Analysis of the efficiency of insurance companies in Serbia using the fuzzy AHP and TOPSIS methods
Анализ эффективности страховых компаний в Сербии с использованием методов нечёткого AHP и TOPSIS
2017-01-01
SCID: 54.1/uhuwdjpj
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Serbian insurance sectorTOPSISfuzzy AHPinsurance company efficiencymulti-criteria decision-making
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Abstract (AI)
The aim of this study is to propose a fuzzy multi-criteria model that will facilitate the assessment of insurance companies’ efficiency. This study includes all companies operating within the insurance sector in Serbia in the period from 2007 to 2014 and the data were used from the published financial statements of insurance companies. Five key indicators were identified for the assessment and rating of insurance companies. Fuzzy Analytic Hierarchy Process (FAHP) and Technique for Order Performance by Similarity to Ideal Solution (TOPSIS) were used for building the proposed model. In the first stage, priority weights of criteria were defined by using the FAHP, while in the second phase the insurance companies were ranked using the TOPSIS method.
Key Findings
1
FAHP determines the priority weights of the evaluation criteria, while TOPSIS ranks companies according to their similarity to the ideal solution.
2
Five key indicators are identified as criteria for evaluating and rating insurance companies.
3
The analysis covers all Serbian insurance companies operating between 2007 and 2014, using data from published financial statements.
4
The study develops a fuzzy multi-criteria model for assessing and ranking insurance-company efficiency in Serbia.
Research Object
Insurance companies operating in Serbia from 2007 to 2014
Research Subject
their efficiency assessment and ranking based on five key financial indicators
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2017-01-01
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