중형손해보험회사의 경영효율성 분석 = An Analysis on the Management Efficiency of Middle Sized Non-Life Insurance Companies

다국어 초록 (Multilingual Abstract)

Using non-parametric methods such as DEA and Malmquist index, this study analyzed the relative efficiency and changes in producitivity of middle size non-life insurance companies who have been experiencing rapid changes after 2000 until today. Looking into management conditions before the analysis of management efficiency, the companies exhibited quite stable liquidity showing strong payment capability of so that has no problem when compared with large companies, and also was maintaining sufficient level of asset adequacy. The companies appeared to maintain favorable level of loss ratio, expense ratio and ROA that are the typical indices representing a company``s profitability but exhibited very low level of ROE. The relative efficiency was measured by 3 independent variables and 2 dependent variables selected. From the results of the analysis, it could be inferred that only one company out of 6 companies was efficient while the others suffering inefficiency. The analysis on the changes in productivity by Malmquist index describes decreasing trend from FY2001 till FY2004, and increasing trend from FY2005 to FY2007 and again a rapid decline in FY2008.Although those trends didn``t reveal a remarkable difference from large companies, the large companies showed only gradual changes in trends while the middle sized non-life insurance companies were displaying remarkable changes. Therefore, the middle sized non-life insurance companies, with a plan to improve management efficiency, will need to develop a management strategy for stable increase in productivity.