Common use of Descriptive Statistics Clause in Contracts

Descriptive Statistics. To examine the characteristics of the data used in the study, descriptive statistics were computed for individual research variables and the result are relayed on Table1: Table 1: Summary of Descriptive Statistics LRGDP LRGDPIS LINSTA LINSTC Mean 10.90194 5.417658 13.25624 11.56805 Median 10.98033 5.508221 13.28180 11.68400 Maximum 11.17588 5.695592 14.51741 14.03675 Minimum 10.40441 4.857950 11.73019 9.150081 Std. Dev. 0.259721 0.250366 0.772570 1.651455 Skewness -0.580030 -1.012641 -0.453557 -0.027450 Kurtosis 1.903908 2.804567 2.623751 1.569840 ▇▇▇▇▇▇-▇▇▇▇ 1.910366 3.104972 0.723315 1.536279 Probability 0.384742 0.211721 0.696521 0.463875 Sum 196.2349 97.51784 238.6124 208.2249 Sum Sq. Dev. 1.146735 1.065610 10.14670 46.36416 Observations 18 18 18 18 Source: Authors’ Computation, 2022 Table 1 describes the characteristic nature of the sample data series relating to the effect of insurance sector development and the growth of Nigerian economy. Thus, is obvious from the Table 1 that insurance total assets (INSTA) has highest average value of 13.26, this is followed by insurance sector total claims paid (INSTC) with mean value of 11.57. The next is economic growth (RGDP)with average value of 10.90 while the productivity of the insurance sector (RGDPIS) has the lowest average value of

Descriptive Statistics. To examine the characteristics of the data used in the study, descriptive statistics were computed for individual research variables and the result are relayed on Table1Table 1: Table 1: Summary of Descriptive Statistics LRGDP LRGDPIS LINSTA LINSTC Mean 10.90194 5.417658 13.25624 11.56805 Median 10.98033 5.508221 13.28180 11.68400 Maximum 11.17588 5.695592 14.51741 14.03675 Minimum 10.40441 4.857950 11.73019 9.150081 Std. Dev. 0.259721 0.250366 0.772570 1.651455 Skewness -0.580030 -1.012641 -0.453557 -0.027450 Kurtosis 1.903908 2.804567 2.623751 1.569840 ▇▇▇▇▇▇-▇▇▇▇ 1.910366 3.104972 0.723315 1.536279 Probability 0.384742 0.211721 0.696521 0.463875 Sum 196.2349 97.51784 238.6124 208.2249 Sum Sq. Dev. 1.146735 1.065610 10.14670 46.36416 Observations 18 18 18 18 Source: Authors’ Computation, 2022 Table 1 describes the characteristic nature of the sample data series relating to the effect of insurance sector development and the growth of Nigerian economy. Thus, is obvious from the Table 1 that insurance total assets (INSTA) has highest average value of 13.26, this is followed by insurance sector total claims paid (INSTC) with mean value of 11.57. The next is economic growth (RGDP)with average value of 10.90 while the productivity of the insurance sector (RGDPIS) has the lowest average value of