understanding. It was revealed after the investigation that effective insurance policies and implementation are is very necessary for the rapid economic development of the country. In view of this, the researcher recommends that the National Assembly needs to enforce the law concerning insurance policy by passing bills which enable both private and public organizations to have insurance cover especially production sector of the economy, it was also recommended that since risk is inevitable to minimize loss, insurance policy should be employed by the people.