دانلود مقاله ISI انگلیسی شماره 24094
عنوان فارسی مقاله

ارزیابی اثربخشی برای صنعت بیمه عمر: مورد در تایوان

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
24094 2005 14 صفحه PDF سفارش دهید 5370 کلمه
خرید مقاله
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عنوان انگلیسی
The estimation of efficiency for life insurance industry: The case in Taiwan
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Asian Economics, Volume 16, Issue 5, October 2005, Pages 847–860

کلمات کلیدی
صنعت بیمه عمر - بازده - اقتصاد مقیاس - تنوع استراتژی محصول -   تئوری قدرت بازار
پیش نمایش مقاله
پیش نمایش مقاله ارزیابی اثربخشی برای صنعت بیمه عمر: مورد در تایوان

چکیده انگلیسی

Using 23 years of data, (1977–1999), we estimate the translog cost function for 26 life insurance companies. We employ the distribution free approach (DFA) and Battese and Coelli (DFP) model to estimate inefficiency. We then test the constants or residuals to see if they are related to the so-called X-efficiencies, because of market share, diversification of product strategy, scale efficiency, and market growth ratio. Results show that the efficiency relates to the occurrence of market share, diversification products strategy, and scale efficiency.

مقدمه انگلیسی

he competitive environment faced by Taiwan's life insurers has undergone a myriad of changes during the past decade. Such changes were facilitated, in part, by financial services’ deregulation, entry by non-Taiwanese life insurance companies into the Taiwan market, interest rate volatility, and technological advances in information processing. The life insurance companies’ responses include innovations in product design and the problem of insolvencies. Researchers have recently been examining insurers’ cost structure and industry performance (Doherty, 1981 and Skogh, 1982; Grace & Timme, 1991; Weiss, 1986). Traditional research focuses on economies of scale and scope, but some research examines the industry's efficiency (Yuengert, 1993; Cummins & Zi, 1997; Hao & Chou, 2002). Hao and Chou (2002) employ Schmidt and Sickles’ (1984) distribution free approach (DFA) to estimate eight firms’ efficiency and find that the efficiency relates to the occurrence of some optimal scale and diversification of product strategy. These studies find that the life insurance sector has an average inefficiency of around 30–50% (Fecher, Kessler, Perelman, & Pestieau, 1993; Yuengert, 1993; Gardner & Grace, 1993; Hardwick, 1997; Hao & Chou, 2002). We also use Schmidt and Sickles’ (1984) distribution free approach and the Battese and Coelli model (1992) to estimate 26 Taiwanese life insurance companies’ efficiency, and then analyze the market share, optimal scale, and diversification of product strategy implications for efficient firm operations in the life insurance industry. First, a brief review of efficiency is presented, and then Section 3 explains variable definitions and presents the relationships to be examined. Section 4 describes the models. Section 5 offers the estimation and results. Section 6 discusses the results and is followed by a conclusion.

نتیجه گیری انگلیسی

This paper estimates cost functions for the years 1977–1999 for 26 firms representing approximately 90% of the industry's premiums written in Taiwan over the period. The cost function constants are then employed to construct a measure of firm efficiency. We hypothesize that these constants should be a function of market share, total assets, and product focus. We use the Schmidt and Sickles’ (1984) distribution free approach and the Battese and Coelli model (1992) to calculate our efficiency. The results of this research provide us with a number of policy questions. First, we suggest that assets excluded from solvency regulations are potentially productive to the firm. Second, we suggest that firms with a larger market share are more profitable. Third, the diversification of product strategy is unable to help a firm improve its operational efficiency, because Taiwan's life insurance firms always observe the standardized policy regulation. Fourth, if the firm is increasing its ordinary life insurance premium revenue, then the firm must be seeing an improvement in its investments. Finally, when the price of claims rises, the firm will see a downside in the price of labor.

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