Statistical Analysis of Insurance Operation in Kwara State (A Case Study of Gateway Insurance Company Plc Ilorin From 2004 To 2009)

TABLE OF CONTENTS

Title page                                                                                              i

Approval sheet                                                                                       ii

Dedication                                                                                             iii

Acknowledgments                                                                                 iv

Preface                                                                                                   v

Table of contents                                                                                   vi

CHAPTER ONE

INTRODUCTION

1.0     Historical Background                                                                 1

1.1     Aims and Objectives                                                                    3

1.2     Achievements of the Company                                                    4

1.3     The Principle Guiding Insurance Business                                   5

1.4     Importance of the study                                                               6

1.5     Definition of some Insurance terms                                             7

1.6     Limitation of the study                                                                11

1.7     Organization structure of Gateway Insurance Plc                        13

CHAPTER TWO

2.0     Literature Review                                                                        16

2.1     Concept of life Insurance                                                             19

2.2     Field Experience                                                                          21

2.3     The impact of each insurance policy to the Development

of insurance business                                                                   22

CHAPTER THREE

3.0     Data Collection                                                                            24

3.1     Various classes of some insurance policy and the

categories of people that takes each policy                                  27

3.2           To know the insurance policy that recorded the largest number

of customers from 2004-2009 with reference to sum assured.     29

CHAPTER FOUR

4.0     Analysis of Data                                                                          33

4.1     Spearman’s Rank Correlation method                                         36

4.2     Method of Analysis used                                                             39

4.3     Moving Average Method                                                             40

4.4     Least Square Regression Analysis                                               42

CHAPTER FIVE

5.0     Summary of Finding Discussion                                                  53

5.1     General Inference                                                                        53

5.2     Recommendation and Conclusion                                               55

Reference                                                                                     57

CHAPTER ONE

INTRODUCTION

1.0     HISTORICAL BACKGROUND

There exist risks in all forms of the business organization since there are many factors over which man has no power. Man cannot control, for example, the force of nature or some of the conduct of their human beings. In fact, all human endeavours have its attendant risks and hazard and one would wants to cover himself against these hazards hence this process is generally known as insurance.

The probability of these risks can be calculated mathematically and it is against these background that insurance can be effected. Insurance is based upon the polling risk. There is a common fund called premium to which the insured contributed to an it is from these that payment is made to those who suffer loss. The Gateway Insurance Company Plc was established by the Kwara State Government in 23rd September 1970 about two decades ago as a limited liability company. The company is licensed to transact all classes of insurance including accident, life and pension when it was fully incorporated.