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ZIMSEC O Level Commerce Notes: Insurance: Importance of statistics to insurance

Importance of statistical records in insurance.

  • Actuaries make extensive use of statistics in insurance
  • Insurance contracts are based on the statistics.
  • Risk is asses to determine whether:
  • It can be accepted or not.
  • Help in determining a fair premium.
  • At a particular place
  • In a particular year.
  • Enables insurance companies to:
  • Cover against claims from insured persons and
  • expenses incurred by the insurance companies.
  • Cover profit of the insurance companies.

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