Basic statistics for insurers
The course introduces students to basic statistical methods that are relevant in the insurance business. The course focuses on the descriptive statistics which include the concepts of variables, random variables, data and its distribution as well as presenting of study results. Moreover, the course also dwells on the fundamental principles underlying sampling, probability, correlation, regression analysis, time series analysis, index numbers and the computation of insurance ratios.
Course Objectives
This course is intended to serve the following objectives:
- To introduce the learners to basic statistical concepts, tools and their application in the insurance industry.
- To train learners in the applications of the probability theory, relevant probability distributions and simple probability computations.
- To train learners in correlation, regression and time series analytical techniques and also show their application in planning and forecasting.
- To train learners how to compute index numbers and insurance ratios and also show the applications in insurance business.
Expected learning outcomes
By the end of the course, every learner should be able to:
- Explain the statistical concepts used in insurance business.
- Recognize the importance of statistics to insurance business.
- Describe various methods used in drawing samples from a given study population.
- Describe various data collection methods and also be able to collect data using those methods.
- Describe data analysis methods and also be able to analyze data.
- Present research results in a meaningful way and can easily help in drawing meaningful conclusions.