How to cite this paper
Abdin, Z., Prabantarikso, R., Fahmy, E & Farhan, A. (2022). Analysis of the efficiency of insurance companies in Indonesia.Decision Science Letters , 11(2), 105-112.
Refrences
Abidin, Z., & Cabanda, E. (2011). Efficiency Of Non-Life Insurance In Indonesia. Journal of Economics, Business, & Accountancy Ventura, 14(3), 197–202. https://doi.org/10.14414/jebav.v14i3.46
Abidin, Z., Prabantarikso, R.M., Waedhani, R.A., & Endri, E. (2021). Analysis of Bank Efficiency Between Conventional Banks and Regional Development Banks in Indonesia. Journal of Asian Finance, Economics, and Business, 8(1),741-750. https://doi.org/10.13106/jafeb.2021.vol8.no1.741
Abidin, Z., & Endri, E. (2009). Kinerja Efisiensi Teknis Bank Pembangunan Daerah: Pendekatan Data Envelopment Analysis (DEA), Jurnal Akuntansi dan Keuangan, 11(1), 21-29. https://doi.org/10.9744/jak.11.1.pp.%2021-29
Ali, S. M., Salleh, N. M., & Hassan, M. S. (2008). Ownership structure and earnings management in Malaysian listed companies: The size effect. Asian Journal of Business and Accounting, 1(2), 89–116
Ansah‐Adu, K., Andoh, C., & Abor, J. (2012). Evaluating the cost efficiency of insurance companies in Ghana. Journal of Risk Finance, 13(1), 61-76. https://doi.org/10.1108/15265941211191949
Akhtar, M. H. (2018). Performance analysis of Takaful and conventional insurance companies in Saudi Arabia. Benchmarking: An International Journal, 25(2), 677–18. doi:10.1108/BIJ-01-2017-0018
Almanza, C., & Rodríguez, J.J.M. (2018). Profit efficiency of banks in Colombia with undesirable output: a directional distance function approach. Economics, 12, 1–18. https://doi.org/10.5018/economics-ejournal.ja.2018-30
Almulhim, T. (2019). Analysis of Takaful vs. Conventional insurance firms’ efficiency: Two-stage DEA of Saudi Arabia’s insurance market. Cogent Business &Management, 6(1), 1633807. https://doi.org/10.1080/23311975.2019.1633807
Anandarao, S., Durai, S.R.S., & Goyari, P. (2018). Efficiency decomposition in two-stage Data Envelopment Analysis: An application to Life Insurance companies in India. Journal of Quantitative Economics, 17(2), 271-285. DOI: https://doi.org/10.1007/s40953-018-0148-1
Bansal, R., & Singh, D. (2021). Efficiency drivers of insurers in GCC: an analysis incorporating company-specific and external environmental variables. Cogent Economics & Finance, 9(1), 1922179. DOI: 10.1080/23322039.2021.1922179
Barros, C., & Wanke, P. (2016). Cost efficiency of African insurance companies using a finite mixture model. South African Journal of Economic and Management Sciences 19(1), 64–81. https://doi.org/10.4102/sajems.v19i1.1238
Batir, T. E., Volkman, D. A., & Gungor, B. (2017). Determinants of bank efficiency in Turkey: Participation banks versus conventional banks. Borsa Istanbul Review, 17(2), 86-96. https://doi.org/10.1016/j.bir.2017.02.003
Benarda, B., Sumarwan, U., & Hosen, M.N. (2016). Tingkat Efisiensi Industri Asuransi Jiwa Syariah Menggunakan Pendekatan Two Stages Data Envelopment Analysis. Jurnal Aplikasi Bisnis dan Manajemen, 2(1), 64. doi: 10.17358/JABM.2.1.64
Chen, Y., Cook, W. D., & Zhu, J. (2010). Deriving the DEA frontier for two-stage processes. European Journal of Operational Research, 202(1), 138–142. https://doi. org/10.1016/j.ejor.2009.05.012
Chen, L.-R., Lai, G. C., & Wang, J. L. (2011). Conversion and efficiency performance changes evidence from the U.S. property-liability insurance industry. The Geneva Risk and Insurance Review 36(1), 1–35. https://doi.org/10.1057/grir.2010.3
Coelli, T. J., Rao, D. S. P., O’Donnell, C. J., & Battese, G. E. (2005), An introduction to efficiency and productivity analysis, Springer Science & Business Media.
Cummins, J.D., & Xie, X. (2013). Efficiency, productivity, and scale economies in the US property-liability insurance industry. Journal of Productivity Analysis, 39(2), 141-164.
Cummins, J. D., & Zi, H. (1998). Measuring economic efficiency of the US life insurance industry: econometric and mathematical programming techniques. Journal of Productivity Analysis, 10, 131–145. https://doi.org/10.1023/A:1026402922367
Cummins, J. D., Turchetti, G., & Weiss, M. A. (1996). Productivity and technical efficiency in the Italian insurance industry. Wharton School Center for Financial Institutions, University of Pennsylvania, Working Paper.
Dong, Y.Z., Hamilton. R., & Tippett, M. (2014) Cost efficiency of the Chinese banking sector: a comparison of stochastic frontier analysis and data envelopment analysis. Economic Modelling, 36, 298–308. HTTPS:// doi.org/10.1016/j.econmod.2013.09.042
Endri, E., Ridho, A.M., Marlapa, E., & Susanto, H. (2021). Capital Structure and Profitability: Evidence from Mining Companies in Indonesia. Montenegrin Journal of Economics, 17(4), 135-146. DOI: 10.14254/1800-5845/2021.17-4.12
Endri, E., Marlina, A., & Hurriyaturrohman (2020). Impact of internal and external factors on the net interest margin of banks in Indonesia. Banks and Bank Systems, 15(4), 99-107. doi:10.21511/bbs.15(4).2020.09
Endri, E. (2018). Impact of Intellectual Capital and Efficiency on the Profitability of Islamic Banking. International Journal of Science and Research (IJSR), 7(7), 230-237.
Eling, M., & Luhnen, M. (2010). Efficiency in the international insurance industry: A cross-country comparison. Journal of Banking & Finance, 34(7), 1497–1509. doi:10.1016/j.jbankfin.2009.08.026
Fathi, M.R., Safari, H., & Jafarzadeh, A.H. (2020). Evaluation of the branches of Iran Insurance Corporation based on data envelopment analysis-free disposal hull in the presence of weight restrictions. International Journal of Mathematics in Operational Research, 16(2), 202-201. DOI:10.1504/IJMOR.2019.10021405
Gharakhani, D., Eshlagy, A. T., Hafshhejani, K.F., Mavi, R.K., & Lotfi, F.H. (2017). Common weights in dynamic network DEA with goal programming approach for performance assessment of insurance companies in Iran. Management Research Review, 41(8), 920-938. DOI: 10.1108/MRR-03-2017-0067
Grmanová, E., & Strunz, H. (2017). The efficiency of insurance companies: Application of DEA and Tobit analyses. Journal of International Studies, 10(3), 250–263. https://doi.org/10.14254/2071- 8330.2017/10-3/18
Hu, X., Zhang, C., Hu, J.L., & Zhu, N. (2009). Analyzing efficiency in the Chinese life insurance industry. Management Research News, 32, 905–920. https://doi.org/10.1108/01409170910994123
Ilyas, A.M., & Rajasekaran, S. (2019). An empirical investigation of efficiency and productivity in the Indian non-life insurance market. Benchmarking: An International Journal, 26(7), 2343-2371. https://doi.org/10.1108/BIJ-01-2019-0039
Jaouadi, S., & Zorgui, I. (2014). Exploring Effectiveness and Efficiency of Banks in Switzerland. International Journal of Academic Research in Business and Social Sciences, 4(4), 313–325. https://doi.org/10.6007/IJARBSS/v4-i4/787
Kaffash, S., Azizi, R., Huang, Y., & Zhu, J. (2020). A survey of data envelopment analysis applications in the insurance industry 1993-2018. European Journal Operational Research, 284, 801-813. https://doi.org/10.1016/j.ejor.2019.07.034
Kaffash, S., & Marra, M. (2017). Data envelopment analysis in financial services: A citations network analysis of banks, insurance companies, and money market funds. Annals of Operations Research, 253(1), 307–344. doi:10.1007/s10479-016-2294-1
Kao, C., & Hwang, S.N. (2008). Efficiency decomposition in two-stage data envelopment analysis: An application to non-life insurance companies in Taiwan. European Journal of Operational Research, 185(1), 418–429. https://doi.org/10.1016/J. EJOR.2006.11.041.
Karbhari, Y., Muye, I., Hassan, A. F. S., & Elnahass, M. (2018). Governance mechanisms and efficiency: Evidence from an alternative insurance (Takaful) market. Journal of International Financial Markets, Institutions, and Money, 56, 71–92. https://doi.org/10. 1016/j.intfin.2018.02.017
Lee, H.S., Chieng, F.F., & Nassir, A. Md. (2018). Does Efficiency Promote Competitiveness of The Insurance Industry?. Journal of Business Economics and Management, 19(4), 566-591.https://doi.org/10.3846/jbem.2018.5547
Marović, B., Njegomir, V., & Maksimović R. (2010). The Implications of the Financial Crisis to the Insurance Industry – Global and Regional Perspective. Economic Research-Ekonomska Istraživanja, 23(2), 127-141, DOI: 10.1080/1331677X.2010.11517417
Mohy ul din, S., Regupathi, A., & Abu-Bakar, A. (2017). Insurance effect on economic growth – among economies in various phases of development. Review of International Business and Strategy, 27(4), 501-519. https://doi.org/10.1108/RIBS-02-2017-0010
Nguyen, A. H., Doan, D. T., & Nguyen, L. H. (2020). Corporate governance and agency cost: Empirical evidence from Vietnam. Journal of Risk and Financial Management, 13, 103. DOI/10.3390/ jrfm13050103
Nourani, M., Devadason, E. S., & Chandran, V. (2018). 'Measuring technical efficiency of insurance companies using dynamic network DEA: An intermediation approach'. Technological and Economic Development of Economy, 24(5), 1909–1940. https://doi.org/10. 3846/20294913.2017.1303649
Owusu-Ansah, E., Dontwi, I.K., Seidu B., Abudulai, G., & Sebil, C. (2010). Technical efficiencies of Ghanaian general insurers. American Journal of Social and Management Sciences, 1(1), 75-87.doi:10.5251/ajsms.2010.1.1.75.87
Otley, D. (1999). Performance management: A framework for management control systems research. Management Accounting Research, 10(4), 363–382. https://doi.org/10.1006/mare.1999.0115
Pervan, M., Ćurak, M., & Kramarić, T. P. (2021). Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?. Zagreb International Review of Economics and Business, 24 (1), 67-98. https://doi.org/10.2478/zireb-2021-0004
Singh, D., & Fida, B.S. (2015). Technical efficiency and its determinants: an empirical study on banking sector of Oman. Problems and Perspectives in Management, 13(1), 168-175.
Suárez-Álvarez, E., Quiroga-Garcia, R., Manzano-Perez, I., Lopez-Mielgo, N. (2016). Efficiency and Financial Health in the European Insurance Market. Journalof International Business andEconomics, 4(2), 29–40. DOI:10.15640/jibe.v4n2a4
Sugianto, S., Oemar, F., Hakim, L., & Endri, E (2020). Determinants of Firm Value in the Banking Sector: Random Effects Model. International Journal of Innovation, Creativity, and Change, 12(8), 208-218.
Sunaryo S., Santoni, A., Endri, E., & Harahap, M.N. (2020). Determinants of Capital Adequacy Ratio for Pension Funds: A Case Study in Indonesia. International Journal of Financial Research, 11(4): 203-213. https://doi.org/10.5430/ijfr.v11n4p203.
Tsvetkova, L., Yurieva, T., Orlaniuk-Malitskaia., & Plakhova, T. (2019). Financial Intermediary and Insurance Companies: Assessing Financial Stability. Montenegrin Journal of Economics, 15(3), 135-146. DOI: 10.14254/1800-5845/2019.15-3.14
Viverita, V., Wulandari, S., & Cabanda, E. (2016). Determinants of Cost Efficiency and Productivity Growth of the Indonesian Insurance Industry. International Journal of Knowledge-Based Organizations, 6(2), 70-82. doi:10.4018/IJKBO.2016040105
Wasseja, M.M., Mwenda, S.N. (2015). Analysis of the Efficiency of Life Assurance Companies in Kenya Using the DEA-Model. American Journal of Mathematics and Statistics, 5(2), 60-71. doi:10.5923/j.ajms.20150502.03
Wicaksono, R., & Mulyaningsih, T. (2019). Does ownership structure matter? A cost-efficiency study of life insurance firms in Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 22(3), 367 - 382. doi:https://doi.org/10.21098/bemp.v22i3.957
Yao, S., Han, Z., & Feng, G. (2007). On Technical Efficiency of China’s Insurance Industry After WTO Accession, China Economic Review, 18(1), 66-8. doi.org/10.1016/j.chieco.2006.10.005
Abidin, Z., Prabantarikso, R.M., Waedhani, R.A., & Endri, E. (2021). Analysis of Bank Efficiency Between Conventional Banks and Regional Development Banks in Indonesia. Journal of Asian Finance, Economics, and Business, 8(1),741-750. https://doi.org/10.13106/jafeb.2021.vol8.no1.741
Abidin, Z., & Endri, E. (2009). Kinerja Efisiensi Teknis Bank Pembangunan Daerah: Pendekatan Data Envelopment Analysis (DEA), Jurnal Akuntansi dan Keuangan, 11(1), 21-29. https://doi.org/10.9744/jak.11.1.pp.%2021-29
Ali, S. M., Salleh, N. M., & Hassan, M. S. (2008). Ownership structure and earnings management in Malaysian listed companies: The size effect. Asian Journal of Business and Accounting, 1(2), 89–116
Ansah‐Adu, K., Andoh, C., & Abor, J. (2012). Evaluating the cost efficiency of insurance companies in Ghana. Journal of Risk Finance, 13(1), 61-76. https://doi.org/10.1108/15265941211191949
Akhtar, M. H. (2018). Performance analysis of Takaful and conventional insurance companies in Saudi Arabia. Benchmarking: An International Journal, 25(2), 677–18. doi:10.1108/BIJ-01-2017-0018
Almanza, C., & Rodríguez, J.J.M. (2018). Profit efficiency of banks in Colombia with undesirable output: a directional distance function approach. Economics, 12, 1–18. https://doi.org/10.5018/economics-ejournal.ja.2018-30
Almulhim, T. (2019). Analysis of Takaful vs. Conventional insurance firms’ efficiency: Two-stage DEA of Saudi Arabia’s insurance market. Cogent Business &Management, 6(1), 1633807. https://doi.org/10.1080/23311975.2019.1633807
Anandarao, S., Durai, S.R.S., & Goyari, P. (2018). Efficiency decomposition in two-stage Data Envelopment Analysis: An application to Life Insurance companies in India. Journal of Quantitative Economics, 17(2), 271-285. DOI: https://doi.org/10.1007/s40953-018-0148-1
Bansal, R., & Singh, D. (2021). Efficiency drivers of insurers in GCC: an analysis incorporating company-specific and external environmental variables. Cogent Economics & Finance, 9(1), 1922179. DOI: 10.1080/23322039.2021.1922179
Barros, C., & Wanke, P. (2016). Cost efficiency of African insurance companies using a finite mixture model. South African Journal of Economic and Management Sciences 19(1), 64–81. https://doi.org/10.4102/sajems.v19i1.1238
Batir, T. E., Volkman, D. A., & Gungor, B. (2017). Determinants of bank efficiency in Turkey: Participation banks versus conventional banks. Borsa Istanbul Review, 17(2), 86-96. https://doi.org/10.1016/j.bir.2017.02.003
Benarda, B., Sumarwan, U., & Hosen, M.N. (2016). Tingkat Efisiensi Industri Asuransi Jiwa Syariah Menggunakan Pendekatan Two Stages Data Envelopment Analysis. Jurnal Aplikasi Bisnis dan Manajemen, 2(1), 64. doi: 10.17358/JABM.2.1.64
Chen, Y., Cook, W. D., & Zhu, J. (2010). Deriving the DEA frontier for two-stage processes. European Journal of Operational Research, 202(1), 138–142. https://doi. org/10.1016/j.ejor.2009.05.012
Chen, L.-R., Lai, G. C., & Wang, J. L. (2011). Conversion and efficiency performance changes evidence from the U.S. property-liability insurance industry. The Geneva Risk and Insurance Review 36(1), 1–35. https://doi.org/10.1057/grir.2010.3
Coelli, T. J., Rao, D. S. P., O’Donnell, C. J., & Battese, G. E. (2005), An introduction to efficiency and productivity analysis, Springer Science & Business Media.
Cummins, J.D., & Xie, X. (2013). Efficiency, productivity, and scale economies in the US property-liability insurance industry. Journal of Productivity Analysis, 39(2), 141-164.
Cummins, J. D., & Zi, H. (1998). Measuring economic efficiency of the US life insurance industry: econometric and mathematical programming techniques. Journal of Productivity Analysis, 10, 131–145. https://doi.org/10.1023/A:1026402922367
Cummins, J. D., Turchetti, G., & Weiss, M. A. (1996). Productivity and technical efficiency in the Italian insurance industry. Wharton School Center for Financial Institutions, University of Pennsylvania, Working Paper.
Dong, Y.Z., Hamilton. R., & Tippett, M. (2014) Cost efficiency of the Chinese banking sector: a comparison of stochastic frontier analysis and data envelopment analysis. Economic Modelling, 36, 298–308. HTTPS:// doi.org/10.1016/j.econmod.2013.09.042
Endri, E., Ridho, A.M., Marlapa, E., & Susanto, H. (2021). Capital Structure and Profitability: Evidence from Mining Companies in Indonesia. Montenegrin Journal of Economics, 17(4), 135-146. DOI: 10.14254/1800-5845/2021.17-4.12
Endri, E., Marlina, A., & Hurriyaturrohman (2020). Impact of internal and external factors on the net interest margin of banks in Indonesia. Banks and Bank Systems, 15(4), 99-107. doi:10.21511/bbs.15(4).2020.09
Endri, E. (2018). Impact of Intellectual Capital and Efficiency on the Profitability of Islamic Banking. International Journal of Science and Research (IJSR), 7(7), 230-237.
Eling, M., & Luhnen, M. (2010). Efficiency in the international insurance industry: A cross-country comparison. Journal of Banking & Finance, 34(7), 1497–1509. doi:10.1016/j.jbankfin.2009.08.026
Fathi, M.R., Safari, H., & Jafarzadeh, A.H. (2020). Evaluation of the branches of Iran Insurance Corporation based on data envelopment analysis-free disposal hull in the presence of weight restrictions. International Journal of Mathematics in Operational Research, 16(2), 202-201. DOI:10.1504/IJMOR.2019.10021405
Gharakhani, D., Eshlagy, A. T., Hafshhejani, K.F., Mavi, R.K., & Lotfi, F.H. (2017). Common weights in dynamic network DEA with goal programming approach for performance assessment of insurance companies in Iran. Management Research Review, 41(8), 920-938. DOI: 10.1108/MRR-03-2017-0067
Grmanová, E., & Strunz, H. (2017). The efficiency of insurance companies: Application of DEA and Tobit analyses. Journal of International Studies, 10(3), 250–263. https://doi.org/10.14254/2071- 8330.2017/10-3/18
Hu, X., Zhang, C., Hu, J.L., & Zhu, N. (2009). Analyzing efficiency in the Chinese life insurance industry. Management Research News, 32, 905–920. https://doi.org/10.1108/01409170910994123
Ilyas, A.M., & Rajasekaran, S. (2019). An empirical investigation of efficiency and productivity in the Indian non-life insurance market. Benchmarking: An International Journal, 26(7), 2343-2371. https://doi.org/10.1108/BIJ-01-2019-0039
Jaouadi, S., & Zorgui, I. (2014). Exploring Effectiveness and Efficiency of Banks in Switzerland. International Journal of Academic Research in Business and Social Sciences, 4(4), 313–325. https://doi.org/10.6007/IJARBSS/v4-i4/787
Kaffash, S., Azizi, R., Huang, Y., & Zhu, J. (2020). A survey of data envelopment analysis applications in the insurance industry 1993-2018. European Journal Operational Research, 284, 801-813. https://doi.org/10.1016/j.ejor.2019.07.034
Kaffash, S., & Marra, M. (2017). Data envelopment analysis in financial services: A citations network analysis of banks, insurance companies, and money market funds. Annals of Operations Research, 253(1), 307–344. doi:10.1007/s10479-016-2294-1
Kao, C., & Hwang, S.N. (2008). Efficiency decomposition in two-stage data envelopment analysis: An application to non-life insurance companies in Taiwan. European Journal of Operational Research, 185(1), 418–429. https://doi.org/10.1016/J. EJOR.2006.11.041.
Karbhari, Y., Muye, I., Hassan, A. F. S., & Elnahass, M. (2018). Governance mechanisms and efficiency: Evidence from an alternative insurance (Takaful) market. Journal of International Financial Markets, Institutions, and Money, 56, 71–92. https://doi.org/10. 1016/j.intfin.2018.02.017
Lee, H.S., Chieng, F.F., & Nassir, A. Md. (2018). Does Efficiency Promote Competitiveness of The Insurance Industry?. Journal of Business Economics and Management, 19(4), 566-591.https://doi.org/10.3846/jbem.2018.5547
Marović, B., Njegomir, V., & Maksimović R. (2010). The Implications of the Financial Crisis to the Insurance Industry – Global and Regional Perspective. Economic Research-Ekonomska Istraživanja, 23(2), 127-141, DOI: 10.1080/1331677X.2010.11517417
Mohy ul din, S., Regupathi, A., & Abu-Bakar, A. (2017). Insurance effect on economic growth – among economies in various phases of development. Review of International Business and Strategy, 27(4), 501-519. https://doi.org/10.1108/RIBS-02-2017-0010
Nguyen, A. H., Doan, D. T., & Nguyen, L. H. (2020). Corporate governance and agency cost: Empirical evidence from Vietnam. Journal of Risk and Financial Management, 13, 103. DOI/10.3390/ jrfm13050103
Nourani, M., Devadason, E. S., & Chandran, V. (2018). 'Measuring technical efficiency of insurance companies using dynamic network DEA: An intermediation approach'. Technological and Economic Development of Economy, 24(5), 1909–1940. https://doi.org/10. 3846/20294913.2017.1303649
Owusu-Ansah, E., Dontwi, I.K., Seidu B., Abudulai, G., & Sebil, C. (2010). Technical efficiencies of Ghanaian general insurers. American Journal of Social and Management Sciences, 1(1), 75-87.doi:10.5251/ajsms.2010.1.1.75.87
Otley, D. (1999). Performance management: A framework for management control systems research. Management Accounting Research, 10(4), 363–382. https://doi.org/10.1006/mare.1999.0115
Pervan, M., Ćurak, M., & Kramarić, T. P. (2021). Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?. Zagreb International Review of Economics and Business, 24 (1), 67-98. https://doi.org/10.2478/zireb-2021-0004
Singh, D., & Fida, B.S. (2015). Technical efficiency and its determinants: an empirical study on banking sector of Oman. Problems and Perspectives in Management, 13(1), 168-175.
Suárez-Álvarez, E., Quiroga-Garcia, R., Manzano-Perez, I., Lopez-Mielgo, N. (2016). Efficiency and Financial Health in the European Insurance Market. Journalof International Business andEconomics, 4(2), 29–40. DOI:10.15640/jibe.v4n2a4
Sugianto, S., Oemar, F., Hakim, L., & Endri, E (2020). Determinants of Firm Value in the Banking Sector: Random Effects Model. International Journal of Innovation, Creativity, and Change, 12(8), 208-218.
Sunaryo S., Santoni, A., Endri, E., & Harahap, M.N. (2020). Determinants of Capital Adequacy Ratio for Pension Funds: A Case Study in Indonesia. International Journal of Financial Research, 11(4): 203-213. https://doi.org/10.5430/ijfr.v11n4p203.
Tsvetkova, L., Yurieva, T., Orlaniuk-Malitskaia., & Plakhova, T. (2019). Financial Intermediary and Insurance Companies: Assessing Financial Stability. Montenegrin Journal of Economics, 15(3), 135-146. DOI: 10.14254/1800-5845/2019.15-3.14
Viverita, V., Wulandari, S., & Cabanda, E. (2016). Determinants of Cost Efficiency and Productivity Growth of the Indonesian Insurance Industry. International Journal of Knowledge-Based Organizations, 6(2), 70-82. doi:10.4018/IJKBO.2016040105
Wasseja, M.M., Mwenda, S.N. (2015). Analysis of the Efficiency of Life Assurance Companies in Kenya Using the DEA-Model. American Journal of Mathematics and Statistics, 5(2), 60-71. doi:10.5923/j.ajms.20150502.03
Wicaksono, R., & Mulyaningsih, T. (2019). Does ownership structure matter? A cost-efficiency study of life insurance firms in Indonesia. Buletin Ekonomi Moneter Dan Perbankan, 22(3), 367 - 382. doi:https://doi.org/10.21098/bemp.v22i3.957
Yao, S., Han, Z., & Feng, G. (2007). On Technical Efficiency of China’s Insurance Industry After WTO Accession, China Economic Review, 18(1), 66-8. doi.org/10.1016/j.chieco.2006.10.005