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Frontier Efficiency Methodologies to Measure Performance in the Insurance Industry: Overview, Systematization, and Recent Developments

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Author Info

  • Martin Eling

    (Institute of Insurance Science, Ulm University, Helmholtzstra�e 22, 89069 Ulm, Germany)

  • Michael Luhnen

    (Institute of Insurance Economics, University of St. Gallen, Kirchlistrasse 2, 9010 St. Gallen, Switzerland)

Abstract

The purpose of this paper is to provide an overview on frontier efficiency measurement in the insurance industry, a topic of great interest in the academic literature during the last several years. We provide a comprehensive survey of 95 studies with a special emphasis on innovations and recent developments. We review different econometric and mathematical programming approaches to efficiency measurement in insurance and discuss the choice of input and output factors. Furthermore, we categorise the 95 studies into 10 different areas of application and discuss selected results. While there is a broad consensus with regard to the choice of methodology and input factors, our review reveals large differences in output measurement. Significant need for future research can be identified, for example, with regard to analysis of organisational forms, market structure and risk management, especially in the international context.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal The Geneva Papers on Risk and Insurance Issues and Practice.

Volume (Year): 35 (2010)
Issue (Month): 2 (April)
Pages: 217-265

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Handle: RePEc:pal:gpprii:v:35:y:2010:i:2:p:217-265

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Citations

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Cited by:
  1. Biener, Christian & Eling, Martin, 2012. "Organization and efficiency in the international insurance industry: A cross-frontier analysis," European Journal of Operational Research, Elsevier, vol. 221(2), pages 454-468.
  2. Jacob Bikker, 2012. "Performance of the life insurance industry under pressure: efficiency, competition and consolidation," DNB Working Papers 357, Netherlands Central Bank, Research Department.
  3. Gustavo Ferro & Carlos A. Romero, 2011. "Comparación de medidas de cambio de productividad. Las aproximaciones de Malmquist y Luenberger en una aplicación al mercado de seguros," Working Papers hal-00597946, HAL.
  4. Huang, Wei & Eling, Martin, 2013. "An efficiency comparison of the non-life insurance industry in the BRIC countries," European Journal of Operational Research, Elsevier, vol. 226(3), pages 577-591.
  5. Chrysovalantis Gaganis & Iftekhar Hasan & Fotios Pasiouras, 2013. "Efficiency and stock returns: evidence from the insurance industry," Journal of Productivity Analysis, Springer, vol. 40(3), pages 429-442, December.
  6. Norashikin Ismail & Prof. Dr. Datuk Syed Othman Alhabshi & Prof. Obiyathulla Bacha, 2011. "Organizational Form And Efficiency: The Coexistence Of Family Takaful And Life Insurance In Malaysia," Journal of Global Business and Economics, Global Research Agency, vol. 3(1), pages 122-137, July.
  7. Hela Miniaoui & Anissa Chaibi, 2014. "Technical Efficiency of Takaful Industry- A Comparative Study of Malaysia and GCC Countries," Working Papers 2014-055, Department of Research, Ipag Business School.

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