Türk Sigortacılık Sektöründe Hayat Dışı Sigorta Şirketlerinin Etkinlik Analizi
Sigortacılık sektörünün finansal sistemde önemli bir yeri vardır. Türkiye’de sigortacılık sektörü gelişmekte olan bir sektördür. Hayat dışı sigorta şirketleri ise hayat sigorta ve emeklilik şirketleri ile karşılaştırıldığında daha büyük paya sahiptir. Çalışmada 2011-2015 yılları arasında sürekli verisi elde edilebilen hayat dışı sigorta şirketlerinin etkinliği veri zarflama yöntemiyle analiz edilmektedir. Çalışma kapsamında sigorta şirketlerinin etkinliği önce toplamsal VZA yöntemiyle analiz edilmiştir. Analizin sonuçlarına göre çıktı odaklı CCR VZA modeli ile analiz yapılmıştır. Analiz dönemi içerisinde 30 KVB’nin 18 tanesi hiç etkin sınıra ulaşamamıştır. Etkin bulunan şirket oranının en çok olduğu yıl % 30 ile 2012 yılı, en düşük olduğu yıl ise %10 ile 2014 yılı olarak gerçekleşmiştir.
Efficiency Analysis of Non-Insurance Insurance Companies In The Turkish Insurance Sector
The insurance sector has an important place in the financial system. Insurance sector in Turkey is an emerging industry. Non-life insurance companies have a larger share compared to life insurance and pension companies. In the study, the efficiency of non-life insurance companies, which can be obtained continuously between 2011 and 2015, is analyzed with data envelopment method. In the scope of the study, the effectiveness of insurance companies was first analyzed by the additive DEA method. According to the results of the analysis, an output-oriented CCR VZA model was analyzed. During the analysis period, 18 of the 30 DMU did not reach the effective limit. The highest rate was found in 2012 with 30% and the lowest in 2014 with 10%.
Insurance is a system for which the primary objective is to provide trust in the society. This system gathers a large number of people who are exposed to the same risk in society. Insurance is a risk management tool. These risk transfer operations are carried out by policies. The parties of a policy are insured, insurer and insurant. Insurance companies, as insurers, receive a certain amount of premium from the insured in return for the risks that they have taken over. The number of insurance companies is higher than the number of the insured. Although there are not many insurance companies, the total amount of premium collected from insured people is quite high. A certain portion of the premiums obtained regularly are utilized by the companies directing them to the financial system. This is what makes the position of insurance companies important within the financial system. Insurance companies play a key role for developing economies. Therefore, it is important that these means are used efficiently. Main purpose and function of insurance is to provide trust in society while it is not its only function. Providing trust is just one of many functions of the insurance business. Insurance should not be considered as a simple system in which insurance companies use the premiums they collected to compensate the insured when risk occurs. However, it is a fact that premiums collected by insurance companies are their only source of income. They make good use of these premiums in the financial system to increase their effectiveness evaluating the financial system. Although companies have high effects on the financial system, their efficiency is important due to being few in number. According to 2018 data obtained by the Insurance Association of Turkey, there are 39 companies specialised in non-life insurance, 23 companies specialised in life and pensions and 2 reinsurance insurance company in our country. Companies can measure their efficiency and learn their position in the competitive environment. Data Envelopment Analysis is a non-parametric method. In other words, it does not make an estimate of the universe for a small sample. Data envelopment analysis can be performed in an input- and output-oriented way. The method to meet the need is decided in accordance with the purpose of study. If a particular output level is to be measured, an input-oriented efficiency measurement is performed. In the input-oriented analysis, amount of output is kept fixed to calculate how much amount of input can be changed. In the output-oriented analysis, how much amount of output can be changed for a certain input. Companies can be provided with recommendations by calculating how much the insurance companies need to change their inputs and outputs in percentage at the end of the efficiency. Yet, different results can be achieved with other criteria as a respective analysis is performed with this method. Given the data of T.R. Undersecretariat of Treasury, the number of policies and amount of premiums in non-life insurance is higher than the data of life insurance or pension. Hence, this study analyses the efficiencies of non-life insurance companies in Turkey. According to the literature in our country and in our world, data envelopment analysis is utilized in the studies examining the efficiencies of the insurance sector. The data were analysed with the additive model method of the data envelopment analysis method in the first place. The achieved results are aimed at making changes in outputs. In accordance, an output-oriented data envelopment analysis was decided. It is also observed in the literature that data analysis analysis is performed rather as output-oriented. The efficiencies of non-life insurance companies in Turkey will be examined using the data envelopment analysis. The data from years 2011-2015 will be utilized. The data to be used are obtained from the Activity Reports of Insurance and Individual Pension published by T.R. Undersecretariat of Treasury. The analysis were performed on the Win4DEAP software of which foundations was laid by Tim Coelli. The aim was to present a source for those who want to be informed of non-life insurance companies’ efficiencies in Turkey and will contribute to the literature with the findings achieved in the analysis.
