Description
Abstract
This project looks at Comparative analysis of amount of premium paid and claims settled on fire, life and motor policies. It focuses 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. The aim was 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 policy. 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 prediction towards their business, so that the organization will not collapse.
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