Efficiency in the Greek insurance industry

Abstract

This paper employs the two-stage procedure of Simar and Wilson (2007) to analyse the effects of deregulation on the efficiency of the Greek insurance industry. The efficiency is estimated by means of data envelopment analysis (DEA). The companies are ranked according to their CRS efficiency score for the period 1994-2003. The first stage results indicate a decline in efficiency over the sample period, while the second stage results confirm that the competition for market shares is a major driver of efficiency in the Greek insurance industry.Insurance Greece Productivity change Bootstrapped DEA