ANALYSIS OF THE EFFICIENCY OF INSURANCE COMPANIES BY LINES OF INSURANCE IN SERBIA USING THE COCOSO METHOD

Lately, as known, the efficiency (performance) of insurance companies has been increasingly assessed through the multiple criteria analysis. Having this in mind, this paper analyses the efficiency of insurance companies by lines of insurance in Serbia using the COCOSO method (Combined Compromise Solution). We have proposed adequate measures, within this context, to upgrade the future efficiency of insurance companies in Serbia. The results of efficiency survey of insurance companies by lines of business in Serbia using the COCOSO method has revealed that the method is best applied in property insurance, followed by the accident insurance and voluntary health insurance, motor vehicle insurance, nonlife insurance not classified in subgroups, life insurance other than pure life, liability insurance, pure life insurance, insurance of vessels and transport, credit and guarantee insurance and aircrafts insurance. Such efficiency ranking of the insurance companies by insurance lines was impacted by numerous macro and micro factors (living standard, economic climate, political situation and the like).

Key words: efficiency, lines of business, Serbia, determinants, COCOSO method.
Jel classification: C2, C6, G1, G2, G22