A Luenberger Index for the Greek Life Insurance Industry
This paper uses the Luenberger productivity index to evaluate the productivity changes of Greek Life insurance companies between 1994 and 2003, combining operational and financial variables. It is found that the average annual productivity change was about 19% and was due to technological progress, whereas the impact of efficiency was minimal. It seems that deregulation, established by the Third Insurance Directive in 1994, provoked investments in new technologies which were not matched by superior managerial practices. For comparative purposes, a Malmquist productivity index is estimated.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Bernhard Mahlberg & Thomas Url, 2003.
"Effects of the single market on the Austrian insurance industry,"
Springer, vol. 28(4), pages 813-838, November.
- Bernhard Mahlberg & Thomas Url, . "Effects of the Single Market on the Austrian Insurance Industry," WIFO Working Papers 97, WIFO.
- Olivier Donni & Fabienne Fecher, 1997. "Efficiency and Productivity of the Insurance Industry in the OECD Countries," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan, vol. 22(4), pages 523-535, October.
- Hugo Fuentes & Emili Grifell-Tatjé & Sergio Perelman, 2001. "A Parametric Distance Function Approach for Malmquist Productivity Index Estimation," Journal of Productivity Analysis, Springer, vol. 15(2), pages 79-94, March.
- Mirela CRISTEA & Marijan CINGULA, 2008.
"Modelling Techniques for Life Premium Ratings,"
Annals of University of Craiova - Economic Sciences Series,
University of Craiova, Faculty of Economics and Business Administration, vol. 1(36), pages 186-194, May.
- Jean-Philippe Boussemart & Walter Briec & Kristiaan Kerstens & Jean-Christophe Poutineau, 2003.
"Luenberger and Malmquist Productivity Indices: Theoretical Comparisons and Empirical Illustration,"
Bulletin of Economic Research,
Wiley Blackwell, vol. 55(4), pages 391-405, October.
- Jean-Christophe Poutineau & W. Briec & J.-P. Boussemart & Kristiaan Kerstens, 2003. "Luenberger and Malmquist Productivity Indices: Theoretical Comparisons and Empirical Illustration," Post-Print halshs-00068813, HAL.
- J. Cummins & Hongmin Zi, 1998.
"Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry,"
Journal of Productivity Analysis,
Springer, vol. 10(2), pages 131-152, October.
- J. David Cummins & Hongmin Zi, 1997. "Comparison of Frontier Efficiency Methods: An Application to the U.S. Life Insurance Industry," Center for Financial Institutions Working Papers 97-03, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Gardner, Lisa A. & Grace, Martin F., 1993. "X-Efficiency in the US life insurance industry," Journal of Banking & Finance, Elsevier, vol. 17(2-3), pages 497-510, April.
- Carlos Pestana Barros & Nazaré Barroso & Maria Rosa Borges, 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, Palgrave Macmillan, vol. 30(2), pages 244-267, April.
When requesting a correction, please mention this item's handle: RePEc:ers:journl:v:xii:y:2009:i:4:p:3-18. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Eleni Giannakopoulou)
If references are entirely missing, you can add them using this form.