Efikasnost društava za neživotna osiguranja uslijed uvođenja Solvency II direktive

master's thesis

• Title (english): Efficiency of non-life insurance companies due to the introduction of Solvency II directive
• Author: Marta Haramustek
• Mentor: Maja Mihelja Žaja (mentor)
• Committee member: Mihovil Anđelinović (predsjednik povjerenstva)
• Committee member: Margareta Gardijan Kedžo (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2020-12-18, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Industrija osiguranja ima vrlo važnu ulogu u pokretanju ukupnog gospodarstva ne samo u Republici Hrvatskoj nego i puno šire. Upravo zbog toga industrija osiguranja i određivanje njezine efikasnosti postaju temom kojom se bavi sve veći broj autora. U ovom se radu nastoji odrediti efikasnost društava koja obavljaju poslove neživotnog i složenog osiguranja u Republici Hrvatskoj na temelju podataka iz računa dobiti i gubitka u razdoblju od 2013. do 2019. godine kako bi se moglo vidjeti je li uvođenje i primjena pravila Solvency II direktive koja donosi najznačajnije promjene u poslovanju društava za osiguranje i društava za reosiguranje imala utjecaj na njihovu efikasnost. Da bi se efikasnost odredila, korištena je metoda analize omeđivanja podataka kao metoda pomoću koje se nastoji odrediti uspješnost poslovanja društava za osiguranje jer je vrlo pogodna u slučajevima kada se treba odrediti efikasnost velikog broja donositelja odluka. Analiza omeđivanja podataka je metoda kojom se svaki donositelj odluka uspoređuje s najboljima, a cilj je pronaći najboljeg virtualnog donositelja odluka za svaku realnu jedinicu. Cilj ovoga rada je odrediti efikasnost i vidjeti na koji je način uvođenje novih pravnih i regulatornih odredbi okvira Solvency II utjecalo na promjenu efikasnosti promatranih donositelja odluka, odnosno društava za neživotno i složeno osiguranje. Nakon provedene analize omeđivanja podataka modelom usmjerenim na inpute te pomoću programskog paketa „deaR“ i programskog jezika „R“ dobiveni su rezultati koji govore o efikasnosti promatranih donositelja odluka. Od ukupnih četrnaest društava za neživotno i složeno osiguranje, njih četiri su odmah nakon primjene pravila Solvency II direktive ostvarili maksimalnu efikasnost koju imaju od 2016. godine kada je Direktiva uvedena do kraja promatranog razdoblja (2019. godina), osam društava postupno poboljšava rezultate svojeg poslovanja i efikasnost, a samo kod dva društva zabilježen je pad efikasnosti nakon uvođenja Solvency II direktive. Zaključno, uvođenje i primjena pravila Solvency II direktive imale su pozitivan učinak na efikasnost promatranih društava za osiguranje u promatranom vremenu.

Abstract (english)

The insurance industry has a very important role in starting the overall economy not only in the Republic of Croatia but also much wider. That is why the insurance industry and determining its efficiency are becoming a topic that an increasing number of authors are dealing with. This thesis seeks to determine the efficiency of non-life and complex insurance companies in the Republic of Croatia on the basis of data from the profit and loss account in the period from 2013 to 2019 in order to see whether the introduction and application of the Solvency II Directive brings the most significant changes in the operations of insurance companies and reinsurance companies had an impact on their efficiency. To determine the efficiency, the method of Data Envelopment Analysis was used, which is defined as a method used to determine the performance of insurance companies because it is very suitable in cases where the efficiency of a large number of decision makers needs to be determined. Data Envelopment Analysis is a method by which each decision maker is compared to the best, and the goal is to find the best virtual decision maker for each real unit. The aim of this thesis is to determine the efficiency and see how the introduction of new legal and regulatory provisions of the Solvency II directive has affected the change in the efficiency of the observed decision makers. After the Data Envelopment Analysis using the model focused on inputs, which was performed in software package "deaR" and the programming language "R", the results were obtained that show about the efficiency of the observed decision makers. From the total of fourteen non-life and complex insurance companies, four of them achieved the maximum efficiency they have had since 2016 when the Directive was introduced by the end of the observed period (2019), six companies were gradually improving their business results and efficiency, and only two companies experienced a decline in efficiency after the introduction of the Solvency II Directive. In conclusion, the introduction and application of the rules of the Solvency II Directive had a positive effect on the efficiency of the observed insurance companies in the observed time.

• Keywords: industrija osiguranja; društvo za neživotno i složeno osiguranje; Solvency II direktiva; analiza omeđivanja podataka; efikasnost; Republika Hrvatska
• Keywords (english): insurance industry; non-life and complex insurance companies; Solvency II directive; Data Envelopment Analysis; efficiency; Republic of Croatia
• Language: croatian
• URN:NBN: urn:nbn:hr:148:264210
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Open access
• Created on: 2020-12-20 17:52:55