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A Malmquist Index for the Greek Insurance Industry*

Author

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  • Milton Nektarios

    (Department of Statistics and Insurance, University of Piraeus, 80 Karaoli & Demitriou street, Piraeus 18534, Greece.)

  • Carlos Pestana Barros

    (Instituto Superior de Economia e Gestão, UECE (Research Unit on Complexity and Economics), Technical University of Lisbon, Portugal.)

Abstract

The objective of this paper is to estimate the effects of deregulation after the implementation of the Third Insurance Directive in the Greek insurance market. Efficiency and productivity measures are estimated by means of data envelopment analysis, applied to a sample of almost all Greek insurance companies, for the period 1994–2003. The companies are separated into three groups: life, non-life and mixed insurance companies, and a Malmquist Index is estimated for each group. The Malmquist index is decomposed into technical efficiency change (pure technical and scale efficiency) and technological change. It is found that the life sector experienced an average annual productivity growth of 16.1 per cent, the non-life sector had a rate of 6.5 per cent and the group of mixed insurance companies had the lowest productivity of 3.3 per cent.

Suggested Citation

  • Milton Nektarios & Carlos Pestana Barros, 2010. "A Malmquist Index for the Greek Insurance Industry*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 35(2), pages 309-324, April.
    • Handle: RePEc:pal:gpprii:v:35:y:2010:i:2:p:309-324
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    Cited by:

    1. Wanke, Peter & Barros, Carlos Pestana, 2016. "Efficiency drivers in Brazilian insurance: A two-stage DEA meta frontier-data mining approach," Economic Modelling, Elsevier, vol. 53(C), pages 8-22.
    2. Kwaku Ohene-Asare & Jones Kofi Anyimadu Asare & Charles Turkson, 2019. "Dynamic cost productivity and economies of scale of Ghanaian insurers," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(1), pages 148-177, January.
    3. Hui Shan Lee & Fan Fah Cheng & Annuar Md Nassir & Nazrul Hisyam Ab Razak, 2019. "Impacts of Risk Based Capital Regulation in Malaysian Islamic Insurers (Takaful)," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 15(1), pages 27-59.
    4. Marek Botek & Olga Kutnohorská & Dana Strachotová & Stanislava Grosová, 0000. "Productivity Development Of Companies Of The Czech Chemical Industry," Proceedings of International Academic Conferences 14616446, International Institute of Social and Economic Sciences.

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