In the table below, X and Y represent the property damage and bodily injury components of 19 motor third-party liability losses.

a. Calculate the linear correlation and the rank correlation (Spearman’s ρ) between X and Y.

b. For both linear correlation and rank correlation, determine (if possible) whether the correlation between X and Y is significant at a 5% significance level, stating all assumptions you are making.

X Y 23,077 239,807

– 202,259 12,905 7467 37,618 82,353 1732 22,313 6219 18,975 41,585 346,581