PREDICTING NON-LIFE INSURANCE SEGMENTS IN THE REPUBLIC OF NORTH MACEDONIA: A COMPARATIVE MULTI-MODELLING PERSPECTIVE
Date Issued
2023-09
Author(s)
Abstract
Insurance prediction emerges as one of the fundamentals in business sustainability
and rising market competitiveness, as current decisions depend on future
expectations. As the available data exponentially grows, insurers face the most
important decision - either focus on significant data analytics or simply lose
ground to competitors which do so. This paper aims at predicting future developments
in non-life gross written premiums, claims, number of contracts and
technical premiums as the pure quantity of the underwritten risk in the Macedonian
insurance sector. Through a multi-model univariate approach, the paper
aims at uncovering forecasting capabilities of different models, which in turn can
be used by the insurers to form expectations more adequately.
and rising market competitiveness, as current decisions depend on future
expectations. As the available data exponentially grows, insurers face the most
important decision - either focus on significant data analytics or simply lose
ground to competitors which do so. This paper aims at predicting future developments
in non-life gross written premiums, claims, number of contracts and
technical premiums as the pure quantity of the underwritten risk in the Macedonian
insurance sector. Through a multi-model univariate approach, the paper
aims at uncovering forecasting capabilities of different models, which in turn can
be used by the insurers to form expectations more adequately.
Subjects