INFLUENCE OF SELECTED FACTORS ON THE EFFICIENCY OF INSURANCE COMPANIES
Journal Title: VADYBA - Year 2016, Vol 29, Issue 2
Abstract
The Czech insurance market has recently undergone major changes related mainly to the accession of the EU by the Czech Republic. It has become part of the Single European insurance market. This resulted in a stronger influence of globalisation and increased competition between subjects on the insurance market. One of the most important actors on the insurance market is commercial insurance companies. Their activities have a significant influence on the insurance market. It is the effort of the insurance companies to adapt to constantly changing conditions and growing competition. Therefore, it is important for them to pay attention to and seek ways of increasing their efficiency. Our aim is to find out whether different groups of commercial insurance companies in the Czech Republic created according to their size have a statistically significant different average score of technical efficiency and whether the group of the largest insurance companies achieves the highest average score of technical efficiency and the group of the smallest commercial insurance companies achieves the lowest average score of technical efficiency. The score of technical efficiency is expressed by the non-parametric method of assessing efficiency – Data envelopment analysis. This method is based on linear programming and models analyze the efficiency of transformation of multiple inputs into multiple outputs.Regression was used to determine dependence between the score of technical efficiency and selected indicators of size. As the values of the scores of technical efficiency are in the range 1,0, Tobit regression was used. In addition to these methods we used also: literature systematisation, comparative analysis, expert survey. By the Tobit regression, expression of the score of technical efficiency and regression analysis we concluded that "the number of insurance contracts" is important in terms of achieving efficiency. Insurance companies in the group with the highest number of insurance contracts achieved the highest average score of technical efficiency, but the group of the smallest commercial insurance companies did not reach the lowest average score of technical efficiency. Parameters of Tobit regression in each group for the indicator "number of employees" were statistically insignificant. Therefore, the number of insurance contracts is regarded as a more significant indicator in terms of efficiency of insurance companies.
Authors and Affiliations
Eva Grmanová
Keywords
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