Designing a Simple Financial Tool

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The aim of our criteria is to design a simple tool that will be beneficial to the user “client” to get instant fair results by entering the financial figures of any tested insurance company to compare it by the results of the final total average of the total companies tested. This project was requested by two parties, Bahrain Polytechnic as it is a graduation project and Gulf Petrochemical industries Company. As for GPIC, the main reason for doing this project is to provide them with a criteria to help them evaluate insurance companies and rank them regarding their ability to pay their money back in case of a claim occurrence. This criteria is evaluating property and casualty insurance in specific as GPIC more concern in analyzing it rather than other insurance types as they work in a very sensitive environment that an accident may cause major damages, besides to the fact that it is more risky and expensive. The criteria were undertaken based on financial and non-financial factors. Evaluation insurance companies are not hard once you get all the information you need. However, challenges and problems in searching for this information was time consuming not to mention the problem of a high probability of unreliable resources. Moreover, Lack of date and information was one of the major weaknesses in this project. Searching for information wasn’t the only obstacle faced in this project but implementing and testing figures to get a reasonable rate was a big challenge. To reach the final criteria, many steps were taken into consideration just before deciding the variables which may have an effect on companies rating. The first step of this project was studying the local and worldwide insurance market and how it developed over the year... ... middle of paper ... ...fe insurance in the country are both motor and property (Emirates increases its production of chemicals to reach 7.4 million tons over 5 years, 2011). More important, Alpen Capital’s GCC report mentioned that GCC will experience a growth in life and non-life insurance sector as well as regulatory positive development. A significant sign confirming on this development is the rise in premium from 2008 to 2012 by 11.8% to reach 16.3 billion (GCC insurance industry). While in 2017 it is estimated that non-life insurance will expand around 20% annually. Currently, Saudi Arabia and Emirates are the strongest within GCC countries in this sector. Emirates in particular is the dominative country from the GCC due to its huge contribution of GWP which was a percentage of 44.1% in 2012 (Emirates increases its production of chemicals to reach 7.4 million tons over 5 years, 2011)

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