Analizando la relación entre la eficiencia y la rentabilidad en el mercado de seguros no vida
DOI:
https://doi.org/10.46661/rev.metodoscuant.econ.empresa.8054Palabras clave:
Eficiencia, rentabilidad, Seguro, Análisis envolvente de datosResumen
En los últimos años, el estudio del mercado asegurador se ha focalizado únicamente en analizar su eficiencia o su rentabilidad, pero hasta ahora no se ha abordado la relación entre ambas, al menos para el mercado asegurador español. En este trabajo, tratamos de contribuir al estudio conjunto de esas dos variables examinando la relación entre las puntuaciones de eficiencia obtenidas mediante un DEA en dos etapas y los valores de los ratios financieros habituales en este sector (ROE, ROA, Ratio Técnico, Ratio Combinado y Ratio de Siniestralidad). Para ello, utilizamos una muestra de 111 empresas del mercado español de seguros de no vida para el periodo 2008-2017. Nuestros resultados muestran una relación positiva entre eficiencia y rentabilidad que presenta rendimientos decrecientes, siendo el efecto positivo de la eficiencia sobre los ratios de beneficio menor para las empresas más eficientes.
Descargas
Citas
Alhassan, A.L. & Biekpe, N. (2016). Competition and efficiency in the non-life insurance market in South Africa, Journal of Economic Studies 43(6), 882-909. https://doi.org/10.1108/JES-07-2015-0128
Álvarez-Pinilla, A. (2001). La medición de la eficiencia y la productividad, ISBN: 84-368-1586-6, Pirámide.
Azmi, F., Irawan, T. & Sasogon, H. (2020). Determinants of profitability of general insurance companies in Indonesia, Jurnal Ilmiah Manajemen Fakultas Ekonomi 6(2), 135-144. https://doi.org/10.34203/jimfe.v6i2.2263
Berger, A., Cummins, J., Weiss, M. & Zi, H. (2000). Conglomeration versus strategic focus: Evidence from the insurance industry, Journal of Financial Intermediation 9(4), 323-362. https://doi.org/10.1006/jfin.2000.0295
Biener, C. & Eling, M. (2012). Organization and efficiency in the international insurance industry: A cross-frontier analysis, European Journal of Operational Research 221, 454-468. https://doi.org/10.1016/j.ejor.2012.03.037
Bikker, J. & Gorter, J. (2011). Performance of the Dutch non-life insurance industry: Competition, efficiency and focus, Journal of Risk and Insurance 78(1), 163-194.https://doi.org/10.1111/j.1539-6975.2010.01369.x
Camino-Mogro, S. & Bermudez-Barrezueta, N. (2019). Determinants of profitability of life and non-life insurance companies: evidence from Ecuador, International Journal of Emerging Markets, 14(5), 831-872. https://doi.org/10.1108/IJOEM-07-2018-0371
Camino-Mogro, S., Armijos-Bravo, G. & Cornejo-Marcos, G. (2019). Competition in the insurance industry in Ecuador: An econometric analysis in life and non-life markets, The Quarterly Review of Economics and Finance, 71, 291-302. https://doi.org/10.1016/j.qref.2018.10.001
Charumathi, B. (2012). On the determinants of profitability of Indian life insurers, an empirical study, Proceedings of the World Congress on Engineering 1(WCE 2012, London, U.K).
Chen, Y., Cook, W., Li, N. & Zhu, J. (2009). Additive efficiency decomposition in two-stage DEA, European Journal of Operational Research 196(3). 1170-1176. https://doi.org/10.1016/j.ejor.2008.05.011
Chopo-Murillo, M.S. (2014). El sector asegurador en España: Diversificación y resultados, PhD thesis, Universidad de Zaragoza.
Cummins, J. & Weiss, M.A. (2014). Systemic risk and the US insurance sector, Journal of Risk and Insurance 81(3), 489-528. https://onlinelibrary.wiley.com/doi/abs/10.1111/jori.12039 https://doi.org/10.1111/jori.12039
Cummins, J. & Nini, G. (2002). Optimal capital utilization by financial firms: Evidence from the property-liability insurance industry, Journal of Financial Services Research 21(1-2), 15-53. https://doi.org/10.1023/A:1014369617192
Cummins, J., Rubio-Misas, M. & Zi, H. (2004). The effect of organizational structure on efficiency: Evidence from the Spanish insurance industry, Journal of Banking and Finance 28(12), 3113- 3150. https://doi.org/10.1016/j.jbankfin.2004.05.004
Cummins, J., Weiss, M., Xie, X. & Zi, H. (2010). Economies of scope in financial services: A DEA efficiency analysis of the US insurance industry, Journal of Banking and Finance 34(7), 1525- 1539. https://doi.org/10.1016/j.jbankfin.2010.02.025
Cummins, J. & Zi, H. (1998). Comparison of frontier efficiency methods: An application to the US life insurance industry, Journal of Productivity Analysis 10(2), 131-152. https://doi.org/10.1023/A:1026402922367
Eckles, D.L. & Pottier, S.W. (2011). Is efficiency an important determinant of A.M. best property- liability insurer financial strength ratings? Journal of Insurance Issues 34(1), 18-33.
Eling, M. & Jia, R. (2019). Efficiency and profitability in the global insurance industry, Pacific- Basin Finance Journal 57, 101190.
https://doi.org/10.1016/j.pacfin.2019.101190
Eling, M. & Luhnen, M. (2010a). Frontier efficiency methodologies to measure performance in the insurance industry: Overview, systematization and recent developments, Geneva Papers on Risk and Insurance 35(2), 217-1265. https://doi.org/10.1057/gpp.2010.1
Eling, M. & Luhnen, M. (2010b). Efficiency in the international insurance industry: A cross- country comparison, Journal of Banking and Finance 34(7), 1497-1509. https://doi.org/10.1016/j.jbankfin.2009.08.026
Fecher, F., Kessler, D., Perelman, S. & Pestieau, P. (1993). Productive performance in the French insurance industry, Journal of Productivity Analysis 4(1-2), 77-93. https://doi.org/10.1007/BF01073467
Ferro, G. & Le'on, S. (2017). A stochastic frontier analysis of efficiency in Argentina's non-life insurance market, The Geneva Papers on Risk and Insurance 43(1), 158-174. https://doi.org/10.1057/s41288-017-0058-z
Gaganis, C., Hasan, I. & Pasiouras, F. (2013). Efficiency and stocks return. Evidence from the insurance industry, Journal of Productivity Analysis 40, 429-442. https://doi.org/10.1007/s11123-013-0347-x
Gaganis, C., Liuling, L. & Pasiouras, F. (2015). Regulations, profitability, and risk-adjusted re- turns of European insurers: An empirical investigation, Journal of Financial Stability 18(C), 55- 77. https://doi.org/10.1016/j.jfs.2015.03.001
González-Fernández, A.I., Rubio-Misas, M. & Ruiz, F. (2023). Multi-objective reference point techniques to optimize profitability, growth, and risk in the non-life insurance industry: international analysis, International Transactions in Operational Research, 30: 2546-2570.https://doi.org/10.1111/itor.13155
Greene, W.H. & Segal, D. (2004). Profitability and efficiency in the US life insurance industry, Journal of Productivity Analysis 21(3), 229-247. https://doi.org/10.1023/B:PROD.0000022092.70204.fa
Jarraya, B., Afi, H. & Omri, A. (2023). Analyzing the profitability and efficiency in European Non-Life insurance industry, Methodology and Computing in Applied Probability 25(2). 1-25. https://doi.org/10.1007/s11009-023-10043-0
Kaffash, S., Azizi, R., Huang, Y. & Zhu, J. (2020). A survey of data envelopment analysis applications in the insurance industry 1993-2018, European Journal of Operational Research 284(3), 801-813. https://doi.org/10.1016/j.ejor.2019.07.034
Kao, C. & Hwang, S. (2008). Efficiency decomposition in two-stage data envelopment analysis. an application to non-life insurance companies in Taiwan, European Journal of Operational Research 185, 418-429. https://doi.org/10.1016/j.ejor.2006.11.041
Kramaric, T.P., Miletic, M. & Pavic, I. (2017). Profitability determinants of insurance markets in selected Central and Eastern European countries, International Journal of Economic Sciences 6(2), 100-123.
Leverty, J. & Grace, M. (2010). The robustness of output measures in property/liability insurance efficiency studies, Journal of Banking and Finance 34(7), 1510-1524. https://doi.org/10.1016/j.jbankfin.2009.08.015
Liebenberg, A.P. & Sommer, D.W. (2008). Effects of corporate diversification: Evidence from the property-liability insurance industry, Journal of Risk and Insurance 75(4), 893-919. https://doi.org/10.1111/j.1539-6975.2008.00290.x
Manzano, D. (2017). Spain's insurance sector: Profitability, solvency and concentration, Funcas SEFO 7(1), 1-8.
Mapfre (2018). The Spanish insurance market in 2017., MAPFRE Economic Research, Fundaci'on Mapfre .
Moro, O. & Anderloni, L. (2014). Non-life insurance economic performances - an empirical investigation, Journal of Economics Management 18, 159-177.
Mose, V.O. (2013). Efficiency of non-life insurance business in Kenya: Stochastic frontier approach. https://doi.org/10.2139/ssrn.2262754
Pjani'c, M., Milenkovic, N., Kalaˇs, B. & Mirovi'c, V. (2018). Profitability determinants of non-life insurance companies in Serbia, Ekonomika preduzeca 66, 333-345. https://doi.org/10.5937/EKOPRE1806333P
Rubio-Misas, M. (2020). Ownership structure and financial stability: Evidence from Takaful and conventional insurance firms, Pacific-Basin Finance Journal 62, 101355. https://doi.org/10.1016/j.pacfin.2020.101355
Shahroudi, K., Taleghani, M. & Mohammadi, G. (2012). Application of two-stage DEA technique for efficiencies measuring of private insurance companies in Iran, International Journal of Applied Operational Research 1(3), 91-104.
Suarez-Fernandez, S., Quiroga-Garcia, R. & Manzano-Perez, I. (2021). A comparison of DEA and SFA approaches: Application to the US non-life insurance market, Applied Economics Journal 28(2), 107-127.
Swiss, R. (2018). Profitability in non-life insurance: Mind the gap, Sigma 4.
Venkateswarlu, R. & Bishma Rao, G. (2016). Profitability evaluation and ranking of Indian non- life insurance firms using GRA and TOPSIS, European Journal of Business and Management 8(22). 153-170.
Vera-Gilces, P., Camino-Mogro, S., Ordeñana, X. & Armijos, M. (2021). Revisiting market power and efficiency: the non-linearities over profitability, Applied Economics Letters, 28(21), 1860-1864. https://doi.org/10.1080/13504851.2020.1854653
Publicado
Cómo citar
Número
Sección
Licencia
Derechos de autor 2023 Sara Suárez Fernández, Raquel Quiroga-Garcia, Isabel María Manzano Pérez
Esta obra está bajo una licencia internacional Creative Commons Atribución-CompartirIgual 4.0.
El envío de un manuscrito a la Revista supone que el trabajo no ha sido publicado anteriormente (excepto en la forma de un abstract o como parte de una tesis), que no está bajo consideración para su publicación en ninguna otra revista o editorial y que, en caso de aceptación, los autores están conforme con la transferencia automática del copyright a la Revista para su publicación y difusión. Los autores retendrán los derechos de autor para usar y compartir su artículo con un uso personal, institucional o con fines docentes; igualmente retiene los derechos de patente, de marca registrada (en caso de que sean aplicables) o derechos morales de autor (incluyendo los datos de investigación).
Los artículos publicados en la Revista están sujetos a la licencia Creative Commons CC-BY-SA de tipo Reconocimiento-CompartirIgual. Se permite el uso comercial de la obra, reconociendo su autoría, y de las posibles obras derivadas, la distribución de las cuales se debe hacer con una licencia igual a la que regula la obra original.
Hasta el volumen 21 se ha estado empleando la versión de licencia CC-BY-SA 3.0 ES y se ha comenzado a usar la versión CC-BY-SA 4.0 desde el volumen 22.
