Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?

Pervan Maja (), Ćurak Marijana () and Kramarić Tomislava Pavić ()
Additional contact information
Pervan Maja: Cvite Fiskovića 5, 21 000 Split, University of Split, Faculty of Economics, Business and Tourism, tel. +358 21 430 680, fax. +385 21 430 701
Ćurak Marijana: Cvite Fiskovića 5, 21 000 Split, University of Split, Faculty of Economics, Business and Tourism, tel. +358 21 430 723, fax. +385 21 430 701
Kramarić Tomislava Pavić: R. Boškovića 33, 21 000 Split, University of Split, University Department of Forensic Sciences, tel. +358 21 510 180

Zagreb International Review of Economics and Business, 2021, vol. 24, issue 1, 67-98

Abstract: Accession of Croatia to the EU brought legal, regulatory and market changes for the insurance companies. The question that arises is whether the new environment in which the companies operate has improved their efficiency. Accordingly, the aim of this paper is to separately estimate the efficiency of non-life and life insurance industry in Croatia and to compare it through the period before (2009-2012) and after (2013-2018) Croatian accession to the EU. The research is based on the Data Envelopment Analysis and the obtained results indicate an average increase in overall technical efficiency in both, non-life and life sector in period after Croatia’s accession to the EU. Still, this increase was not proved to be significant. Additionally, although increase in pure technical efficiency was significant in non-life sector, an insignificant slight decrease is recorded in life sector. Finally, insurers conducting (non)life business activities are mainly operating at increasing returns to scale.

Keywords: efficiency; Croatian insurance companies; accession to the EU; DEA (search for similar items in EconPapers)
JEL-codes: C67 D22 G22 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:zirebs:v:24:y:2021:i:1:p:67-98:n:1004

DOI: 10.2478/zireb-2021-0004

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