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Consolidation and Efficiency in the U.S. Life Insurance Industry

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Cited by:

  1. Trigo Gamarra, Lucinda, 2008. "The effects of liberalization and deregulation on the performance of financial institutions: The case of the German life insurance market," Thuenen-Series of Applied Economic Theory 93, University of Rostock, Institute of Economics.
  2. Georges Dionne & Denise Desjardins, 2022. "A re‐examination of the US insurance market's capacity to pay catastrophe losses," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 25(4), pages 515-549, December.
  3. Gonzalo Rodríguez‐Pérez & John Slof & Magda Solà & Margarita Torrent & Immaculada Vilardell, 2011. "Assessing the Impact of Fair‐Value Accounting on Financial Statement Analysis: A Data Envelopment Analysis Approach," Abacus, Accounting Foundation, University of Sydney, vol. 47(1), pages 61-84, March.
  4. McShane, Michael K. & Cox, Larry A. & Butler, Richard J., 2010. "Regulatory competition and forbearance: Evidence from the life insurance industry," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 522-532, March.
  5. Choi, Sungho & Francis, Bill B. & Hasan, Iftekhar, 2010. "Cross-border bank M&As and risk: evidence from the bond market," Bank of Finland Research Discussion Papers 4/2010, Bank of Finland.
  6. Chakraborty Kalyan & Dutta Anirban & Sengupta Partha Pratim, 2012. "Efficiency and Productivity of Indian Life Insurance Industry," Asia-Pacific Journal of Risk and Insurance, De Gruyter, vol. 7(1), pages 1-28, December.
  7. Ihsan Isik & Ugur Meleke & Ebru Isik, 2002. "Liberalization, Ownership and Productivity in Turkish Banking," Working Papers 0218, Economic Research Forum, revised 20 Jun 2002.
  8. Biener, Christian & Eling, Martin & Jia, Ruo, 2016. "The Roles of Industry Idiosyncrasy, Cost Efficiency, and Risk in Internationalization: Evidence from the Insurance Industry," Working Papers on Finance 1602, University of St. Gallen, School of Finance.
  9. Chiang Ku Fan, 2012. "Compare bancassurance sales with an insurer's own team in Taiwan," International Journal of Business Performance Management, Inderscience Enterprises Ltd, vol. 13(3/4), pages 274-293.
  10. Tao Zhang & Larry A. Cox & Robert A. Van Ness, 2009. "Adverse Selection and the Opaqueness of Insurers," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(2), pages 295-321, June.
  11. María Victoria Uribe‐Bohorquez & Jennifer Martínez‐Ferrero & Isabel‐María García‐Sánchez, 2019. "Women on boards and efficiency in a business‐orientated environment," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(1), pages 82-96, January.
  12. Mühlnickel, Janina & Weiß, Gregor N.F., 2015. "Consolidation and systemic risk in the international insurance industry," Journal of Financial Stability, Elsevier, vol. 18(C), pages 187-202.
  13. S Lozano & G Villa, 2010. "DEA-based pre-merger planning tool," Journal of the Operational Research Society, Palgrave Macmillan;The OR Society, vol. 61(10), pages 1485-1497, October.
  14. Berger, Allen N. & Cummins, J. David & Weiss, Mary A. & Zi, Hongmin, 2000. "Conglomeration versus Strategic Focus: Evidence from the Insurance Industry," Journal of Financial Intermediation, Elsevier, vol. 9(4), pages 323-362, October.
  15. 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.
  16. Suvvari Anandarao & S. Raja Sethu Durai & Phanindra Goyari, 2019. "Efficiency Decomposition in two-stage Data Envelopment Analysis: An application to Life Insurance companies in India," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 17(2), pages 271-285, June.
  17. Simar, Leopold & Wilson, Paul, 2018. "Technical, Allocative and Overall Efficiency: Inference and Hypothesis Testing," LIDAM Discussion Papers ISBA 2018018, Université catholique de Louvain, Institute of Statistics, Biostatistics and Actuarial Sciences (ISBA).
  18. Lotfi Ben Jedidia & Imed Medhioub, 2015. "The Efficiency of Saudi Arabia Insurance Companies," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 5(3), pages 237-248.
  19. Kjell Sümegi & Peter Haiss, 2006. "The Relationship of Insurance and Economic Growth - a Theoretical and Empirical Analysis," EcoMod2006 272100091, EcoMod.
  20. Eling, Martin & Jia, Ruo, 2018. "Business failure, efficiency, and volatility: Evidence from the European insurance industry," International Review of Financial Analysis, Elsevier, vol. 59(C), pages 58-76.
  21. Milton Nektarios & Panos Xenos & George Nektarios & Kostas Poulakis & Michalis Chouzouris, 2015. "Efficiency Analysis of Lloyd’s Syndicates: A Comparison of DEA and SFA Approaches," SPOUDAI Journal of Economics and Business, SPOUDAI Journal of Economics and Business, University of Piraeus, vol. 65(1-2), pages 27-46, January-M.
  22. Biresh K. Sahoo & Kaoru Tone, 2022. "Evaluating the potential efficiency gains from optimal industry configuration: A case of life insurance industry of India," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(8), pages 3996-4009, December.
  23. Berger, Allen N., 2003. "The efficiency effects of a single market for financial services in Europe," European Journal of Operational Research, Elsevier, vol. 150(3), pages 466-481, November.
  24. Chen, Xiaoqing & Kerstens, Kristiaan & Tsionas, Mike, 2024. "Does productivity change at all in Swedish district courts? Empirical analysis focusing on horizontal mergers," Socio-Economic Planning Sciences, Elsevier, vol. 91(C).
  25. Jin Lung Peng & Lih Ru Chen & Jennifer L. Wang & Larry Y. Tzeng, 2017. "Diversification Versus Strategic Focus: Evidence from Insurance Intermediaries in Taiwan," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 42(3), pages 530-555, July.
  26. Bingzheng Chen & Michael R. Powers & Joseph Qiu, 2009. "Life‐insurance Efficiency in China: A Comparison of Foreign and Domestic Firms," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(6), pages 43-63, November.
  27. Allen N. Berger, 2000. "The integration of the financial services industry: where are the efficiencies?," Finance and Economics Discussion Series 2000-36, Board of Governors of the Federal Reserve System (U.S.).
  28. Boubakri, Narjess & Dionne, Georges & Triki, Thouraya, 2008. "Consolidation and value creation in the insurance industry: The role of governance," Journal of Banking & Finance, Elsevier, vol. 32(1), pages 56-68, January.
  29. Brito, Duarte & Pereira, Pedro & Ramalho, Joaquim J.S., 2013. "Mergers, coordinated effects and efficiency in the Portuguese non-life insurance industry," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 554-568.
  30. Kwoka, John & Pollitt, Michael, 2010. "Do mergers improve efficiency? Evidence from restructuring the US electric power sector," International Journal of Industrial Organization, Elsevier, vol. 28(6), pages 645-656, November.
  31. Karim, M.Z.A. & Jhantasana, Ch., 2005. "Efficiency and Profitability in Thailand’s Life Insurance Industry: A Cost Frontier Function and Hausman test, 1997-2002," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 2(4), pages 19-36.
  32. Kuan-Chen Chen & Chung-I Lin, 2020. "Studies on the Determinants of Efficiency in Taiwanese Life Insurance Industry - Application of Bootstrapped Truncated Model," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(1), pages 1-4.
  33. Mohammad Nourani & Qian Long Kweh & Irene Wei Kiong Ting & Wen-Min Lu & Anna Strutt, 2022. "Evaluating traditional, dynamic and network business models: an efficiency-based study of Chinese insurance companies," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 905-943, October.
  34. Camanho, Ana Santos & Silva, Maria Conceicao & Piran, Fabio Sartori & Lacerda, Daniel Pacheco, 2024. "A literature review of economic efficiency assessments using Data Envelopment Analysis," European Journal of Operational Research, Elsevier, vol. 315(1), pages 1-18.
  35. Vivian Jeng & Gene C Lai, 2008. "The Impact of Deregulation on Efficiency: An Analysis of Life Insurance Industry in Taiwan From 1981 to 2004," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 11(2), pages 349-375, September.
  36. Trigo Gamarra, Lucinda, 2007. "Single- versus multi-channel distribution strategies in the German life insurance market: A cost and profit efficiency analysis," Thuenen-Series of Applied Economic Theory 81, University of Rostock, Institute of Economics.
  37. Alireza Hirad, 2014. "Designation and Explanation of Performance Evaluation Model Metals Producers Companies in Iran Stock Exchange with an Approach to Data Envelopment Analysis," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(4), pages 44-59, October.
  38. Otgontsetseg Erhemjamts & J. Tyler Leverty, 2010. "The Demise of the Mutual Organizational Form: An Investigation of the Life Insurance Industry," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(6), pages 1011-1036, September.
  39. María Rubio‐Misas, 2022. "Analysis of insurers' performance using frontier efficiency and productivity methods. The great contributions by David Cummins and Mary Weiss," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 25(4), pages 445-489, December.
  40. Khan, Atiquzzafar & Noreen, Uzma, 2014. "Efficiency Measure of Insurance v/s Tak ful Firms Using DEA Approach: A Case of Pakistan," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 22, pages 139-158.
  41. Barry Sheehan & Christian Humberg & Darren Shannon & Michael Fortmann & Stefan Materne, 2023. "Diversification and Solvency II: the capital effect of portfolio swaps on non-life insurers," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 48(4), pages 872-905, October.
  42. 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.
  43. Chen-Ying Lee, 2020. "The Impact of Product Diversification on Risk-taking Behavior in Property and Liability Insurance Firms," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 10(3), pages 1-9.
  44. Shoaib Alam Siddiqui & Ali Shaddady, 2023. "How Profit Efficient is Indian Life Insurance Industry: A DEA Study," SAGE Open, , vol. 13(4), pages 21582440231, December.
  45. 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.
  46. Sebouh Aintablian & Gordon S. Roberts, 2005. "Market Response to Announcements of Mergers of Canadian Financial Institutions," Multinational Finance Journal, Multinational Finance Journal, vol. 9(1-2), pages 72-98, March-Jun.
  47. Benjamin Lorent, 2010. "The Link between Insurance and Banking Sectors: An International Cross-Section Analysis of Life Insurance Demand," Working Papers CEB 10-040, ULB -- Universite Libre de Bruxelles.
  48. Simonyan, Karen, 2014. "What determines takeover premia: An empirical analysis," Journal of Economics and Business, Elsevier, vol. 75(C), pages 93-125.
  49. Chung-Chu Chuang & Yu-Chieh Tang, 2015. "Asymmetric Dependence between Efficiency and Market Power in the Taiwanese Life Insurance Industry," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(4), pages 511-525, September.
  50. Yu‐Luen Ma & Nat Pope & Xiaoying Xie, 2014. "Contingent Commissions, Insurance Intermediaries, and Insurer Performance," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 17(1), pages 61-81, March.
  51. Biener, Christian & Eling, Martin & Jia, Ruo, 2017. "The structure of the global reinsurance market: An analysis of efficiency, scale, and scope," Journal of Banking & Finance, Elsevier, vol. 77(C), pages 213-229.
  52. Matthias Köhler, 2009. "Transparency of Regulation and Cross-Border Bank Mergers Analysis of Interest Rate Differentials across the Monetary Union," International Journal of Central Banking, International Journal of Central Banking, vol. 5(1), pages 39-73, March.
  53. 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.
  54. Berger, Allen N. & Demsetz, Rebecca S. & Strahan, Philip E., 1999. "The consolidation of the financial services industry: Causes, consequences, and implications for the future," Journal of Banking & Finance, Elsevier, vol. 23(2-4), pages 135-194, February.
  55. Xiaoqing Chen & Kristiaan Kerstens & Qingyuan Zhu, 2021. "Exploring Horizontal Mergers in Swedish District Courts Using Convex and Nonconvex Technologies: Usefulness of a Conservative Approach," Working Papers 2021-EQM-05, IESEG School of Management.
  56. Huang, Tai-Hsin & Lin, Chung-I & Wu, Ruei-Cian, 2019. "Assessing the marketing and investment efficiency of Taiwan’s life insurance firms under network structures," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 132-147.
  57. J. David Cummins & María Rubio-Misas, 2022. "Integration and convergence in efficiency and technology gap of European life insurance markets," Annals of Operations Research, Springer, vol. 315(1), pages 93-119, August.
  58. Elyas Elyasiani & Sotiris K. Staikouras & Panagiotis Dontis-Charitos, 2016. "Cross-Industry Product Diversification and Contagion in Risk and Return: The case of Bank-Insurance and Insurance-Bank Takeovers," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 83(3), pages 681-718, September.
  59. Dionne, Georges & Fenou, Akouété & Mnasri, Mohamed, 2023. "Consolidation of the US property and casualty insurance industry: Is climate risk a causal factor for mergers and acquisitions?," Working Papers 23-1, HEC Montreal, Canada Research Chair in Risk Management.
  60. repec:zbw:bofrdp:2010_004 is not listed on IDEAS
  61. Jeungbo Shim, 2017. "An Investigation Of Market Concentration And Financial Stability In Property–Liability Insurance Industry," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 84(2), pages 567-597, June.
  62. Jeungbo Shim, 2011. "Mergers & Acquisitions, Diversification and Performance in the U.S. Property-Liability Insurance Industry," Journal of Financial Services Research, Springer;Western Finance Association, vol. 39(3), pages 119-144, June.
  63. Cummins, J. David & Xie, Xiaoying, 2008. "Mergers and acquisitions in the US property-liability insurance industry: Productivity and efficiency effects," Journal of Banking & Finance, Elsevier, vol. 32(1), pages 30-55, January.
  64. Omar Masood & Bruno Sergi, 2011. "China’s banking system, market structure, and competitive conditions," Frontiers of Economics in China, Springer;Higher Education Press, vol. 6(1), pages 22-35, March.
  65. Milton Nektarios, 2010. "A Growth Theory for the Insurance Industry," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 13(1), pages 45-60, March.
  66. Jarraya, Bilel & Bouri, Abdelfettah, 2012. "Efficiency concept and investigations in insurance industry: A survey," MPRA Paper 53544, University Library of Munich, Germany, revised 2013.
  67. J. Cummins & Gregory Nini, 2002. "Optimal Capital Utilization by Financial Firms: Evidence from the Property-Liability Insurance Industry," Journal of Financial Services Research, Springer;Western Finance Association, vol. 21(1), pages 15-53, February.
  68. Bok Baik & Joon Chae & Sunhwa Choi & David B. Farber, 2013. "Changes in Operational Efficiency and Firm Performance: A Frontier Analysis Approach," Contemporary Accounting Research, John Wiley & Sons, vol. 30(3), pages 996-1026, September.
  69. Anirban Dutta, 2013. "Impact of Privatization on Productivity: A Non-Parametric Analysis of Indian Insurance Sector," Global Business Review, International Management Institute, vol. 14(2), pages 297-314, June.
  70. Andrew C. Worthington & Emily V. Hurley, 2000. "Technical, allocative and cost efficiency in the Australian general insurance industry," School of Economics and Finance Discussion Papers and Working Papers Series 074, School of Economics and Finance, Queensland University of Technology.
  71. Uribe-Bohorquez, María-Victoria & Martínez-Ferrero, Jennifer & García-Sánchez, Isabel-María, 2018. "Board independence and firm performance: The moderating effect of institutional context," Journal of Business Research, Elsevier, vol. 88(C), pages 28-43.
  72. M. Adams & M. Buckle, 2003. "The determinants of corporate financial performance in the Bermuda insurance market," Applied Financial Economics, Taylor & Francis Journals, vol. 13(2), pages 133-143.
  73. Simar, Léopold & Wilson, Paul W., 2020. "Technical, allocative and overall efficiency: Estimation and inference," European Journal of Operational Research, Elsevier, vol. 282(3), pages 1164-1176.
  74. Sungho Choi & Bill B. Francis & Iftekhar Hasan, 2010. "Cross‐Border Bank M&As and Risk: Evidence from the Bond Market," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 42(4), pages 615-645, June.
  75. 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.
  76. Peter C. Carstensen, 2018. "Merger Guidelines and the Limits of Our Understanding," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 53(3), pages 477-506, November.
  77. Stoyanova, Rayna & Gründl, Helmut, 2013. "Solvency II: A driver for mergers and acquisitions?," ICIR Working Paper Series 13/13, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
  78. Zélia Serrasqueiro & Paulo Maçãs Nunes, 2008. "Performance and size: empirical evidence from Portuguese SMEs," Small Business Economics, Springer, vol. 31(2), pages 195-217, August.
  79. Jill Bisco & Kathleen McCullough, 2017. "Retained Asset Accounts and Creditor Reactions to an A.M. Best Change," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 20(3), pages 277-307, December.
  80. 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.
  81. Xie, Xiaoying, 2010. "Are publicly held firms less efficient? Evidence from the US property-liability insurance industry," Journal of Banking & Finance, Elsevier, vol. 34(7), pages 1549-1563, July.
  82. Dionne, Georges & Fenou, Akouété & Mnasri, Mohamed, 2024. "Insurers’ M&A in the United States during the 1990-2022 period: Is the Fed monetary policy a causal factor," Working Papers 24-2, HEC Montreal, Canada Research Chair in Risk Management, revised 16 Jul 2024.
  83. Tai-Hsin Huang & Yi-Chun Lin & Kuo-Jui Huang & Yu-Wei Liao, 2022. "Comparing Cost Efficiency Between Financial and Non-financial Holding Banks and Insurers in Taiwan Under the Framework of Copula Methods and Metafrontier," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(4), pages 735-766, December.
  84. Pang-Ru Chang & Jin-Lung Peng & Chiang Ku Fan, 2011. "A Comparison of Bancassurance and Traditional Insurer Sales Channels," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 36(1), pages 76-93, January.
  85. Neale, Faith R. & Peterson, Pamela P., 2005. "The effect of the Gramm-Leach-Bliley Act on the insurance industry," Journal of Economics and Business, Elsevier, vol. 57(4), pages 317-338.
  86. Vincent Y. Chang, 2019. "Does reinsurance purchasing enhance insurers’ competitiveness? Evidence from the U.S. property–liability insurance industry," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 44(4), pages 595-623, October.
  87. 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.
  88. Chiaramonte, Laura & Dreassi, Alberto & Piserà, Stefano & Khan, Ashraf, 2023. "Mergers and acquisitions in the financial industry: A bibliometric review and future research directions," Research in International Business and Finance, Elsevier, vol. 64(C).
  89. Steven Pottier, 2011. "Life insurer efficiency and state regulation: evidence of optimal firm behavior," Journal of Regulatory Economics, Springer, vol. 39(2), pages 169-193, April.
  90. Bladimir Proaño‐Rivera & José Manuel Feria‐Dominguez, 2024. "Are Ecuadorian banks enough technically efficient for growth? A clinical study," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(2), pages 2011-2029, April.
  91. Kramarić Tomislava Pavić & Miletić Marko, 2019. "The Boone Indicator as Determinant of Croatian Insurance Market Soundness," South East European Journal of Economics and Business, Sciendo, vol. 14(2), pages 1-12, December.
  92. Huong Dang, 2014. "A Competing Risks Dynamic Hazard Approach to Investigate the Insolvency Outcomes of Property-Casualty Insurers," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 39(1), pages 42-76, January.
  93. Anirban Dutta & Partha Pratim Sengupta, 2011. "Efficiency Measurement of Indian Life Insurance Industry in Post-Reforms Era," Global Business Review, International Management Institute, vol. 12(3), pages 415-430, October.
  94. Kimberly C. Gleason & Ike Mathur & Roy A. Wiggins, III, 2003. "Evidence on Value Creation in the Financial Services Industries through the Use of Joint Ventures and Strategic Alliances," The Financial Review, Eastern Finance Association, vol. 38(2), pages 213-234, May.
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