Application of the Extended Gompertz Model in Analyzing Insurance Growth

2020 ◽  
Vol 11 (1) ◽  
pp. 9
Author(s):  
Leonard MUSHUNJE ◽  
Maxwell MASHASHA
Keyword(s):  
Economic Development ◽  
Statistical Analysis ◽  
South African ◽  
Insurance Industry ◽  
Gompertz Model ◽  
Growth Function ◽  
Growth Patterns ◽  
Cumulative Distribution ◽  
Insurance Sector ◽  
Cumulative Function

The South African insurance sector is experiencing a positive growth as the nation is on high quality economic growth and development. However, there is little attention with regards to research on the growth analysis, hence the researchers aim to bridge the gap by analyzing the growth using a mathematically based approach. To verify the wide spread phenomenon behind insurance growth an extended Gompertz model (EGM) which is a member of the unified Richards family was used. The quantitative approach by means of functional limits, the cumulative distribution approach, initial value problem (IVP) and the qualitative derivative approach were used to fully analyze the model. We managed to derive a cumulative function was derived which can be used to estimate the number of insurance growth indicators. The maximum carrying capacity of an insurance industry was estimated using the IVP which in our case is time dependent hence does not concur with other Gompertz related works. Using both the qualitative and derivative approach, a growth function which produced the same pattern with the original Gompertz curve with K(t) as the asymptotically stable and non-constant growth limit were deduced. Hence we can conclude that the growth of insurance sectors does follow a sigmoid shape with non-constant maturity levels. Lastly, we performed a statistical analysis of the nexus between insurance sector growth and economic development using GDP and insurance indicators (net premiums) data. From the statistical analysis done the results showed a positive relationship between the two. This showed that, insurance sector indeed plays a significant role towards economic development and as such their growth patterns should be well attended.

scholarly journals The alignment between effective people management, business strategy and organisational performance in the banking and insurance sector

2002 ◽  
Vol 28 (3) ◽  
Author(s):  
Ruwayne Kock ◽  
Gert Roodt ◽  
Theo H. Veldsman
Keyword(s):  
South Africa ◽  
Best Practices ◽  
South African ◽  
Business Strategy ◽  
Insurance Industry ◽  
Business Strategies ◽  
Organisational Performance ◽  
Management Effectiveness ◽  
Insurance Sector ◽  
Industry Needs

The aim of the study was to determine the nature of the alignment between people management effectiveness, business strategy and organisational performance within the banking and insurance sector in South Africa. From the field study, it was evident that the majority of the participating companies fell short of people management best practices and were therefore unable to support their business strategies, which were in line with best practices. The organisational performance data was insufficient to determine the nature of the alignment between organisational performance, people management, and business strategy. The South African banking and insurance industry needs to realign their people management component to support the appropriate business strategy and to produce a desired level of organisational performance. Opsomming Die doel van die studie was om die onderlinge verhouding tussen mensbestuursdoeltreffendheid, besigheidstrategie en organisasieresultate binne die Suid-Afrikaanse bank- en versekeringsektor te ondersoek. Diestudie het duidelik gewys dat toonaangewende bestuurspraktyke by die meerderheid van die deelnemende organisasies ontbreek. Die mensbestuur was nie in staat om die besigheidstrategieë te ondersteun nie wat wel met wêreldwye beste praktyke ooreenstem. Inligting oor organisasieresultate was onvoldoende om enige afleiding te maak. Mensbestuur in die Suid-Afrikaanse bank- en versekeringsektor moet met die besigheidstrategie belyn word om die verwagte organisasieresultate te lewer.

scholarly journals Cyber Crime Influencing Businesses in South Africa

10.28945/2838 ◽  
2004 ◽  
Author(s):  
Marlien Herselman ◽  
Matt Warren
Keyword(s):  
Higher Education ◽  
South Africa ◽  
South African ◽  
Insurance Industry ◽  
Higher Education Institutions ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Cyber Crime ◽  
Insurance Sector ◽  
Increased Risk

This study shows that cyber crime is a recent addition to the list of crimes that can adversely affect businesses directly or indirectly. This phenomenon was not directly prosecutable in South Africa until the enactment of the ECT Act in July 2002. However this Act also prevents businesses to fully prosecute a hacker due to incompleteness. Any kind of commercially related crime can be duplicated as cyber crime. Therefore very little research appears or has been documented about cyber crime in South African companies before 2003. The motivation to do this study was that businesses often loose millions in cyber attacks, not necessarily through direct theft but by the loss of service and damage to the image of the company. Most of the companies that were approached for interviews on cyber crime were reluctant to share the fact that they were hacked or that cyber crime occurred at their company as it violates their security policies and may expose their fragile security platforms. The purpose of this study was to attempt to get an overall view on how South African businesses are affected by cyber crime in the banking and short term insurance sector of the South African industry and also to determine what legislation exist in this country to protect them. The case study approach was used to determine the affect of cyber crime on businesses like banks and insurance companies and higher education institutions. Each case was interviewed, monitored and was observed over a period of a year. This study discloses the evaluation of the results of how cyber crime affected the cases, which were part of this study. The banks and higher education institutions felt that they were at an increased risk both externally and internally, which is likely to increase as the migration towards electronic commerce occurs. The insurance industry felt that they are not yet affected by external cyber crime attacks in this country.

The economy of the Chukotka Autonomous Okrug: On the path from monodependence to diversification

2020 ◽  
Vol 18 (4) ◽  
pp. 662-674
Author(s):  
S.G. Serikov
Keyword(s):  
Economic Development ◽  
Statistical Analysis ◽  
Gross Regional Product ◽  
Key Factors ◽  
Economic Problems ◽  
Analysis Methods ◽  
Socio Economic Development ◽  
Regional Product ◽  
Statistical Analysis Methods

Subject. This article explores the changes in the economic development of the Chukotka Autonomous Okrug during the Soviet and post-Soviet periods. Objectives. The article aims to identify trends and features of the socio-economic development of the Chukotka Autonomous Okrug. Methods. For the study, I used the comparative, computational, constructive, and statistical analysis methods. Results. The article reveals key factors in the growth of the Chukotka Autonomous Okrug's gross regional product and the economic challenges to the region. As well, the article considers and proposes some possible options for further socio-economic development of the Okrug. Conclusions. The Okrug's current socio-economic problems are caused by not objective reasons only, but subjective factors, as well.

E-Insurance :A Platform For Insurance Penetration In India

2019 ◽  
Vol 118 (6) ◽  
pp. 90-93
Author(s):  
L. Terina Grazy ◽  
Dr.G. Parimalarani
Keyword(s):  
Insurance Industry ◽  
Cost Effective ◽  
Online Marketing ◽  
Insurance Companies ◽  
The Internet ◽  
Insurance Sector ◽  
The People ◽  
Cost Effective Approach ◽  
Time And Energy ◽  
Work Done

E-commerce is a part of Internet Marketing. The arrival of Internet made the world very simple and dynamic in all the areas. Internet is the growing business as a result most of the people are using it in their day to day life. E-commerce is attractive and efficient way for both buyers and sellesr as it reduce cost, time and energy for the buyer. No surprise the insurance sector has become quite active within the internet sphere. Most insurance companies are offering policies to be brought online and also the portals for paying premiums. It actually saves from hassles involved in going to an insurance office and spend hours to get the insurance work done. Insurance has become an important and crucial aspect of life. Online insurance is the best and most cost effective approach of taking the insurance deal. This paper focused on influence of online marketing on the insurance industry in India, usage of internet in India , the internet penetration in India and the online sale of insurance product by the insurance sector.

AN EMPIRICAL STUDY OF INDIAN INSURANCE INDUSTRY POST GLOBAL FINANCIAL CRISIS

2015 ◽  
Vol 6 (01-02) ◽  
Author(s):  
Anis Ur Rehman ◽  
Yasir Arafat Elahi ◽  
Sushma .
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Insurance Industry ◽  
Primary Data ◽  
Policy Recommendations ◽  
Insurance Sector ◽  
The World ◽  
The Impact ◽  
The New Deal

India has recently emerged as a major political and economic power in the world. The financial crisis that engulfed the world in 2008 needed developing countries like India to lead the rescue and recovery, instead of G7 westerns countries who dealt with such crisis in the past. Recently, discussions and negotiations are going amongst G20 countries regarding a new global financial architecture (G-20 Summit, 2008). The outcome will affect the relevant industries in India and hence it is a public interest issue for the actuarial profession in the country. Increased and more intrusive and costly regulations and red tapes are likely to be a part of the new deal (Economic Survey 2009-10). The objective of this paper is to study the perception of higher level authorities in Insurance sector regarding the role of regulator in minimizing the impact of global financial crisis. The primary data has been collected from 200 authorities in insurance industry. The data has been analyzed with statistical tools like MS-Excel. On the basis of the findings, various measures and policy recommendations for insurers have been suggested to minimize the impact of crisis.

THE ROLE OF TOURISM IN ECONOMIC DEVELOPMENT AND ITS DIRECTIONS FOR ITS DEVELOPMENT

2021 ◽  
Vol 4 (7) ◽  
pp. 46-52
Author(s):  
Kagar Nadjibulla ◽  
Keyword(s):  
Economic Development ◽  
Statistical Analysis ◽  
Tourism Sector ◽  
Further Development

This article highlights tourism and its role in economic development. The ongoing reforms in the development of tourism in Uzbekistan and the measures taken to develop tourism were studied and statistical analysis was carried out. In addition, directions for further development of the tourism sector are proposed

INTERREGIONAL COOPERATION IN THE FIELD OF SOCIO-ECONOMIC DEVELOPMENT (ON THE EXAMPLE OF THE PARTICIPANTS OF THE COMPLEX INVESTMENT PROJECT “YENISEI SIBERIA”)

2020 ◽  
Vol 6 (12) ◽  
pp. 136-140
Author(s):  
V. T. LYKTAN ◽  
◽  
S. P. MONGUSH ◽  
Keyword(s):  
Economic Development ◽  
Statistical Analysis ◽  
Investment Project ◽  
Investment Projects ◽  
Effective Implementation ◽  
Multiplicative Effect ◽  
Socio Economic Development ◽  
Interregional Cooperation

The aim of the work is to study the aspects of interregional cooperation in the formation of the complex investment project “Yenisei Siberia”. Methods of statistical analysis were used – dynamics, comparison, grouping. The article provides an overview of the main socio-economic differences between the participants of interactions. Minimizing these differences will create conditions for the effective implementation of investment projects that provide a multiplicative effect in the development of the project territories.

Sign in / Sign up

Export Citation Format

Share Document