Efficiency of non-life insurance market in US

1. Sara Suárez Fernández ¹
2. Raquel Quiroga García ¹
3. Eva Suárez Álvarez ¹
4. Isabel Manzano Pérez ¹

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Abstract

This study analyses the technical efficiency of the insurance market in the United States for the period 2007-2012 using an input-oriented DEA model. In addition, the Malmquist index has been included, which corroborates the results obtained by the DEA and, therefore, it allows more solid conclusions. The results show the existence of a high degree of efficiency in the insurance sector. The main conclusion to be drawn is that small businesses are usually more efficient than the largest ones. This is due to scale inefficiency observed in the largest insurers, which are, in most cases, oversized. Meanwhile, the pure technical efficiency reflects an outstanding management in the U.S. insurance market

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