[Abbas, M., Khan, A.B., Abbas, S., Mahmood, Z. (2018). Determinants of Cost Efficiency of Takaful and Conventional Insurance Firms of Pakistan. Review of Economics and Development Studies, 4 (2), 331–340. DOI: 10.26710/reads.v4i2.418.10.26710/reads.v4i2.418]Search in Google Scholar
[Abdou, H., Ali, K., Lister, R. (2014). A comparative study of Takaful and conventional insurance: empirical evidence from the Malaysian market. Insurance Markets and Companies: Analyses and Actuarial Computations, 4 (1), 23–35.]Search in Google Scholar
[Abduh, M., Omar, M.A., Tarmizi, R.M. (2012). The Performance of Insurance Industry in Malaysia: Islamic vis-à-vis Conventional Insurance. Journal of Islamic Banking and Finance, 29 (4), 40–49.]Search in Google Scholar
[Akhavein, J.D., Berger, A.N., Humphrey, D.B. (1997). The Effects of Megamergers on Efficiency and Prices: Evidence from a Bank Profit Function. Review of Industrial Organization, 12 (1), 95–139.10.1023/A:1007760924829]Search in Google Scholar
[Akhtar, M.H. (2018). Performance analysis of Takaful and Conventional Insurance Companies in Saudi Arabia. Benchmarking: An International Journal, 25 (2), 677–695. DOI: 10.1108/BIJ-01-2017-0018.10.1108/BIJ-01-2017-0018]Search in Google Scholar
[Al-Amri, K., Hossain, M.Z. (2015). A survey of the Islamic insurance literature – takaful. Insurance Markets and Companies: Analyses and Actuarial Computations, 6 (1), 53–61.]Search in Google Scholar
[Alam, K. (2015, September 7). Pakistan’s Islamic insurance industry landscape set for makeover. The Express Tribune (Business). Retrieved from: https://tribune.com.pk/story/951858/regulatory-ease-pakistans-islamic-insurance-industry-landscape-set-for-makeover.]Search in Google Scholar
[Alhassan, A.L., Addison, G.K. (2013). Market Structure, Efficiency and Performance: Empirical Evidence from the Ghanaian Life Insurance Market. Paper presented at the First University of Ghana Business School Conference and Development in Africa, Accra, Ghana held April 8–9, 2013.]Search in Google Scholar
[Almulhim, T. (2019). Analysis of Takaful vs. Conventional insurance firms’ efficiency: Two-stage DEA of Saudi Arabia’s insurance market. Cogent Business & Management, 6 (1). DOI: 10.1080/23311975.2019.1633807.10.1080/23311975.2019.1633807]Search in Google Scholar
[Alshammari, A.A., Alhabshi, S.M. b. S.J., Saiti, B. (2019). The impact of competition on cost efficiency of insurance and takaful sectors: Evidence from GCC markets based on the Stochastic Frontier Analysis. Research in International Business and Finance, 47, 410–427. DOI: 10.1016/j.ribaf.2018.09.003.10.1016/j.ribaf.2018.09.003]Search in Google Scholar
[Alshammari, A.A., Alhabshi, S.M. b. S.J., Saiti, B. (2019). The impact of oil prices and the financial market on cost efficiency in the insurance and Takaful sectors: Evidence from a stochastic frontier analysis. Economic systems, 43 (3–4). DOI: 10.1016/j.ecosys.2019.100716.10.1016/j.ecosys.2019.100716]Search in Google Scholar
[Antonio, M.S., Ali, M.M., Akbar, N. (2013). A comparative analysis of the efficiency of takaful and conventional insurance in Malaysia. International Journal of Excellence in Islamic Banking and Finance, 3 (1), 1–13.10.12816/0001416]Search in Google Scholar
[Aoba, N. (2006). Efficiency in the Japanese Life Insurance Industry: Dramatic Change. Paper presented at the American Risk and Insurance Association 2006 Annual Meeting, Washington, DC held August 6-9, 2006.]Search in Google Scholar
[Asai, Y., Noriyoshi, Y., Kei, T., Junya, O. The Efficiency and Productivity of Life Insurance Industry in Japan. Retrieved from: http://s3.amazonaws.com/zanran_storage/nccu.edu.tw/ContentPages/18221496.pdf.]Search in Google Scholar
[Association of Mutual Insurers and Insurance Cooperatives in Europe, The (AMICE) and International Cooperative and Mutual Insurance Federation, The (ICMIF). (2018). Facts and figures: Mutual and cooperative insurance in Europe Vol 2. Brussels, Belgium and Cheshire, UK: AMICE aisbl and ICMIF.]Search in Google Scholar
[Astuti, Y.F., Suprayogi, N. (2017). Differences in Efficiency of Shariah and Conventional Life Insurance Companies in Indonesia Using the Data Envelopment Analysis (DEA) Method (Perbedaan Efisiensi Perusahaan Asuransi Jiwa Syariah dan Konvensional di Indonesia Dengan Metode Data Envelopment Analysis (DEA)). Jurnal Ekonomi Syariah Teori dan Terapan (The Journal of Theoretical and Applied Sharia Economics), 4 (8), 668–683.10.20473/vol4iss20178pp668-683]Search in Google Scholar
[Baharin, R., Isa, Z. (2014). The Efficiency of Life Insurance and Family Takaful in Malaysia: Relative Efficiency Using the Stochastic Cost Frontier Analysis. Insurance and Takaful Journal, 6, 25–35.10.1063/1.4801253]Search in Google Scholar
[Bank Negara Malaysia (Central Bank of Malaysia) (2016). Financial Stability and Payment Systems Report 2015. Kuala Lumpur, Malaysia: Bank Negara Malaysia.]Search in Google Scholar
[Bank of England (2018). List of EEA Authorised Insurers as Compiled by the Bank of England as at 01 October 2018. London, UK: Bank of England. Retrieved from: https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2018/list-of-authorised-insurers/list-of-eea-authorised-insurers-oct-2018.pdf.]Search in Google Scholar
[Banks Around the World (2018). Top Insurance Companies in Asia. Retrieved from: http://www.relbanks.com/top-insurance-companies/asia.]Search in Google Scholar
[Bao, N.J., Ramlan, R., Mohamad, F., Yassin, A.M. (2018). Performance of Malaysian Insurance Companies Using Data Envelopment Analysis. Indonesian Journal of Electrical Engineering and Computer Science, 11 (3), 1147–1151. DOI: 10.11591/ijeecs.v11.i3.pp1147-1151.10.11591/ijeecs.v11.i3.pp1147-1151]Search in Google Scholar
[Bauer, P.W., Berger, A.N., Ferrier, G.D., Humphrey, D.B. (1998). Consistency Conditions for Regulatory Analysis of Financial Institutions: A Comparison of Frontier Efficiency Methods. Journal of Economics and Business, 50 (2), 85–114.10.1016/S0148-6195(97)00072-6]Search in Google Scholar
[Benyoussef, S., Hemrit, W. (2019). Measuring the relative efficiency of insurance companies in Saudi Arabia: The case study of Takaful vs cooperative industries. Cogent Economics & Finance, 7 (1). DOI: 10.1080/23322039.2019.1590818.10.1080/23322039.2019.1590818]Search in Google Scholar
[Berger, A.N., Cummins, J.D., Weiss, M.A., Zi, H. (1999). Conglomeration versus Strategic Focus: Evidence from the Insurance Industry. The Wharton Financial Institutions Center, University of Pennsylvania, Philadelphia, PA, Working Paper 99-29-B.10.17016/FEDS.1999.40]Search in Google Scholar
[Berger, A.N., Hancock, D., Humphrey, D.B. (1993). Bank efficiency derived from the profit function. Journal of Banking & Finance, 17 (2–3), 317–347.10.1016/0378-4266(93)90035-C]Search in Google Scholar
[Berger, A.N., Mester, L.J. (2003). Explaining the dramatic changes in performance of US banks: technological change, deregulation, and dynamic changes in competition. Journal of Financial Intermediation, 12 (1), 57–95.10.1016/S1042-9573(02)00006-2]Search in Google Scholar
[Biener, C., Eling, M., Wirfs, J.H. (2014). The Determinants of Efficiency and Productivity in the Swiss Insurance Industry. Paper presented at the 41st Seminar of the European Group of Risk and Insurance Economists, St. Gallen, Switzerland held September 15–17.]Search in Google Scholar
[Biener, C., Eling, M., Wirfs, J.H. (2015). The Determinants of Efficiency and Productivity in the Swiss Insurance Industry. School of Finance, Institute of Insurance Economics (I.VWHSG), University of St. Gallen, St. Gallen, Switzerland, Working Paper on Finance No. 2015/2.10.2139/ssrn.2577301]Search in Google Scholar
[Bikker, J.A. (2012). Performance of the life insurance industry under pressure: efficiency, competition and consolidation. De Nederlandsche Bank NV, Amsterdam, The Netherlands, Working Paper No. 357.10.2139/ssrn.2177839]Search in Google Scholar
[Boose, M.A. (1990). Agency Theory and Alternative Predictions for Life Insurers: An Empirical Test. The Journal of Risk and Insurance, 57 (3), 499–518.10.2307/252845]Search in Google Scholar
[Carson, J.M., Forster, M.D., McNamara, M.J. (1998). Changes in Ownership Structure: Theory and Evidence from Life Insurer Demutualizations. Journal of Insurance Issues, 21 (1), 1–22.]Search in Google Scholar
[Chen, L., Eckles, D.L., Pottier, S.W. (2013). Ownership Form and Efficiency: The Coexistence of Stock and Mutual Life Insurers. The Journal of Insurance Issues, 36 (2), 121–148.]Search in Google Scholar
[CISION PR Newswire (Research and Markets) (2018, September 10). Global Takaful Market 2017-2018 & 2023. Retrieved from: https://www.prnewswire.com/news-releases/global-takaful-market-2017-2018--2023-300709652.html.]Search in Google Scholar
[Cole, C.S., McNamara, M.J., Wells, B.P. (1995). Demutualizations and Free Cash Flow. Journal of Insurance Issues, 18 (1), 37–56.]Search in Google Scholar
[Cooper, W.W., Li, S., Seiford, L.M., Thrall, R.M., Zhu, J. (2001). Sensitivity and stability analysis in DEA: Some recent developments. Journal of Productivity Analysis, 15 (3), 217–246.10.1023/A:1011128409257]Search in Google Scholar
[Cummins, J.D., Eckles, D.L., Zi, H. (2006). Exporting best practices: Are foreign-owned insurers more efficient in the US Life Insurance Market? Working paper.]Search in Google Scholar
[Cummins, J.D., Rubio-Misas, M., Vencappa, D. (2017). Competition, Efficiency and Soundness in European Life Insurance Markets. Journal of Financial Stability, 28, 66–78. DOI: 10.1016/j.jfs.2016.11.007.10.1016/j.jfs.2016.11.007]Search in Google Scholar
[Cummins, J.D., Rubio-Misas, M., Zi, H. (2004). The effect of organizational structure on efficiency: Evidence from the Spanish insurance industry. Journal of Banking & Finance, 28 (12), 3113–3150. DOI: 10.1016/j.jbankfin.2004.05.004.10.1016/j.jbankfin.2004.05.004]Search in Google Scholar
[Cummins, J.D., Zi, H. (1997). Measuring Cost Efficiency in the U.S. Life Insurance Industry: Econometric and Mathematical Programming Approaches. The Wharton Financial Institutions Center, University of Pennsylvania, Philadelphia, PA, Working Paper 97-03.]Search in Google Scholar
[Cummins, J.D., Weiss, M.A., Xie, X., Zi, H. (2010). Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry. Journal of Banking & Finance, 34 (7), 1525–1539. DOI: 10.1016/j.jbankfin.2010.02.025.10.1016/j.jbankfin.2010.02.025]Search in Google Scholar
[Davutyan, N., Klumpes, P.J.M. (2008). Consolidation and Efficiency in the Major European Insurance Markets: A Non Discretionary Inputs Approach. Paper presented at a conference on the Uses of Frontier Efficiency Methodologies for Performance Measurement in the Financial Services Sector, Imperial College Business School, London, UK held July 4–5.]Search in Google Scholar
[Dhita, A.G. (2018). Efficiency of Company Financial Performance Conventional Insurance and Sharia Insurance with DEA (Data Envelopment Analysis) Approach 2014 and 2015 (Efisiensi Kinerja Keuangan Perusahaan Asuransi Konvensional dan Asuransi Syariah Dengan Pendekatan DEA (Data Envelopment Analysis) Tahun 2014 dan 2015). Faculty of Economics, Indonesian Islamic University, Yogyakarta, Indonesia.]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: 10.1111/1468-0440.00184.10.1111/1468-0440.00184]Search in Google Scholar
[Diboky, F., Ubl, E. (2007). Ownership and Efficiency in the German Life Insurance Market: A DEA Bootstrap Approach. Department of Finance, University of Vienna, Vienna, Austria, Working Paper Series.]Search in Google Scholar
[Dyson, R.G., Allen, R., Camanho, A.S., Podinovski, V.V., Sarrico, C.S., Shale, E.A. (2001). Pitfalls and protocols in DEA. European Journal of Operational Research, 132 (2), 245–259.10.1016/S0377-2217(00)00149-1]Search in Google Scholar
[Eling, M., Luhnen, M. (2010). Efficiency in the international insurance industry: A cross-country comparison. Journal of Banking & Finance, 34 (7), 1497–1509. DOI: 10.1016/j.jbankfin.2009.08.026.10.1016/j.jbankfin.2009.08.026]Search in Google Scholar
[Eling, M., Schaper, P. (2017). Under pressure: how the business environment affects productivity and efficiency of European life insurance companies. European Journal of Operational Research, 258 (3), 1082–1094. DOI: 10.1016/j.ejor.2016.08.070.10.1016/j.ejor.2016.08.070]Search in Google Scholar
[Erhemjamts, O., Leverty, J.T. (2006). Efficiency changes around US life insurer demutualizations. Working Paper.]Search in Google Scholar
[Erhemjamts, O., Leverty, J.T. (2010). The Demise of the Mutual Organizational Form: An Investigation of the Life Insurance Industry. Journal of Money, Credit and Banking, 42 (6), 1011–1036.10.1111/j.1538-4616.2010.00318.x]Search in Google Scholar
[Fama, E.F. (1980). Agency Problems and the Theory of the Firm. Journal of Political Economy, 88 (2), 288–307.10.1086/260866]Search in Google Scholar
[Fama, E.F., Jensen, M.C. (1983). Separation of Ownership and Control. The Journal of Law & Economics, 26 (2), 301–325.10.1086/467037]Search in Google Scholar
[Faruk, M.O., Rahaman, A. (2015). Measuring Efficiency of Conventional Life Insurance Companies in Bangladesh and Takaful Life Insurance Companies in Malaysia: A Non-Parametric Approach. Management Studies and Economic Systems, 2 (2), 129–144.10.12816/0019398]Search in Google Scholar
[Fecher, F., Kessler, D., Perelman, S., Pestieau, P. (1993). Productive performance of the French Insurance Industry. Journal of Productivity Analysis, 4 (1/2), 77–93. DOI: 10.1007/BF01073467.10.1007/BF01073467]Search in Google Scholar
[Fuentes, H., Grifell-Tatjé, E., Perelman, S. (2005). Product Specialization, Efficiency and Productivity Change in the Spanish Insurance Industry. Centre de Recherche en Economie Publique et de la Population (Research Center on Public and Population Economics), HEC-Management School, University of Liege, Liege, Belgium, Working Paper 0506.]Search in Google Scholar
[Fukuyama, H. (1997). Investigating productive efficiency and productivity changes of Japanese life insurance companies. Pacific-Basin Finance Journal, 5 (4), 481–509. DOI: 10.1016/S0927-538X(97)00016-4.10.1016/S0927-538X(97)00016-4]Search in Google Scholar
[Gardner, L.A, Grace, M.F. (1993). X-Efficiency in the US life insurance industry. Journal of Banking & Finance, 17 (2–3), 497–510. DOI: 10.1016/0378-4266(93)90048-I.10.1016/0378-4266(93)90048-I]Search in Google Scholar
[Grace, M.F., Klein, R.W., Phillips, R.D. (2003). Insurance Company Failures: Why Do They Cost So Much? The Wharton Financial Institutions Center, University of Pennsylvania, Philadelphia, PA, Working Paper 03-32.10.2139/ssrn.463103]Search in Google Scholar
[Grace, M.F., Timme, S.G. (1992). An Examination of Cost Economies in the United States Life Insurance Industry. Journal of Risk and Insurance, 59 (1), 72–103.10.2307/253217]Search in Google Scholar
[Greene, W.H., Segal, D. (2004). Profitability and Efficiency in the U.S. Life Insurance Industry. Journal of Productivity Analysis, 21 (3), 229–247. DOI: 10.1023/B:PROD.0000022092.70204. fa.10.1023/B:PROD.0000022092.70204.fa]Search in Google Scholar
[Hanif, J., Munir, Z. (2019). Life Insurance and Family Takaful in Pakistan. Lahore, Pakistan: The Pakistan Credit Rating Agency Limited. Retrieved from: http://www.pacra.com.pk/uploads/doc_report/Life.Ins_Presentation%20-%20Jun%2019.pdf]Search in Google Scholar
[Hansmann, H. (1985). The Organization of Insurance Companies: Mutual versus Stock. Journal of Law, Economics, & Organization, 1 (1), 125–153.]Search in Google Scholar
[Hardwick, P. (1997). Measuring cost efficiency in the UK life insurance industry. Applied Financial Economics, 7 (1), 37–44.10.1080/096031097333835]Search in Google Scholar
[Hardwick, P., Adams, M.B., Zou, H. (2003). Corporate Governance and Cost Efficiency in the United Kingdom Life Insurance Industry European Business Management School, Swansea, UK, Working Paper No. EBMS/2003/1.]Search in Google Scholar
[Holzmüller, I. (2009). The United States RBC Standards, Solvency II and the Swiss Solvency Test: A Comparative Assessment. The Geneva Papers on Risk and Insurance Issues and Practice, 34 (1), 56–77.10.1057/gpp.2008.43]Search in Google Scholar
[Hussels, S., Ward, D.R. (2006). The Impact of Deregulation on the German and UK Life Insurance Markets: An Analysis of Efficiency and Productivity Between 1991–2002. Paper presented at the Dynamics of Insurance Markets: Structure, Conduct, and Performance in the 21st Century, A Journal of Banking and Finance Conference, Wharton School, University of Pennsylvania, Philadelphia, PA held May 4–5, 2006.]Search in Google Scholar
[Insurance Edge Editor (in Insurance & Reinsurance) (2019). Market Snapshot: French Banks Extend Footprint into Insurance Sector. Retrieved from: https://insurance-edge.net/2019/02/07/market-snapshot-french-banks-extend-footprint-into-insurance-sector.]Search in Google Scholar
[Insurance Europe (2015). European Insurance – Key Facts August 2015. Brussels, Belgium: Insurance Europe aisbl.]Search in Google Scholar
[International Cooperative and Mutual Insurance Federation, The (ICMIF) (2016a). Global Mutual Market Share 2014: The global insurance market share as held by mutual and cooperative insurers. Cheshire, UK: ICMIF.]Search in Google Scholar
[International Cooperative and Mutual Insurance Federation, The (ICMIF) (2016b). Market In-Sights 2016: Europe. Cheshire, UK: ICMIF.]Search in Google Scholar
[International Cooperative and Mutual Insurance Federation, The (ICMIF) (2016c). Market In-Sights 2016: UK. Cheshire, UK: ICMIF.]Search in Google Scholar
[International Cooperative and Mutual Insurance Federation, The (ICMIF) (2017a). Global Mutual Market Share 2015: The global insurance market share as held by mutual and cooperative insurers. Cheshire, UK: ICMIF.]Search in Google Scholar
[International Cooperative and Mutual Insurance Federation, The (ICMIF) (2017b). Sector news: China’s regulator issues rules on information disclosure for mutual insurers. Cheshire, UK: ICMIF. Retrieved from: https://www.icmif.org/news/sector-news-china%E2%80%99s-regulator-issues-rules-information-disclosure-mutual-insurers.]Search in Google Scholar
[International Cooperative and Mutual Insurance Federation, The (ICMIF) (2019). Global Mutual Market Share 10: The Global Insurance Market Share Held by Mutual and Cooperative Insurers. Cheshire, UK: ICMIF.]Search in Google Scholar
[Islamic Financial Services Board (IFSB) (2017). Islamic Financial Services Industry Stability Report 2017. Kuala Lumpur, Malaysia: IFSB.]Search in Google Scholar
[Islamic Financial Services Board (IFSB) (2018). Islamic Financial Services Industry Stability Report 2018. Kuala Lumpur, Malaysia: IFSB.]Search in Google Scholar
[Ismail, N., Alhabshi, D.S.O., Bacha, O.I. (2011). Organizational Form and Efficiency: The Coexistence of Family Takaful and Life Insurance in Malaysia. Journal of Global Business and Economics, 3 (1), 122–137.]Search in Google Scholar
[Ismail, N., Alhabshi, D.S.O., Bacha, O.I. (2013). Cost Efficiency and Investment Performance: Mutual and Stock Form in Malaysian Insurance Industry. Paper presented at the 15th Malaysian Finance Association Conference, International Centre for Education in Islamic Finance, Kuala Lumpur, Malaysia held June 2–4.]Search in Google Scholar
[Jaffer, S., Ismail, F., Noor, J., Unwin, L. (2010). Takaful (Islamic Insurance): Concept, Challenges, and Opportunities. Seattle, WA: Milliman, Incorporated.]Search in Google Scholar
[Janjua, P.Z., Akmal, M. (2015). A Comparative Analysis of Economic Efficiency of Conventional and Islamic Insurance Industry in Pakistan. Pakistan Business Review, 17 (1), 21–44.]Search in Google Scholar
[Jedidia, L.B., Medhioub, I. (2015). The Efficiency of Saudi Arabia Insurance Companies. International Journal of Management Sciences, 5 (3), 237–248.]Search in Google Scholar
[Jeng, V., Lai, G.C., McNamara, M.J. (2007). Efficiency and Demutualization: Evidence from the U.S. Life Insurance Industry in the 1980s and 1990s. The Journal of Risk and Insurance, 74 (3), 683–711.10.1111/j.1539-6975.2007.00230.x]Search in Google Scholar
[Jensen, M.C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Take-overs. The American Economic Review, 76 (2), 323–329.]Search in Google Scholar
[Jensen, M.C., Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305–360.10.1016/0304-405X(76)90026-X]Search in Google Scholar
[Karabell, S. (2018). Executive Compensation Is Out Of Control. What Now? Retrieved from: https://www.forbes.com/sites/shelliekarabell/2018/02/14/executive-compensation-is-outof-control-what-now/#109bd0a6431f.]Search in Google Scholar
[Karim, M.Z.A., Jhantasana, C. (2005). Cost Efficiency and Profitability in Thailand’s Life Insurance Industry: A Stochastic Cost Frontier Approach. International Journal of Applied Econometrics and Quantitative Studies, 2 (4), 19–36.]Search in Google Scholar
[Khaled, M., Adams, M.B., Pickford, M. (2001). Estimates of Scale and Scope Economies in the New Zealand Life Insurance Industry. The Manchester School, 69 (3), 327–349.10.1111/1467-9957.00251]Search in Google Scholar
[Khan, A., Noreen, U. (2014). Efficiency Measure of Insurance v/s Takaful Firms Using DEA Approach: A Case of Pakistan. Islamic Economic Studies, 22 (1), 139–158. DOI: 10.12816/0004133.10.12816/0004133]Search in Google Scholar
[Kim, H., Grace, M.F. (1995). Potential Ex Post Efficiency Gains of Insurance Company Mergers. Center for Risk Management and Insurance Research, Georgia State University, Atlanta, GA, Working Paper No. 95-4.]Search in Google Scholar
[Klumpes, P.J.M. (2004). Performance Benchmarking in Financial Services: Evidence from the UK Life Insurance Industry. The Journal of Business, 77 (2), 257–273. DOI: 10.1086/381281.10.1086/381281]Search in Google Scholar
[Korea Life Insurance Association (2019). Report & Statistics, Annual Statistics, 2018 Year, I. Summary of Life Insurance Business. Retrieved from: https://www.klia.or.kr/eng/report-Statistics/annualStatistics.do.]Search in Google Scholar
[KPMG Siddharta Advisory (2016). Insurance in Indonesia: Opportunities in a Dynamic Market. Jakarta, Indonesia: KPMG Siddharta Advisory.]Search in Google Scholar
[Lamm-Tennant, J., Starks, L.T. (1993). Stock Versus Mutual Ownership Structures: The Risk Implications. The Journal of Business, 66 (1), 29–46.10.1086/296592]Search in Google Scholar
[Life Insurance Association of Japan, The (LIAJ) (2015). Life Insurance Business in Japan 2014–15. Tokyo, Japan: LIAJ.]Search in Google Scholar
[Life Insurance Association of Japan, The (LIAJ) (2017). Life Insurance Fact Book (2017). Tokyo, Japan: LIAJ.]Search in Google Scholar
[Lim, J., Idris, M.F., Carissa, Y. (2010). History, Progress and Future Challenge of Islamic Insurance (Takaful) In Malaysia. Paper presented at the 2010 Oxford Business & Economics Conference Program, St. Hugh’s College, Oxford University, Oxford, UK, held June 28–29.]Search in Google Scholar
[Liu, B. (2007). Empirical Research of the Market Structure, Efficiency and Performance of Life Insurance Industry in China. Industrial Economics Research, 2007 (4), 19–26. DOI: 10.13269/j.cnki.ier.2007.04.009.]Search in Google Scholar
[Mahlberg, B. (2000). Efficiency Progress and Productivity Change in Germany’s Insurance Industry (Technischer Fortschritt und Produktivitätsveränderungen in der deutschenVersicherungswirtschaft). Jahrbücher für Nationalökonomik und Statistik (Journal of Economics and Statistics), 220 (5), 565–591.10.1515/jbnst-2000-0506]Search in Google Scholar
[Maierbrugger, A. (2019, February 12). Morocco finally sets the stage for takaful industry. Gulf Times. Retrieved from: https://www.gulf-times.com/story/621996/Morocco-finally-sets-the-stage-for-takaful-industr.]Search in Google Scholar
[Mann, S.V., Sicherman, N.W. (1991). The Agency Costs of Free Cash Flow: Acquisition Activity and Equity Issues. The Journal of Business, 64 (2), 213–227.10.1086/296534]Search in Google Scholar
[Marie, A., Rao, A., Kashani, H. (2009). Cost Efficiency and Value Driver Analysis of Insurers in an Emerging Economy. Managerial and Decision Economics, 30 (4), 265–280. DOI: 10.1002/mde.1454.10.1002/mde.1454]Search in Google Scholar
[Mayers, D., Smith, C. (1981). Contractual Provisions, Organizational Structure, and Conflict Control in Insurance Markets. Journal of Business, 54 (3), 407–434.10.1086/296138]Search in Google Scholar
[Mayers, D., Smith, C. (1988). Ownership Structure across Lines of Property Casualty Insurance. Journal of Law and Economics, 31 (2), 351–78.10.1086/467160]Search in Google Scholar
[Mayers, D., Smith, C. (1992). Executive Compensation in the Life Insurance Industry. The Journal of Business, 65 (1), 51–74.10.1086/296557]Search in Google Scholar
[Mayers, D., Smith, C. (1994). Managerial Discretion, Regulation, and Stock Insurer Ownership Structure. The Journal of Risk and Insurance, 61 (4), 638–655.10.2307/253642]Search in Google Scholar
[Meador, J.W., Ryan, Jr., H.E., Schellhorn, C.D. (1997). Product Focus versus Diversification: Estimates of X-Efficiency for the US Life Insurance Industry. The Wharton Financial Institutions Center, University of Pennsylvania, Philadelphia, PA, Working Paper 97-16.]Search in Google Scholar
[Milliman (2017). Global Takaful Report: Market trends in family and general Takaful. Seattle, WA: Milliman, Incorporated.]Search in Google Scholar
[National Association of Insurance Commissioners (NAIC) (2016). Life Insurance Industry-Individual Company Data, Statistical Compilation of Annual Statement Information for Life/Health Insurance Companies in 2015. Washington, DC: NAIC.]Search in Google Scholar
[O’Hara, M. (1981). Property rights and the financial firm. Journal of Law and Economics, 24 (2), 317–332.10.1086/466986]Search in Google Scholar
[Organization for Economic Co-operation and Development. Dataset: Balance sheet and income, Total Assets, Direct Insurer, 2012. Retrieved from: https://stats.oecd.org/Index.aspx?DatasetCode=INSIND.]Search in Google Scholar
[Organization for Economic Co-operation and Development. Dataset: Balance sheet and income, Total Assets, Direct Insurer, 2013. Retrieved from: https://stats.oecd.org/Index.aspx?DatasetCode=INSIND.]Search in Google Scholar
[Organization for Economic Co-operation and Development. Dataset: Balance sheet and income, Total Assets, Direct Insurer, 2014. Retrieved from: https://stats.oecd.org/Index.aspx?DatasetCode=INSIND.]Search in Google Scholar
[Organization for Economic Co-operation and Development. Dataset: Balance sheet and income, Total Assets, Direct Insurer, 2015. Retrieved from: https://stats.oecd.org/Index.aspx?DatasetCode=INSIND.]Search in Google Scholar
[Organization for Economic Co-operation and Development. Dataset: Business written in the reporting country, Business written in the reporting country, All undertakings (=1+3), Gross premiums, Of which: Life, Direct business, Total. Retrieved from: https://stats.oecd.org/Index.aspx?DatasetCode=INSIND.]Search in Google Scholar
[Organization for Economic Co-operation and Development. Dataset: Business written in the reporting country, Business written in the reporting country, All undertakings (=1+3), Gross premiums, Of which: Non-Life, Direct business, Total. Retrieved from: https://stats.oecd.org/Index.aspx?DatasetCode=INSIND.]Search in Google Scholar
[Oxford Business Group. Egypt’s insurance sector posts strong growth in tough economic context. Retrieved from: https://oxfordbusinessgroup.com/overview/catching-sector-posts-strong-growth-tough-economic-context.]Search in Google Scholar
[Pottier, S.W. (2011). Life insurer efficiency and state regulation: evidence of optimal firm behaviour. Journal of Regulatory Economics, 39 (2), 169–93. DOI: 10.1007/s11149-010-9139-7.10.1007/s11149-010-9139-7]Search in Google Scholar
[PricewaterhouseCoopers (2008). Takaful: Growth opportunities in a dynamic market. London, UK: PricewaterhouseCoopers.]Search in Google Scholar
[Rahman, M.A. (2013). Comparative Study on the Efficiency of Bangladeshi Conventional and Islamic Life Insurance Industry: A Non-Parametric Approach. Asian Business Review, 2 (3), 88–99. DOI: 10.18034/abr.v3i4.284.10.18034/abr.v3i4.284]Search in Google Scholar
[Roe, J., Papadopoulos, K. (2019). 2019 U.S. Executive Compensation Trends. Harvard Law School Forum on Corporate Governance. Retrieved from: https://corpgov.law.harvard.edu/2019/04/16/2019-u-s-executive-compensation-trends.]Search in Google Scholar
[Rusydiana, A.S., Nugroho, T. (2017). Measuring Efficiency of Life Insurance Institution in Indonesia: Data Envelopment Analysis Approach. Global Review of Islamic Economics and Business, 5 (1), 12–24.10.14421/grieb.2017.051-02]Search in Google Scholar
[Saad, N.M., Idris, N.E.H. (2011). Efficiency of Life Insurance Companies in Malaysia and Brunei: A Comparative Analysis. International Journal of Humanities and Social Science, 1 (3), 111–122.]Search in Google Scholar
[Saad, N.M., Majid, M.S.A., Yusof, R.M., Duasa, J., Rahman, A.R.A. (2006). Measuring Efficiency of Insurance and Takaful Companies in Malaysia Using Data Envelopment Analysis (DEA). Review of Islamic Economics, 10 (2), 5–26.]Search in Google Scholar
[Santhimol, M.C., Shaju, M.J. (2018). Concentration, Competition, Profitability and Performance Efficiency of Select Life Insurers in Kerala. International Journal of Research in Management, Economics and Commerce, 8 (3), 55–61.]Search in Google Scholar
[Schiff, D. (1998). The Big Fix: Mutual Insurance Holding Companies. Schiff’s Insurance Observer, 10 (1&2).]Search in Google Scholar
[Shafique, M.N., Ahmad, N., Ahmad, H., Adil, M.Y. (2015). A Comparative Study of the Efficiency of Takaful and Conventional Insurance in Pakistan. International Journal of Accounting Research, 2 (5), 1–7.10.12816/0014605]Search in Google Scholar
[Simmons, J., Siddiqui, A. (2011, February 14). Canada: “Takaful” – Islamic Insurance. Mondaq Limited. Retrieved from: http://www.mondaq.com/canada/x/120566/Insurance/Takaful+Islamic+Insurance.]Search in Google Scholar
[Singh, A., Zahran, Z. (2013). A Comparison of the Efficiency of Islamic and Conventional Insurers. Towers Watson Perspectives, 2013. New York, NY: Towers Watson.10.2139/ssrn.2306013]Search in Google Scholar
[Singh, H. (2018). Malaysia’s takaful growth outpacing conventional insurance. Islamic Finance. Retrieved from: https://themalaysianreserve.com/2018/02/05/malaysias-takaful-growth-outpacing-conventional-insurance.]Search in Google Scholar
[Statistics Portal, The (2020a). Number of mutual life insurance companies in the United States from 1950 to 2018. Hamburg, Germany: Statista. Retrieved from: https://www.statista.com/statistics/194334/number-of-mutual-life-insurance-companies-in-the-us-since-1950.]Search in Google Scholar
[Statistics Portal, The (2020b). Development in the total number of life insurance companies in the United States from 1950 to 2018. Hamburg, Germany: Statista. Retrieved from: https://www.statista.com/statistics/194335/total-number-of-life-insurance-companies-in-the-us.]Search in Google Scholar
[Swiss Reinsurance Company Limited (2015). World insurance in 2014: Back to life. sigma No4/2015. Zurich, Switzerland: Swiss Reinsurance Company Limited Economic Research & Consulting.]Search in Google Scholar
[Swiss Reinsurance Company Limited (2016). World insurance in 2015: Steady growth amid regional disparities. sigma No. 3/2016. Zurich, Switzerland: Swiss Reinsurance Company Limited Economic Research & Consulting.]Search in Google Scholar
[Swiss Reinsurance Company Limited (2017). World insurance in 2016: The China growth engine steams ahead. sigma No. 3/2017. Zurich, Switzerland: Swiss Re Institute Swiss Re Management Limited.]Search in Google Scholar
[Swiss Reinsurance Company Limited (2018). World insurance in 2017: Solid, but mature life markets weigh on growth. sigma No3/2018. Zurich, Switzerland: Swiss Re Institute Swiss Re Management Limited.]Search in Google Scholar
[Swiss Reinsurance Company Limited. (2019). World insurance: the great pivot east continues. sigma No. 3/2019. Zurich, Switzerland: Swiss Re Management Limited Swiss Re Institute.]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 Pakistan’s Insurance and Takaful Industry. Academy of Accounting and Financial Studies Journal, 22 (SI).]Search in Google Scholar
[Terzo, G. (2019, April 14). Bitcoin Disrupts France’s Massive $2.5 Trillion Life Insurance Market. Cryptocurrency News. Retrieved from: https://www.ccn.com/bitcoin-disrupts-trillion-french-life-insurance.]Search in Google Scholar
[Thanassoulis, E., Portel, M.C.S., Despic, O. (2008). Data envelopment analysis: The Mathematical Programming Approach to Efficiency Analysis. In: H.O. Fried, C.A. Knox Lovell, S.S. Schmidt (eds.), The Measurement of Productive Efficiency and Productivity Growth (pp. 251–420). New York, NY: Oxford University Press.10.1093/acprof:oso/9780195183528.003.0003]Search in Google Scholar
[Ubl, E. (2010). Ownership and Efficiency in the German Life Insurance Market: A DEA Bootstrap Approach. A Dissertation (toward) the Degree of Doktorin der Sozial- und Wirtschaftswissenschaften (Socialism and Economics) (Dr. rer. soc. oec.), University of Vienna, Vienna, Austria.]Search in Google Scholar
[Viswanathan, K.S., Cummins, J.D. (2003). Ownership Structure Changes in the Insurance Industry: An Analysis of Demutualization. Journal of Risk and Insurance, 70 (3), 401–437.10.1111/1539-6975.t01-1-00058]Search in Google Scholar
[Wells, B.P., Cox, L.A., Gaver, K.M. (1995). Free Cash Flow in the Life Insurance Industry. The Journal of Risk and Insurance, 62 (1), 50–66.10.2307/253692]Search in Google Scholar
[Wise, W. (2018). The importance of efficiency for life insurer profit: A study of Canadian life insurance companies. Theoretical and Applied Economics, 25 (4), 5–30.]Search in Google Scholar
[Yakob, R., Yusop, Z., Radam, A., Ismail, N. (2014). Two-Stage DEA Method in Identifying the Exogenous Factors of Insurers’ Risk and Investment Management Efficiency. Sains Malaysiana (Malaysian Science), 43 (9), 1439–1450.]Search in Google Scholar
[Yakob, R., Yusop, Z., Radam, A., Ismail, N. (2015). The relative efficiency of investment management of life insurers and takaful operators. Investment Management and Financial Innovations, 12 (1), 78–89.]Search in Google Scholar
[Yusop, Z., Radam, A., Ismail, N., Yakob, R. (2011). Risk management efficiency of conventional life insurers and Takaful operators. Insurance Markets and Companies: Analyses and Actuarial Computations, 2 (1), 58–68.]Search in Google Scholar