A survey of data envelopment analysis applications in the insurance industry 1993–2018
Autor: | Joe Zhu, Ying Huang, Sepideh Kaffash, Roza Azizi |
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Rok vydání: | 2020 |
Předmět: |
050210 logistics & transportation
021103 operations research Information Systems and Management Dynamic network analysis General Computer Science 05 social sciences Financial market 0211 other engineering and technologies 02 engineering and technology Management Science and Operations Research Industrial and Manufacturing Engineering Field (computer science) Extant taxon Modeling and Simulation Transparency (graphic) 0502 economics and business Data envelopment analysis Satisficing Business Insurance industry Industrial organization |
Zdroj: | European Journal of Operational Research. 284:801-813 |
ISSN: | 0377-2217 |
DOI: | 10.1016/j.ejor.2019.07.034 |
Popis: | Recently in the insurance sector, efficiency measurement of insurance firms has attracted great interest from investors, financial market analysts, insurance regulators, and researchers alike. Among several performance assessment approaches, Data Envelopment Analysis (DEA) has become one of the tools that have been commonly adopted to evaluate firms in various fields. Given the increasing interest in applying DEA to assessing relative efficiency or performance of insurance firms and that there has been a growing body of literature on DEA applications in the insurance industry since the last comprehensive published review in the field (i.e., Cummins and Weiss, 2013), an updated survey of DEA applications focusing on the insurance industry is necessary. In this study, we review and analyze 132 DEA application studies in the insurance industry published from 1993 through July 2018, covering both applications and methodologies. Regarding the applications, we show that the impact of recent changes such as Insurtechs, market transparency, and micro-insurance institutions on the efficiency of insurance firms has not yet been touched. As to methodologies, we pinpoint that the newly-developed DEA approaches such as shared resources dynamic network DEA, modified directional distance function, satisficing DEA, and fuzzy DEA lack in the extant literature. Through the analyses, we highlight the existing gaps in the DEA applications in the insurance industry for future research. |
Databáze: | OpenAIRE |
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