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Efficiency and Productivity of the Insurance Industry in the OECD Countries

Author

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  • Olivier Donni

    (Olivier Donni: University of Mons-Hainaut and CREPP, Belgium)

  • Fabienne Fecher

    (Fabienne Fechner: University of Liège and CREPP, Belgium)

Abstract

The purpose of the paper is to measure technical efficiency levels in 15 OECD insurance industries over the period 1983-1991 and to decompose productivity changes into technical progress and efficiency variations. We show that the growth in the productivity observed in all countries is essentially imputable to improvements in technical progress. We then try to see whether some structural national characteristics of insurance markets can partly explain the differentials in efficiency levels across countries. Reinsurance rates and market shares in OECD both seem to favor efficiency levels. The study is a step towards a comprehensive efficiency comparative study of the OECD insurance markets especially desirable in this period of increasing integration and deregulation of the market.

Suggested Citation

  • 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.
    • Handle: RePEc:pal:gpprii:v:22:y:1997:i:4:p:523-535
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    Citations

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    Cited by:

    1. Chiraz FEKI, 2016. "Information asymmetry and technical efficiency: Case of a panel of Tunisian insurance companies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 0(4(609), W), pages 299-314, Winter.
    2. Amel, Dean & Barnes, Colleen & Panetta, Fabio & Salleo, Carmelo, 2004. "Consolidation and efficiency in the financial sector: A review of the international evidence," Journal of Banking & Finance, Elsevier, vol. 28(10), pages 2493-2519, October.
    3. Biener, Christian & Eling, Martin & Wirfs, Jan Hendrik, 2016. "The determinants of efficiency and productivity in the Swiss insurance industry," European Journal of Operational Research, Elsevier, vol. 248(2), pages 703-714.
    4. 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.
    5. Shuji Yao & Zhongwei Han & Dan Luo, 2010. "Performance of the Chinese Insurance Industry under Economic Reforms," Books, Edward Elgar Publishing, number 12788.
    6. Sen Subir, 2020. "Analysis of Cost Efficiency of Indian Life Insurers: A comparison of Quantity vs Value based DEA Approach," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 14(1), pages 1-25, January.
    7. Kaffash, Sepideh & Azizi, Roza & Huang, Ying & Zhu, Joe, 2020. "A survey of data envelopment analysis applications in the insurance industry 1993–2018," European Journal of Operational Research, Elsevier, vol. 284(3), pages 801-813.
    8. Jarraya, Bilel & Bouri, Abdelfettah, 2012. "Efficiency concept and investigations in insurance industry: A survey," MPRA Paper 53544, University Library of Munich, Germany, revised 2013.
    9. Maria Rosa Borges & Milton Nektarios & Carlos Pestana Barros, 2008. "Analysing The Efficiency Of The Greek Life Insurance Industry," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 35-52.
    10. Eling, Martin & Luhnen, Michael, 2010. "Efficiency in the international insurance industry: A cross-country comparison," Journal of Banking & Finance, Elsevier, vol. 34(7), pages 1497-1509, July.
    11. Yao, Shujie & Han, Zhongwei & Feng, Genfu, 2007. "On technical efficiency of China's insurance industry after WTO accession," China Economic Review, Elsevier, vol. 18(1), pages 66-86.
    12. Chiraz FEKI, 2016. "Information asymmetry and technical efficiency: Case of a panel of Tunisian insurance companies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(609), W), pages 299-314, Winter.
    13. William WISE, 2018. "The importance of efficiency for life insurer profit: A study of Canadian life insurance companies," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(4(617), W), pages 179-204, Winter.

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