The table below shows the direct premium income of non-life insurance business for Nigeria in...
The table below shows the direct premium income of non-life insurance business for Nigeria in a particular year. Use the data to answer the questions that follow:
| Type | Value in Naira | Percentage value |
| Fire Accident Motor Marine Miscellaneous | 24,532,000 13,770,000 94,442,000 49,536,000 20,040,000 | 12.1 6.8 ? 24.5 ? |
| Total | 202,320,000 | 100 |
(a) Calculate the missing percentages for motor and miscellaneous premium incomes.
(b) (i) Construct a percentage bar graph to illustrate the above statistics.
(ii) State two disadvantages of a percentage bar graph.
(c) Suggest an alternative method of representing the statistics.
Explanation
(a) The missing percEntages for
Motor 9444200 x 100= 46.7%
202,320,00 1
Miscellaneous 20040000 x100 = 9.9%
202,320,000 1
(b)(i)
(B) (ii) Disadvantages of percentage bar graph.
(i) The actual value of individual components cannot be denied from the graph.
(ii) There is difficulty in calculating the percentages of the component parts.
(iii) Wrong calculating of a component part will affect the other parts.
(iv) Comparison of the actual values of the components is difficult.
(v) Where extreme value is wide, some of the component parts cannot be drawn, e.g. 0.1%.
(C) The alternative methods are
(a) Pie chart or divided circle.
(b) Simple bar graph.
(c) Divided bar graph