Comparative Analysis of Amount of Premuim Paid and Claims Settled on Fire, Life and Motor Policies: A Case of Kwara Insurance Broker Limited, Kwara State

Abstract

This project is on comparative analysis of amount of premium paid and claims settled on fire, motor and life policies in Kwara Insurance Broker’s Limited, Ilorin from 1996-2005 was aimed to analysis the trend of insurance in Nigeria as regards to the three policies mentioned above regression analysis and correlation was use to analyse the data. Sequences to the analysis carried out, it revealed that the amount of claims settled does not depend on the amount of premium paid. The life policy which shows that no awareness is being created to prevail its importance. It can be seen from the three policies that there are fluctuations in premium paid. Premium paid has fluctuated over the years in the motor polic. Eventually, the analysis revealed that the amount of premium paid and claims settled on each of the policies are not equal, therefore the premiums paid have highest values. Based on these findings, we recommend to the company that it should encourage its staff to embark on public enlightenment from time to time and there is need to employ the services of qualified statisticians for the planning and predication towards their business, so that the organization will not collapse.

TABLE OF CONTENTS

Title Page                                                                                             i

Certification                                                                                          ii

Dedication                                                                                            iii

Acknowledgments                                                                               iv

Abstract                                                                                                vi

Table of Contents                                                                               vii

CHAPTER ONE

1.0     Introduction                                                                                1

1.1     Historical Background                                                              3

1.2     Aims and Objectives of the Study                                           5

1.3     Definition of Terms                                                                   5

1.4     Limitations of the Study                                                            7

CHAPTER TWO

2.0     Literature Review                                                                      8

2.1     Definition of Insurance                                                             9

CHAPTER THREE

3.0     Methodology                                                                              13

3.1     Correlation Analysis                                                                 13

3.2     Regression Analysis                                                                 14

3.3     Analysis of Variance                                                                 21

3.4     Data Presentation                                                                     23

3.5     Source of Data collection                                                         24

CHAPTER FOUR

4.0     Analysis of Data                                                                        28

4.1     Presentation of Data                                                                 28

CHAPTER FIVE

5.0     Summary, Conclusion and Recommendations                     48

5.1     Summary                                                                                    48

5.2     Conclusion                                                                                 49

5.3     Recommendations                                                                    49

References