Review of Performance Evaluation in Insurance and Reinsurance Industries

It is evident that, in general, the public is becoming more aware of the importance of insurance as an instrument to minimize the risk of greater loss. The recent pandemic has reshaped the perspective of people toward insurance, be it health insurance or general insurance. The present work is also inspired by the recent COVID-19 pandemic situation. Though we know that the pandemic (2020 and 2021) was immensely challenging, during such frustrating times, health insurance provided a sense of security. Drawing inspiration from discussions, one may synthesize and provide the reader with a timeline and themes in which the majority of the academic literature is available. The present work is an attempt to synthesize the existing literature starting from the late 1980s to September 2024. The authors have used Scopus data and searched for the literature on insurance using the keywords “insurance” OR “reinsurance” AND “Performance Evaluation”. The database provided data from 177 articles. At an individual level, there is a huge amount of data available on insurance; however, data on insurance and performance evaluation, which indicates the efficiency analysis of the insurance companies, are not widely available.