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Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?

Author

Listed:
  • Pervan Maja

    (Cvite Fiskovića 5, 21 000 Split, University of Split, Faculty of Economics, Business and Tourism, tel. +358 21 430 680, fax. +385 21 430 701)

  • Ćurak Marijana

    (Cvite Fiskovića 5, 21 000 Split, University of Split, Faculty of Economics, Business and Tourism, tel. +358 21 430 723, fax. +385 21 430 701)

  • Kramarić Tomislava Pavić

    (R. Boškovića 33, 21 000 Split, University of Split, University Department of Forensic Sciences, tel. +358 21 510 180)

Abstract

Accession of Croatia to the EU brought legal, regulatory and market changes for the insurance companies. The question that arises is whether the new environment in which the companies operate has improved their efficiency. Accordingly, the aim of this paper is to separately estimate the efficiency of non-life and life insurance industry in Croatia and to compare it through the period before (2009-2012) and after (2013-2018) Croatian accession to the EU. The research is based on the Data Envelopment Analysis and the obtained results indicate an average increase in overall technical efficiency in both, non-life and life sector in period after Croatia’s accession to the EU. Still, this increase was not proved to be significant. Additionally, although increase in pure technical efficiency was significant in non-life sector, an insignificant slight decrease is recorded in life sector. Finally, insurers conducting (non)life business activities are mainly operating at increasing returns to scale.

Suggested Citation

  • Pervan Maja & Ćurak Marijana & Kramarić Tomislava Pavić, 2021. "Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?," Zagreb International Review of Economics and Business, Sciendo, vol. 24(1), pages 67-98.
    • Handle: RePEc:vrs:zirebs:v:24:y:2021:i:1:p:67-98:n:1004
    DOI: 10.2478/zireb-2021-0004
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    More about this item

    Keywords

    efficiency; Croatian insurance companies; accession to the EU; DEA;
    All these keywords.

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis

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