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A Luenberger Index for the Greek Life Insurance Industry

Author

Listed:
  • Carlos Pestana Barrosa
  • Milton Nektariosb
  • Nicolas Peypochc

Abstract

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.

Suggested Citation

  • Carlos Pestana Barrosa & Milton Nektariosb & Nicolas Peypochc, 2009. "A Luenberger Index for the Greek Life Insurance Industry," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 3-18.
  • Handle: RePEc:ers:journl:v:xii:y:2009:i:4:p:3-18
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    References listed on IDEAS

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    1. 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.
    2. Mirela Cristea & Marijan Cingula, 2008. "Modelling Techniques for Life Premium Ratings," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 39-48.
    3. 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.
    4. 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.
    5. Bernhard Mahlberg & Thomas Url, 2003. "Effects of the single market on the Austrian insurance industry," Empirical Economics, Springer, vol. 28(4), pages 813-838, November.
    6. 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;The Geneva Association, vol. 22(4), pages 523-535, October.
    7. 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;The Geneva Association, vol. 30(2), pages 244-267, April.
    8. 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.
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