The purpose of this paper is to estimate the efficiency of the insurance sector of Republic of Macedonia for the period 2009-2013. Technical, pure technical and scale efficiency of 11 Macedonian insurance companies have been measured using Data Envelopment Analysis (DEA), both CCR and BCC output-oriented model. The results from the analysis indicate an increase of the average efficiency during the almost whole observed period. The scale efficiency follows the same trend. When estimating the BCC model, the number of efficient insurance companies and the average efficiency for the sector is higher than in the CCR case, implying that the main source of inefficiency is due to scale inefficiencies. The average technical efficiency score of Republic of Macedonia in 2013 of 0.84387 indicates relatively high efficiency of the insurance sector. The efficiency problem of each insurance company has been specified particularly
| Published in | Journal of Investment and Management (Volume 4, Issue 2) |
| DOI | 10.11648/j.jim.20150402.11 |
| Page(s) | 61-67 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2015. Published by Science Publishing Group |
Data Envelopment Analysis, Macedonia, Insurance Sector Efficiency, Scale Efficiency, Technical Efficiency, Pure Technical Efficiency
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APA Style
Vesna Micajkova. (2015). Efficiency of Macedonian Insurance Companies: A DEA Approach. Journal of Investment and Management, 4(2), 61-67. https://doi.org/10.11648/j.jim.20150402.11
ACS Style
Vesna Micajkova. Efficiency of Macedonian Insurance Companies: A DEA Approach. J. Invest. Manag. 2015, 4(2), 61-67. doi: 10.11648/j.jim.20150402.11
AMA Style
Vesna Micajkova. Efficiency of Macedonian Insurance Companies: A DEA Approach. J Invest Manag. 2015;4(2):61-67. doi: 10.11648/j.jim.20150402.11
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Download@article{10.11648/j.jim.20150402.11,
author = {Vesna Micajkova},
title = {Efficiency of Macedonian Insurance Companies: A DEA Approach},
journal = {Journal of Investment and Management},
volume = {4},
number = {2},
pages = {61-67},
doi = {10.11648/j.jim.20150402.11},
url = {https://doi.org/10.11648/j.jim.20150402.11},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20150402.11},
abstract = {The purpose of this paper is to estimate the efficiency of the insurance sector of Republic of Macedonia for the period 2009-2013. Technical, pure technical and scale efficiency of 11 Macedonian insurance companies have been measured using Data Envelopment Analysis (DEA), both CCR and BCC output-oriented model. The results from the analysis indicate an increase of the average efficiency during the almost whole observed period. The scale efficiency follows the same trend. When estimating the BCC model, the number of efficient insurance companies and the average efficiency for the sector is higher than in the CCR case, implying that the main source of inefficiency is due to scale inefficiencies. The average technical efficiency score of Republic of Macedonia in 2013 of 0.84387 indicates relatively high efficiency of the insurance sector. The efficiency problem of each insurance company has been specified particularly},
year = {2015}
}
TY - JOUR T1 - Efficiency of Macedonian Insurance Companies: A DEA Approach AU - Vesna Micajkova Y1 - 2015/08/11 PY - 2015 N1 - https://doi.org/10.11648/j.jim.20150402.11 DO - 10.11648/j.jim.20150402.11 T2 - Journal of Investment and Management JF - Journal of Investment and Management JO - Journal of Investment and Management SP - 61 EP - 67 PB - Science Publishing Group SN - 2328-7721 UR - https://doi.org/10.11648/j.jim.20150402.11 AB - The purpose of this paper is to estimate the efficiency of the insurance sector of Republic of Macedonia for the period 2009-2013. Technical, pure technical and scale efficiency of 11 Macedonian insurance companies have been measured using Data Envelopment Analysis (DEA), both CCR and BCC output-oriented model. The results from the analysis indicate an increase of the average efficiency during the almost whole observed period. The scale efficiency follows the same trend. When estimating the BCC model, the number of efficient insurance companies and the average efficiency for the sector is higher than in the CCR case, implying that the main source of inefficiency is due to scale inefficiencies. The average technical efficiency score of Republic of Macedonia in 2013 of 0.84387 indicates relatively high efficiency of the insurance sector. The efficiency problem of each insurance company has been specified particularly VL - 4 IS - 2 ER -
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