Comparative Study of Insurance Business

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A COMPARATIVE STUDY OF LIFE AND NON-

LIFE INSURANCE SCHEME

(A CASE STUDY OF NICON INSURANCE 200 - 2010)

BY

MARTINS JAYNE ONYINYE

MATRIC NO: 2006/DEGR/DL/22!

A PROJECT SUBMITTED TO THE DEPARTMENT OF

STATISTICSFACULTY OF PHYSICAL SCIENCES

UNIVERSITY OF NIGERIA" NSU##A$

IN PARTIAL FULFILMENT OF THE RE%UIREMENTS FOR THE

A&ARD OF BACHELOR OF SCIENCE (B$S') DEGREE IN COMPUTER SCIENCE/STATISTICS UNIVERSITY OF NIGERIA" NSU##A



NOVEMBER" 201

CERTIFICATION

This is to certify that this project work titled “Comparative Study of Insurance Business: A case

study of NICN Insurance from !""" # !""$% was ori&inally carried'out (y me and I also certify

that this has never (een su(mitted (efore in part or whole for any de&ree of this or any other

institution)

*********** **********)

+artins ,ayne nyinye -ate

!""./-012/-3/!!45



APPROVAL PAGE

This project is here(y approved in partial fulfillment of the re6uirements for the award of a

Bachelor of Science 7B)Sc8 -e&ree in Computer Science/Statistics9 niversity of Ni&eria9

Nsukka)

**********)) *********

+r 0)I +(a -ate

;roject Supervisor

*********** )) *********

<ead of -epartment -ate

*********** *********

0=ternal 0=aminers -ate



DEDICATION

This project is dedicated to 1od Almi&hty for <is immeasura(le9 incompara(le9 ine=plica(le9

incomprehensi(le and anticipated love and mercies to me throu&h my years of study in this

Institution)

Also9 I dedicate this project to my ;arents that (rou&ht me up in the modest way throu&h

personal sacrifices to ensure that I reach my potentials and serve my wonderful 1od)



ABSTRACT

The 2esearcher looks at the activities of NICN Insurance ;lc from !""" # !""$) Analysis was

carried'out usin& S;SS >!? on a raw data showin& the considered varia(les 7;remium 1ross

Income9 Net ;remium Income9 +ana&ement 0=penses and Net Claim ;aid8) Analysis showed

that the varia(les considered n the research for the life and the non'life schemes has une6ual

performance e=cept for the net claim paid on the life and the non'life insurance schemes with

(oth havin& the same mean rank) Since there@s a statistically si&nificant difference in the

varia(les with the &rand mean rank of the life insurance 4)454 and the non'life insurance

)!4) ;eople tend to insure their lives than their properties) Althou&h all the varia(les

considered are positively correlated9 the non'life premium &ross income and the non'life net

premium income are hi&hly correlated)



T*+ , C,.+.

Title ;a&e*********************************) i

Certification*******)))************************)) ii

Approval ;a&e*******************************) iii

-edication********))************************) iv

A(stract***********)**********************)) v

Ta(le of Content******************************)) vi

C<A;T02 N0 ' INT2-CTIN

?)? Back&round of the Study************************)) ?

?)! Scope and 3imitation**********)****************!?)!)? Scope**************))***************!

?)!)! 3imitation*************)**************))

?) (jectives of the Study*************************))

?) 3iterature 2eview********************)))*******

C<A;T02 TD ' -ATA C330CTIN

!)? +ethod of -ata Collection*************))**********))??

!)! -ata Collected****************))************))??

!)!)? 1ross ;remium**************)***********))??

!)!)! Net ;remium***************))***********??

!)!) Net Claim ;aid********************))*****)?!

!)!) +ana&ement 0=penses*********************))*)?!

!) ;ro(lems 0ncountered durin& -ata Collection****************))?



C<A;T02 T<200 ' -ATA ANA3ESIS

)? -escriptive Statistics************************* ?

)! Comparison of +eans*************)*********)** ?4

)!)? ;aired Sample Test 7;1I8 *******************))))?.

)!)! ;aired Sample Test 7N;I8 ***************))****))?.

)!) ;aired Sample Test 7+08 *****************))**))?.

)!) ;aired Sample Test 7NC;8 *******************))?.

) Friedman Test***************************)) ?G

) Correlation +atri=*************)))************ ?$

C<A;T02 F2

S++A2E9 CNC3SIN and 20C++0N-ATIN

)? Summary*****************************) !?

)! Conclusion***)*************************) !?

) 2ecommendation********))*****************)) !?

Appendi=

2eferences

Comparative Study of Insurance Business

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