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Production efficiency in the Austrian insurance industry: a Bayesian examination.
From:
Journal of Risk and Insurance
| Date:
March 1, 2004| Author:
Anderson, Randy I.; Ennsfellner, Karl C.; Lewis, Danielle
| COPYRIGHT 2004 American Risk and Insurance Association, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.Copyright information
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ABSTRACT
This paper examines the developments in the production efficiency of the Austrian insurance market for the period 1994-1999 using firm-specific data on life/health and non-life insurers obtained from the Austrian insurance regulatory authority. The article uses a Bayesian stochastic frontier to obtain aggregate and firm-specific estimates of production efficiency across insurer types and time. The study provides strong evidence that the process of deregulation h...