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September 10, 2025Open Access

Efficiency of Serbian insurance companies: An approach using data envelopment analysis

MMMarko MilašinovićUniversity of Kragujevac AMAleksandra MitrovićUniversity of Kragujevac SMStefan MilojevićEducons University

Key Points

Some Serbian insurance companies show good efficiency while others face resource allocation issues.
Efficiency measured using data envelopment analysis revealed significant variations among companies.
This analysis tracks insurance companies’ performance between 2018 and 2022 for operational insight.
Findings indicate the need for better resource management among less efficient firms to enhance performance.

Abstract

In accordance with the current situation on the insurance market and predictions for the future, the management of insurance companies must develop and implement sustainable business strategies that correspond to their capacities. This requires insurance company management to closely monitor changes in the market in order to recognize potential risks and opportunities and take appropriate steps. The main focus of insurance companies is meeting the needs of current and future policyholders. In this process, it is crucial to measure the effi ciency of their operations. This paper deals with the application of the DEA method to insurance companies operating in Serbia, in order to determine their technical effi ciency. Research results indicate good effi ciency for some companies, or wrong allocation or ineffi cient use of resources in the implementation of operating activities for other companies for the observed period from 2018-2022

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