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"Life insurance companies"
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Determinants of Croatian Non-Life Insurance Companies’ Efficiency
Although a relatively large number of studies have been focused on evaluating the efficiency of insurance companies from different aspects, analysis of factors that determine the achieved level of insurers’ efficiency is still in their inception. While these studies primarily encompass insurance companies operating in developed insurance markets, such research based on the sample of Croatian non-life insurers does not exist. Therefore, this paper is focused on the efficiency drivers of the insurance companies that operate in the Croatian non-life insurance market. The research is based on data for 18 insurance companies in the period from 2009 to 2021. Applying Data envelopment analysis (DEA) and Truncated regression, the research results show that age and ownership influence the efficiency of non-life insurance companies in Croatia, while the companies’ size, leverage, and product diversification are not confirmed as significant determinants of the efficiency.
Journal Article
An extended best–worst multiple reference point method: application in the assessment of non-life insurance companies
In this paper a multi-criteria decision-making (MCDM) method is developed to rank a set of insurance companies. The proposed method is based on combining two MCDM methods: Extended Best–Worst (EBW) and Multiple Reference Point (MRP) methods. We formulate the problem of finding a priority vector from a set of interval pairwise comparisons applying an EBW method which allows the decision maker (DM) to use interval values in order to describe the relative importance of one criterion over another. The EBW method, using fuzzy set theory, can successfully handle the vagueness and ambiguity present in the judgments. Lastly, the MRP method is employed to obtain an overall score for each company using the weights established at the first stage. A case study is presented to rank Spanish non-life insurance companies based on the constructed model. Since the evaluation of insurance companies involves a great number of indicators, it is a complex MCDM issue. The results show the effectiveness of the proposed method and offer an insightful reference for an evaluation of the insurance industry.
Journal Article
Impacts of Insurers’ Financial Insolvency on Non-Life Insurance Companies’ Profitability: Evidence from Bangladesh
A stable and healthy insurance industry plays a vital role in sustaining an economy resistant to economic shocks by providing an efficient risk-transition mechanism. There is a relative scarcity of research inspecting the impact of insurers’ financial insolvency on the profitability of insurance firms. Employing 2011–2019 panel data of 16 non-life insurance companies operating in Bangladesh, this research endeavors to examine the impacts of insurers’ financial insolvency on the profitability of insurance companies measured by return ratios, return on assets (ROA), and return on equity (ROE). Fixed-effect regression outcome implies that insurers’ financial insolvency has a significant adverse influence on non-life insurance companies’ profitability. Further findings indicate that financial leverage, technical provision, age, and inflation have a noteworthy adverse influence on profitability. The outcomes of this research are of greater significance for policymakers in tackling insolvency and formulating policies to boost the growth of insurance profitability. In addition, this study aims to serve as a benchmark for other countries’ insurance industries to emulate recovery strategies from financial insolvency.
Journal Article
The Cost of Financial Frictions for Life Insurers
During the financial crisis, life insurers sold long-term policies at deep discounts relative to actuarial value. The average markup was as low as—19 percent for annuities and — 57 percent for life insurance. This extraordinary pricing behavior was due to financial and product market frictions, interacting with statutory reserve regulation that allowed life insurers to record far less than a dollar of reserve per dollar of future insurance liability. We identify the shadow cost of capital through exogenous variation in required reserves across different types of policies. The shadow cost was $0.96 per dollar of statutory capital for the average company in November 2008.
Journal Article
UNDERSTANDING THE ADVICE OF COMMISSIONS-MOTIVATED AGENTS
We conduct a series of field experiments to evaluate the quality of advice provided by life insurance agents in India. Agents overwhelmingly recommend unsuitable, strictly dominated products that provide high commissions to the agent. Agents cater to the beliefs of uninformed consumers, even when those beliefs are wrong. We also find that agents appear to focus on maximizing the amount of premiums (and therefore their commissions) that customers pay, as opposed to focusing on how much insurance coverage customers need. A natural experiment requiring disclosure of commissions for a specific product results in agents recommending alternative products with high commissions but no disclosure requirement. A follow-up agent survey sheds light on the extent to which poor advice reflects both the commission incentives and agents’ limited product knowledge.
Journal Article
Life Insurance as an Investment Option
Insurance is defined as a cooperative device to spread the loss caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against that risk. The scenario as a whole is changing and life insurance is increasingly being considered as 'an investment option' by investors and companies. The objective of the study is to evaluate life insurance as an investment option post privatization and also to study a shift in people's preferences from other comparable investment avenues. For the purpose of study two populations were selected. First, was the population of investors across various towns and cities comprising of buyers of life insurance. Within this population various subpopulations were studied on the basis of profession, nature of job, education profile, age group income category, gender and marital status Second, was the population of life insurance companies and within this population sub populations of life insurance companies operating in cities and towns and also the sub populations of life insurance companies operating in public and private sector had been studied. A total of 500 investors and 12 life insurance companies (10 responses from each i.e. a total of 120 responses) were selected for the purpose of study.
Journal Article
Principal-principal-agency relationships and the role of external governance
This paper explores agency problems associated with mutual and joint stock organizational forms. It examines whether the independent mode of distribution acts as a governance factor that reduces principal-agent and principal-principal costs. By analyzing a 1990-1997 panel of life insurance companies this paper provides evidence that mutuals have higher principal-agent costs, but lower principal-principal costs, compared with stocks. Independent distribution mitigates both agency problems by reducing managerial expenses while safeguarding interests of policy holders. These relationships are positively moderated by product complexity and free cash flow. This is consistent with the assumption that companies that use independent agents exhibit lower levels of manager and shareholder opportunism. Copyright © 2009 John Wiley & Sons, Ltd.
Journal Article
The Advertising Effects of Corporate Social Responsibility on Corporate Reputation and Brand Equity: Evidence from the Life Insurance Industry in Taiwan
This study investigates the persuasive advertising and informative advertising effects of CSR initiatives on corporate reputation and brand equity based on the evidence from the life insurance industry in Taiwan. The study finds, first, policyholders' perceptions concerning the CSR initiatives of life insurance companies have positive effects on customer satisfaction, corporate reputation, and brand equity. Second, the advertising effects of the CSR initiatives on corporate reputation are only informative. Third, the impacts of CSR initiatives on brand equity include informative advertising and persuasive advertising effects. This study contributes the literature by explicit defining the advertising effects of CSR initiatives. Following the first step made by McWilliams et al. (Journal of Management Studies 43(1):1—18, 2006), the hypotheses of this study crystallize their conceptual framework. The obtained results in this research first identify the informative advertising effects and persuasive advertising effects of CSR initiatives.
Journal Article