Analysis Of The Efficiency Of Insurance Companies In Serbia

Abstract

It is very challenging to investigate the efficiency of insurance companies in all countries based on the DEA (Data Envelopment Analysis) model. This is also the case with Serbia. This paper analyzes the efficiency of insurance companies in Serbia based on the DEA Super-Radial model. According to the results of Super-Radial (Super-CCR-I and Super-CCR-O) in 2021, no insurance company in Serbia was efficient. In the same year, according to the Super-Radial (Super-BCC-I) results, only two insurance companies in Serbia were efficient: DUNAV OSIGURANJE and ĐENERALI OSIGURANJE SERBIA. According to the results of Super-Radial (Super-BCC-O) in 2021 in Serbia, only two insurance companies were efficient: DDOR RE and SAVA ŽIVOTNO.Other insurance companies were ineffective. In order to improve the efficiency of insurance companies in Serbia, it is necessary, in addition to efficient adapting to a dynamic business environment, managing assets, capital, human resources, sales of insurance products and profits as efficiently as possible. Digitalization of the entire business plays a significant role in this. It significantly mitigated the impact of the Covid-19 pandemic on the efficiency of insurance companies in Serbia.