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Development under Regulation: The Way of the Ukrainian Insurance Market

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  • Oleg Badunenko
  • Bogdana Grechanyuk
  • Oleksandr Talavera

Abstract

This study is intended to assess the introduction of increased capitalization requirements for Ukrainian insurance firms. To do so, we employ up-to-date frontier efficiency analysis. The analysis suggests that an increase in size occurs not only because of the regulator's requirements, but also because all scale inefficient firms have been persistently operating under increasing returns to scale. Additionally, we show that the Ukrainian insurance industry experiences significant increases in technical efficiency. Our analysis identifies winners and losers among small, medium and large companies. The findings are consistent with the hypothesis that regulation forces firms to concentrate on efficiency.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.44909.de/dp644.pdf
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Bibliographic Info

Paper provided by DIW Berlin, German Institute for Economic Research in its series Discussion Papers of DIW Berlin with number 644.

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Length: ca. 35 p.
Date of creation: 2006
Date of revision:
Handle: RePEc:diw:diwwpp:dp644

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Keywords: insurance industry; efficiency and productivity analysis; returns to scale; bootstrap; Ukraine;

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  1. Simar, L. & Wilson, P.W., 1999. "Statistical Inference in Nonparametric Frontier Models: the State of the Art," Papers, Catholique de Louvain - Institut de statistique 9904, Catholique de Louvain - Institut de statistique.
  2. Simar, Leopold & Wilson, Paul W., 1999. "Estimating and bootstrapping Malmquist indices," European Journal of Operational Research, Elsevier, Elsevier, vol. 115(3), pages 459-471, June.
  3. Leopold Simar & Paul Wilson, 2000. "A general methodology for bootstrapping in non-parametric frontier models," Journal of Applied Statistics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 27(6), pages 779-802.
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