Open Access

Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?


Cite

Banker, R. D., Charnes, A., & Cooper, W. W. (1984). Some models for estimating technical and scale inefficiencies in data envelopment analysis. Management science, 30(9), 1078-1092. DOI: 10.1287/mnsc.30.9.107810.1287/mnsc.30.9.1078 Search in Google Scholar

Barros, C. P., Barroso, N. & Borges, M. R. (2005). Evaluating the efficiency and productivity of insurance companies with a Malmquist Index: A case study for Portugal. The Geneva Papers on Risk and Insurance—Issues and Practice, 30(2): 244–267. Search in Google Scholar

Barros, C. P., & Garcia, M. T. M. (2006). Performance evaluation of pension funds management companies with data envelopment analysis. Risk Management and Insurance Review, 9(2), 165-188. DOI: 10.1111/j.1540-6296.2006.00092.x10.1111/j.1540-6296.2006.00092.x Search in Google Scholar

Berger, A. N., & Humphrey, D. B. (1992). Measurement and Efficiency Issues in Commercial Banking. In Z. Griliches (Ed.), Output Measurement in the Service Sectors (pp. 245-300). Cambridge: National Bureau of Economic Research Inc. Search in Google Scholar

Biener, C., & Eling, M. (2012). Organization and efficiency in the international insurance industry: A cross-frontier analysis. European Journal of Operational Research, 221(2), 454-468. DOI: 10.1016/j.ejor.2012.03.03710.1016/j.ejor.2012.03.037 Search in Google Scholar

Biener, C., Eling, M., & Wirfs, J. H. (2015). Insurability of cyber risk: An empirical analysis. The Geneva Papers on Risk and Insurance-Issues and Practice, 40(1), 131-158. DOI: 10.1057/gpp.2014.1910.1057/gpp.2014.19 Search in Google Scholar

Bowlin, W. F. (1998). Measuring performance: An introduction to data envelopment analysis (DEA). The Journal of Cost Analysis, 15(2), 3-27. DOI: 10.1080/08823871.1998.1046231810.1080/08823871.1998.10462318 Search in Google Scholar

Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision making units. European journal of operational research, 2(6), 429-444. DOI: 10.1016/0377-2217(78)90138-810.1016/0377-2217(78)90138-8 Search in Google Scholar

Charnes, A., Clark, T., Cooper, W. W., and Golany, B. (1985). A development study of data envelopment analysis in measuring the efficiency of maintenance units in the US Air Force. Annals of Operations Research, 2, 95–112.10.1007/BF01874734 Search in Google Scholar

Cooper W. W., Seiford L. M. and K. Tone (2007). Data Envelopment Analysis: A Comprehensive Text with Models, Applications, References and DEA-Solver Software. Boston, MA. Springer. Search in Google Scholar

Croatian Insurance Bureau. (2019). Insurance Market in the Republic of Croatia 2018 – Key facts. Zagreb: Croatian Insurance Bureau. Retrieved February 23, 2020, from http://huo.hr/eng/publications/50/ Search in Google Scholar

Croatian Financial Services Supervisory Agency. (2019). Statistics. Retrieved January 15, 2020, from https://www.hanfa.hr/publikacije/statistika/ Search in Google Scholar

Croatian National Bank. (2019). Banks Bulletin No. 32. Zagreb: Croatian National Bank. Retrieved January 15, 2020, from https://www.hnb.hr/analyses-and-publications/regular-publications/banks-bulletin Search in Google Scholar

Cummins, J. D., Tennyson, S., & Weiss, M. A. (1999). Consolidation and efficiency in the US life insurance industry. Journal of banking & Finance, 23(2-4), 325-357. DOI: 10.1016/S0378-4266(98)00089-210.1016/S0378-4266(98)00089-2 Search in Google Scholar

Cummins, J. D. and Rubio-Misas, M. (2006). Deregulation, consolidation, and efficiency: Evidence from the Spanish insurance industry. Journal of Money, Credit, and Banking, 38(2), 323–355. DOI: 10.1353/mcb.2006.002910.1353/mcb.2006.0029 Search in Google Scholar

Cummins, J. D., & Xie, X. (2013). Efficiency, productivity, and scale economies in the US property-liability insurance industry. Journal of Productivity Analysis, 39(2), 141-164. DOI: 10.1007/s11123-012-0302-210.1007/s11123-012-0302-2 Search in Google Scholar

Cummins, J. D., & Weiss, M. A. (2013). Analyzing firm performance in the insurance industry using frontier efficiency and productivity methods. In G. Dionne (Ed.), Handbook of insurance (pp. 795-861). New York: Springer. Search in Google Scholar

Cummins, J. D., & Zi, H. (1998). Comparison of frontier efficiency methods: An application to the US life insurance industry. Journal of productivity analysis, 10(2), 131-152. DOI: 10.1023/A:102640292236710.1023/A:1026402922367 Search in Google Scholar

Cummins, J. D., & Xie, X. (2013). Efficiency, productivity, and scale economies in the US property-liability insurance industry. Journal of Productivity Analysis, 39(2), 141-164. DOI: 10.1007/s11123-012-0302-210.1007/s11123-012-0302-2 Search in Google Scholar

Diacon, S. R., Starkey, K., & O’Brien, C. (2002). Size and efficiency in European long-term insurance companies: an international comparison. The Geneva Papers on Risk and Insurance. Issues and Practice, 27(3), 444-466. DOI: 10.1111/1468-0440.0018410.1111/1468-0440.00184 Search in Google Scholar

Eling, M., & Luhnen, M. (2010a). Efficiency in the international insurance industry: A cross-country comparison. Journal of Banking & Finance, 34(7), 1497-1509. DOI: 10.1016/j.jbankfin.2009.08.02610.1016/j.jbankfin.2009.08.026 Search in Google Scholar

Eling, M., & Luhnen, M. (2010b). Frontier efficiency methodologies to measure performance in the insurance industry: Overview, systematization, and recent developments. The Geneva Papers on Risk and Insurance-Issues and Practice, 35(2), 217-265. DOI: 10.1057/gpp.2010.110.1057/gpp.2010.1 Search in Google Scholar

Ennsfellner, K. C., Lewis, D., & Anderson, R. I. (2004). Production efficiency in the Austrian insurance industry: a Bayesian examination. Journal of Risk and Insurance, 71(1), 135-159. DOI: 10.1111/j.0022-4367.2004.00082.x10.1111/j.0022-4367.2004.00082.x Search in Google Scholar

Farrell, M. J. (1957). The measurement of productive efficiency. Journal of the Royal Statistical Society: Series A (General), 120(3), 253-281. DOI: 10.1111/j.0022-4367.2004.00082.x10.1111/j.0022-4367.2004.00082.x Search in Google Scholar

Fenn, P., Vencappa, D., Diacon, S., Klumpes, P., & O’Brien, C. (2008). Market structure and the efficiency of European insurance companies: A stochastic frontier analysis. Journal of Banking & Finance, 32(1), 86-100. DOI: 10.1111/j.0022-4367.2004.00082.x10.1111/j.0022-4367.2004.00082.x Search in Google Scholar

Golany, B., & Roll, Y. (1989). An application procedure for DEA. Omega, 17(3), 237-250. DOI: 10.1016/0305-0483(89)90029-710.1016/0305-0483(89)90029-7 Search in Google Scholar

Grmanová, E., & Pukala, R. (2018). Efficiency of insurance companies in the Czech Republic and Poland. Oeconomia Copernicana, 9(1), 71-85. DOI: 10.24136/oc.2018.00410.24136/oc.2018.004 Search in Google Scholar

Grmanová, E., & Strunz, H. (2017). Efficiency of insurance companies: Application of DEA and Tobit analyses. Journal of International Studies, 10(3), 250-263. DOI: 10.14254/2071-8330.2017/10-3/18.10.14254/2071-8330.2017/10-3/18 Search in Google Scholar

Hrvatski ured za osiguranje. (2019). Tržište osiguranja u Republici Hrvatskoj 2018. Zagreb: Hrvatski ured za osiguranje. Retrieved February 23, 2020, from http://huo.hr/hrv/statisticka-izvjesca/18/ Search in Google Scholar

Hu, X., Zhang, C., Hu, J. L., & Zhu, N. (2009). Analyzing efficiency in the Chinese life insurance industry. Management Research News, 32(10) 2009, 905-920. DOI: 10.1108/01409170910994123 Search in Google Scholar

Huang, W., & Eling, M. (2013). An efficiency comparison of the non-life insurance industry in the BRIC countries. European Journal of Operational Research, 226(3), 577-591. DOI: 10.1016/j. ejor.2012.11.008 Search in Google Scholar

Hussels, S., & Ward, D. R. (2007). The Impact of deregulation on the German and UK life insurance markets: an analysis of efficiency and productivity between 1991-2002. Cranfield University School of Management. Search in Google Scholar

Iqbal, Q., Awan H. M. (2015). Technical, pure technical and scale efficiency analysis of insurance companies of Pakistan. International Journal of Business and Management Review, 3(4), 82-92. Search in Google Scholar

Jarzębowski, S. (2013). Parametric and non-parametric efficiency measurement–the comparison of results. Quantitative Methods in Economics -Metody Ilościowe w Badaniach Ekonomicznych, 14(1), 170-179. Search in Google Scholar

Jeng, V., & Lai, G. C. (2008). The impact of deregulation on efficiency: an analysis of life insurance industry in Taiwan from 1981 to 2004. Risk Management and Insurance Review, 11(2), 349-375. DOI: 10.1111/j.1540-6296.2008.00144.x10.1111/j.1540-6296.2008.00144.x Search in Google Scholar

Jurčević, B., & Žaja, M. M. (2013). Banks and insurance companies efficiency indicators in the period of financial crisis: The case of the Republic of Croatia. Economic research-Ekonomska istraživanja, 26(1), 203-224. DOI: 10.1080/1331677X.2013.1151759810.1080/1331677X.2013.11517598 Search in Google Scholar

Kader, H. A., Adams, M., & Hardwick, P. (2010). The cost efficiency of takaful insurance companies. The Geneva Papers on Risk and Insurance-Issues and Practice, 35(1), 161-181. DOI: 10.1057/gpp.2009.3310.1057/gpp.2009.33 Search in Google Scholar

Kaffash, S., & Marra, M. (2017). Data envelopment analysis in financial services: a citations network analysis of banks, insurance companies and money market funds. Annals of Operations Research, 253(1), 307-344. DOI: 10.1007/s10479-016-2294-110.1007/s10479-016-2294-1 Search in Google Scholar

Klumpes, P. J. (2004). Performance benchmarking in financial services: evidence from the UK life insurance industry. The Journal of Business, 77(2), 257-273.10.1086/381281 Search in Google Scholar

Knežević, S., Marković, M., & Brown, A. (2015). Measuring the efficiency of Serbian insurance companies. Acta Oeconomica, 65(1), 91-105. DOI: 10.1556/AOecon.65.2015.1.510.1556/aoecon.65.2015.1.5 Search in Google Scholar

Kordić, L., Šimundić, B. (2017). Health tourism in Croatia – Questioning the efficiency of special hospitals and natural spas. International Conference Challenges of Europe: Innovative Responses for Resilient Growth and Competitiveness, May 2017 (pp. 417-432). Split, Croatia: Faculty of Economics, Business and Tourism. Search in Google Scholar

Lukic, R., Sokic, M., & Vojteski Kljenak, D. (2018). Analysis of insurance companies’ efficiency in the Republic of Serbia. Economic and Environmental Studies, 18(1), 249-264. DOI: 10.25167/ees.2018.45.1410.25167/ees.2018.45.14 Search in Google Scholar

Lo, F. Y., Chien, C. F., & Lin, J. T. (2001). A DEA study to evaluate the relative efficiency and investigate the district reorganization of the Taiwan power company. IEEE Transactions on Power Systems, 16(1), 170-178.10.1109/59.910794 Search in Google Scholar

Mahlberg, B., & Url, T. (2003). Effects of the single market on the Austrian insurance industry. Empirical Economics, 28(4), 813-838. DOI: 10.1007/s00181-003-0164-610.1007/s00181-003-0164-6 Search in Google Scholar

Mahlberg, B., & Url, T. (2010). Single Market effects on productivity in the German insurance industry. Journal of Banking & Finance, 34(7), 1540-1548. DOI: 10.1016/j.jbankfin.2009.09.00510.1016/j.jbankfin.2009.09.005 Search in Google Scholar

Mandić, K., Delibašić, B., Knežević, S., & Benković, S. (2017). Analysis of the efficiency of insurance companies in Serbia using the fuzzy AHP and TOPSIS methods. Economic research – Ekonomska istraživanja, 30(1), 550-565. DOI: 10.1080/1331677X.2017.1305786.10.1080/1331677X.2017.1305786 Search in Google Scholar

Medved, D., & Kavčič, S. (2012). An empirical study of efficiency in Croatia and Slovenia insurance markets. Economic research – Ekonomska istraživanja, 25(1), 87-98. DOI: 10.1080/1331677X.2012.1151749610.1080/1331677X.2012.11517496 Search in Google Scholar

Micajkova, V. (2015). Efficiency of Macedonian insurance companies: A DEA approach. Journal of Investment and Management, 4(2), 61-67. DOI: 10.11648/j.jim.20150402.1110.11648/j.jim.20150402.11 Search in Google Scholar

Mogha, S. K., Yadav, S. P., & Singh, S. P. (2014). Estimating technical and scale efficiencies of private hospitals using a non-parametric approach: case of India. International Journal of Operational Research, 20(1), 21-40. DOI: 10.1504/IJOR.2014.06051510.1504/IJOR.2014.060515 Search in Google Scholar

Noreen, U., & Ahmad, S. (2016). Cost Efficiency and Total Factor Productivity: An Empirical Analysis of Pakistan’s Insurance Sector. The Lahore Journal of Economics, 21 (1), 123–150. DOI: 10.35536/lje.2016.v21.i1.a510.35536/lje.2016.v21.i1.a5 Search in Google Scholar

Özcan, Y. A. (2008). Health Care Benchmarking and Performance Evaluation: An Assessment Using Data Envelopment Analysis. New York, NY. Springer. Search in Google Scholar

Paradi, J. C., Sherman, H. D., & Tam, F. K. (2018). Data Envelopment Analysis in the Financial Service Industry: A guide for practitioners and analysts working in Operations Research using DEA. Cham. Springer. Search in Google Scholar

Rees, R., & Kessner, E. (1999). Regulation and efficiency in European insurance markets. Economic Policy, 14(29), 364-397. DOI: 10.1111/1468-0327.0005310.1111/1468-0327.00053 Search in Google Scholar

Ryan Jr, H. E., & Schellhorn, C. D. (2000). Life insurer cost efficiency before and after implementation of the NAIC-risk based capital standards. Journal of Insurance Regulation, 18(3), 362-384. Search in Google Scholar

Shim, J. (2011). Efficiency Changes Around Mergers in the US Property-Liability Insurance Industry: A Data Envelopment Analysis. Journal of Business & Economic Studies, 17(2), 77-96. Search in Google Scholar

Škrinjarić, T. (2016). Analiza relativne efikasnosti industrije osiguranja europskih zemalja korištenjem analize omeđivanja podataka. Ekonomski pregled, 67(1), 3-26.10.32910/ep.72.1.1 Search in Google Scholar

Taib, C. A., Ashraf, M. S., & Razimi, M. S. B. A. (2018). Technical, Pure Technical and Scale Efficiency: A Non-Parametric Approach of Pakistans Insurance and Takaful Industry. Academy of Accounting and Financial Studies Journal, 22(1), 1-11. Search in Google Scholar

Tone, K., & Sahoo, B. K. (2005). Evaluating cost efficiency and returns to scale in the Life Insurance Corporation of India using data envelopment analysis. Socio-Economic Planning Sciences, 39(4), 261-285. DOI: 10.1016/j.seps.2004.06.00110.1016/j.seps.2004.06.001 Search in Google Scholar

Turchetti, G., & Daraio, C. (2004). How deregulation shapes market structure and industry efficiency: The case of the Italian motor insurance industry. The Geneva Papers on Risk and Insurance. Issues and Practice, 29(2), 202-218. DOI: 10.1111/j.1468-0440.2004.00282.x10.1111/j.1468-0440.2004.00282.x Search in Google Scholar

Wang, C. N., Nguyen, N. T., & Tran, T. T. (2015). Integrated DEA models and grey system theory to evaluate past-to-future performance: a case of Indian electricity industry. The Scientific World Journal, 2015. 1–17. DOI: 10.1155/2015/63871010.1155/2015/638710 Search in Google Scholar

Wanke, P., & Barros, C. P. (2016). Efficiency drivers in Brazilian insurance: A two-stage DEA meta frontier-data mining approach. Economic Modelling, 53, 8-22. DOI: 10.1016/j.econmod.2015.11.005.10.1016/j.econmod.2015.11.005 Search in Google Scholar