Analysis on the Efficiency and Productivity Change of Non-Life Insurance Industry between Pre-Execution and Post-Execution of Capital Market Law

자본시장통합법 시행 전후의 손해보험산업의 효율성 및 생산성 변화 분석

  • Received : 2011.10.31
  • Accepted : 2011.12.02
  • Published : 2011.12.28


The execution of capital market law causes severe competition by promoting restructuring of financial industry. This study analyze efficiency and productivity change of the Korean Non-Life Insurance industry between pre-execution and pre-execution of capital market law using DEA model and Malmquist Index. Additionally, this study finds determinants of efficiency using tobit regression. The main results of this study can by summarized as follows. First, the efficiency with post-execution was increased comparing with pre-execution of capital market law significantly. Second, the productivity with post-execution was increased comparing with pre-execution of capital market law significantly. Third, significant determinants of technical efficiency and pure technical efficiency are weight of life planner. operation rate of assets respectively. And significant determinant of scale efficiency are firm size, operation rate of assets, weight of life planner.


Capital Market Law;Non-Life Insurance Industry;Efficiency;Productivity


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