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Measuring the efficiency of Serbian insurance companies


  • Snežana Knežević

    () (University of Belgrade, Department of Financial Management, Faculty of Organizational Sciences, Belgrade, Serbia)

  • Milanka Marković

    () (Belgrade, Serbia)

  • Andrijana Brown

    (tax prepare, Liberty Tax Inc., Leesburg Virginia, USA)


The transition period, and the still ongoing economic crisis, amplify the volatility in the domestic insurance market and forces the management of insurance companies to continuously monitor changes in the market, i.e. to identify risks and opportunities, and therefore to undertake certain activities. The focus of the business of insurance companies is based on satisfying the needs of existing and potential clients. Respecting the current situation in the insurance market in anticipation of future events, the management of insurance companies must create and implement the optimal strategy in line with the company’s capabilities. For this purpose it is necessary to measure the efficiency of the business, which is the subject of this paper where the Data Envelopment Analysis (DEA) method is applied to the case of insurance companies operating in Serbia.

Suggested Citation

  • Snežana Knežević & Milanka Marković & Andrijana Brown, 2015. "Measuring the efficiency of Serbian insurance companies," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 65(1), pages 91-105, March.
  • Handle: RePEc:aka:aoecon:v:65:y:2015:i:1:p:91-105

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    More about this item


    data envelopment analysis; efficiency; insurance company; financial information; Serbia;

    JEL classification:

    • C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Operations Research; Statistical Decision Theory
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting


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