Comparative Analysis Of The Efficiency Of The Insurance Market Of Serbia And Countries In The Region Using The Mabac Method
DOI:
https://doi.org/10.55707/eb.v12i1.141Keywords:
efficiency, insurance market, international position, MABAC methodAbstract
In recent times, as is known, various methods of multi- criteria analysis have been used more and more to evaluate the efficiency of financial institutions as accurately as possible. One is the MABAC (Multi-Attributive Border Approximation area Comparison) method. Bearing this in mind, this paper analyzes the effectiveness of the insurance in the selected countries (Croatia and Slovenia) and Serbia, based on this method, to assess their international positioning. According to the results of the empirical research on the efficiency of the insurance markets in the selected countries and Serbia based on the MABAC method, the insurance markets of Croatia are ranked best. Serbia's insurance market is ranked second and Slovenia's third. In terms of performance, Serbian insurance market is less good than the Croatian and better than Slovenian. To improve the international position of insurance in Serbia in the future, it is necessary to develop an awareness of the general importance of insurance, especially life insurance, given that it is at a lower development level than in the countries with developed market economies, especially the European Union. In this context, it is necessary to encourage an accelerated growth of life insurance in Serbia by applying appropriate measures. JEL classification: C2, C6, G1, G2, G22.
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