Application of PROMETHEE Method in Evaluation of Insurance Efficiency in Serbia
DOI:
https://doi.org/10.55707/eb.v10i1.121Keywords:
efficiency, insurance, PROMETHEE methodAbstract
The issue of evaluating the efficiency of insurance based on the methods of multi-criteria analysis is very current, complex and significant. It provides a basis for improving the efficiency of insurance by applying adequate measures in the future. With this in mind, the paper analyzes the efficiency of insurance in Serbia using the PROMETHEE method. The results obtained from the empirical research of insurance efficiency in Serbia using the PROMETHEE method show that it was most efficient in 2020. Recently, the efficiency of insurance in Serbia has been increasing continuously. This has been positively influenced by numerous factors: economic climate; living standard; employment; modern concepts of cost, income and profit management; electronic sales of insurance products; digitalization of the entire business. The negative impact of the COVID-19 pandemic on insurance efficiency in Serbia is negligible (compared to other production activities, such as tourism and hospitality) and is partly offset by increased sales of insurance products online and infrastructure (property) insurance. There is a growing understanding of the importance of insuring against potential risks of all kinds
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