Between 2007 and 2016 Justification:

Between 2007 and 2016
Justification:
Using a 10-year period to analyze the number of new motor vehicles purchased and registered in Australia is significant for the study because it covers a large scope of time. The company will exclusively analyze the trends in the motor vehicle market because it directly affects the performance of insurance industry.
Illustration:
The number of new motor vehicles purchased and registered in Australia keeps increasing each year apart from in 2009. Apart from 2009 which registered only 920,109 new motor vehicles, all the other years registered over One million sale of new motor vehicles. It can be anticipated that the purchase of new motor vehicles would increase in future. The number is projected to head over 2 million new motor vehicles between the years 2023 and 2025.
• Between 2015 and 2016 on a Monthly basis
Justification
The insurance policies offered by the company are not renewable after the expiry of the 12-month period. The firm focus on the news cars as their target market. This justifies the type of data used in the time series analysis. The data shows the number of news cars which were purchased and registered in 2015 and 2016 on a monthly basis. Using newly purchased cars is relevant to the analysis because it helps to understand the trends in the market. Second, a choice of 2015 and 2016 years provides the most recent data on the new cars bought. The information captured in the two years is a reliable predictor of the future performance.
Illustrations
The sales of new cars in Australia increased in 2016 compared to 2015. However, the pattern of purchase is similar between the two years. High purchases of new cars are high between May and September but fall between October and November. With the current trend, it is evident that the purchase of new cars is likely to increase in the future. The firm should, therefore, capitalize on such future opportunities. For example, the firm should intensify on its marketing methods to attract more customers to its services. For the time series, it can be projected that in future the new purchases and registered motor vehicles to hit 100,000 per month. This is an indication that the number of insurance providers will increase as well as the competition in the industry. The information is crucial because it has the influence on the firm’s performance and profitability in the future.

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