This study analyzes the influences on stock prices of selected insurance companies, focusing on explanatory variables such as company size (Sizeit), profitability (Profitit), and changes in oil prices (Doilt) over the period from early 2012 to mid-2024. Utilizing the Generalized Method of Moments (GMM) for estimation, the results reveal a significant positive relationship between oil price increases and the stock prices of insurance companies, with a one-unit rise in oil prices correlating to a 0.02 unit increase in stock price changes. The research indicates that increased oil prices can enhance overall production levels in the economy, leading to greater transaction volumes and heightened demand for insurance products. Additionally, company size and profitability are shown to positively influence stock price changes, with a 1% increase in company size resulting in a 0.017-unit growth in stock prices. Overall, the study underscores the complex interplay between oil prices and stock prices in the insurance sector, driven by economic conditions and company characteristics. These insights are crucial for investors evaluating stock performance in relation to oil price fluctuations and broader economic activity.