Efficiency, productivity and returns to scale economies in the non-life insurance market in South Africa

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<title>Efficiency, productivity and returns to scale economies in the non-life insurance market in South Africa</title>
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<namePart>Latif Alhassan, Abdul</namePart>
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<abstract displayLabel="Summary">This paper undertakes a comprehensive analysis of efficiency, productivity and returns to scale economies in the non-life insurance market in South Africa from 2007 to 2012. The data envelopment analysis technique is employed to estimate efficiency and returns to scale while productivity growth is analysed with the Malmquist index. Truncated bootstrapped regression and logistic regression techniques are used to identify the determinants of efficiency and the probability of operating under constant returns to scale. The results indicate that non-life insurers operate with about 50 per cent inefficiencies, while about 20 per cent of insurers operate at an optimal scale. We also observe productivity improvements attributable to technological changes. The results of the regression analysis reveal a non-linear effect of size on efficiency and constant returns to scale. Product line diversification, reinsurance and leverage also have a significant relationship with efficiency and constant returns to scale. A major contribution of this paper is the analysis of efficiency convergence using the growth convergence theory. Implications for management and industry regulation are drawn from the findings.</abstract>
<note type="statement of responsibility">Abdul Latif Alhassan, Nicholas Biekpe</note>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>06/07/2015 Volumen 40 Número 3 - julio 2015 </text>
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