BUSINESS PERFORMANCE AND FORECAST OF BUSINESS PERFORMANCE OF INSURANCE ENTERPRISES IN VIETNAM

Tran Phuong Thao , Nguyen Van Quang

doi:10.59266/houjs.2024.442

Authors

Tran Phuong Thao , Nguyen Van Quang

DOI:

https://doi.org/10.59266/houjs.2024.442

Keywords:

insurance companies, period 2013-2023, business efficiency, forecast, ARIMA model

Abstract

The Vietnamese insurance market currently has many potential advantages: insurance products are enhanced in both quantity and quality, increasingly meeting the diverse needs of customers, and many new types of products, but there are still many challenges, such as human resource quality, market database, and application of information technology. The article has studied the business performance of insurance companies from 2013 to 2023 and used the ARIMA model to forecast the business performance of insurance companies. The forecast results are consistent with the insurance market development strategy until 2030. The article has proposed a number of recommendations to management agencies and solutions for insurance companies to achieve the scale, growth rate, and business efficiency as set out in the strategy.

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