Exploratory study of insurance companies in selected post-transition countries: non-hierarchical cluster analysis

Tomislava Pavić Kramarić (), Mirjana Pejić Bach (), Ksenija Dumicic, Berislav Žmuk () and Maja Mihelja Žaja ()
Additional contact information
Tomislava Pavić Kramarić: University of Split
Berislav Žmuk: University of Zagreb
Maja Mihelja Žaja: University of Zagreb

Central European Journal of Operations Research, 2018, vol. 26, issue 3, No 17, 783-807

Abstract: Abstract This paper focuses on the analysis of business practice of insurance companies in selected post-transition European countries. Specifically, it covers Croatian, Slovenian, Hungarian and Polish insurance markets in the year 2014 comprising the total of 119 insurance companies. Employing the non-hierarchical cluster analysis by applying the k-means approach, insurance companies are segmented into seven groups using various variables such as ROE, the share of premium ceded to reinsurance, the number of years operating in the insurance market, leverage, gross premium written and the share of life insurance premium in the total premium. Furthermore, these seven clusters have been grouped according to the country of origin, ownership and the type of insurance companies. Results indicate that specific groups of insurance companies in these countries share common characteristics, which are not based solely on the country of origin and the type of insurance.

Keywords: Insurance companies; Performance; Cluster analysis; Post-transition countries (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s10100-017-0514-7

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