Hodnocení efektivnosti pojišťoven na českém pojistném trhu pomocí Data Envelopment Analysis

Abstract

The diploma thesis is based on the need to analyze the resilience of the Czech insurance market to economic shocks experienced between 2020 and 2024, particularly because of the global pandemic and subsequent high inflation. In this context, the primary objective of the thesis is to evaluate the technical efficiency of 22 commercial insurance companies associated with the Czech Insurance Association (CAP) using the non-parametric Data Envelopment Analysis (DEA). CCR and BCC models in both orientation variants are applied, followed by a decomposition of total technical efficiency (TE) into pure technical efficiency (PTE) and scale efficiency (SE). The thesis examines the transformation process of three inputs (assets, operating expenses, and number of employees) into three outputs (earned premiums, net investment income, and net profit). Based on the identified deficiencies, specific recommendations are calculated for inefficient entities in the form of proportional changes in inputs and outputs necessary to reach the efficiency frontier. The results show that the group of efficient insurance companies remains stable over time, and the dominant cause of inefficiency in lagging entities is reserves in internal management processes. The analysis is further supplemented by a comparison with a constructed reduced model, which serves as a critical reflection of the high sensitivity of the DEA method to the number and character of selected variables, and by Tobit regression, which did not show a statistically significant influence of exogenous macroeconomic factors on the achieved level of efficiency during the given period.