| Insurance industry has developed rapidly since1980when the insurance resumed operation. The insurance industry had an essential improvement on various aspects. The premium income is rising and the quantities of insurance companies are increasing. Insurance density and depth increases gradually. Despite of the growth and development of the insurance industry, the deficiency of operation was also obvious:the product structure was single and pay service level was low. The market structure was unreasonable as well. These were critical obstacles for the insurance industry development. In order to promote the development of insurance market and enhance the level of the management of insurance company, it requires the introduction of foreign insurance company with higher levels of operation.Since1992, foreign life insurance companies has entered the Chinese market for more than20years. Foreign life insurance companies in the life insurance market have played a positive role in the development of Chinese insurance. Foreign life insurance companies make an essential contribution to the introduction of the insurance salesman system and innovation of life insurance products. Foreign life insurance companies occupied only5%of the whole insurance market even though they had been regarded as efficient and effective. Although the profit ability of Chinese life insurance companies is stronger compared with foreign companies, but its uncontrolled expansion has leaded to deficiency. Improving the efficiency of company management and resources allocation is the key to enhance the competence of life insurance companies. It has a practical significance to find out the problems existed in the management process by studying foreign life insurance companies and the level of the efficiency of Chinese life insurance company. This article conducts an evaluation on foreign and domestic insurance companies via DEA method and figure out the characteristics of efficiency, and then demonstrates the influent factors of efficiency by Tobit model. The last part of this article provides some valuable advises on efficiency improvement.The main content of this article is divided into six chapter:The first chapter:introduce the research background and significance、the domestic and foreign literature review and research methods.The second chapter:introduce the development of life insurance companies. Introduce the basic situation of the life insurance industry, insurance industry open course and the development status of foreign life insurance companies.The third chapter:defines、classifies and discusses the efficiency of insurance companies. By introducing the CCR model and BCC model in this paper, demonstrate three kinds of efficiency calculated by models mentioned above.The fourth chapter:using DEA model to measure three efficiency level of foreign life insurance company:the total technical efficiency, pure technical efficiency and scale efficiency levels. According to the calculated result, analyzes the characteristics of life insurance companies the efficiency level. The study found that technical efficiency level and efficient stability of Chinese life insurance companies is higher than that of foreign life insurance companies. The financial crisis had a great impact on the efficiency of life insurance companies.The fifth chapter:finds out the factors influencing the efficiency of using Tobit model. The study found that total assets, operating rate, per capita premium income and total assets profit margins are relative to efficiency of life insurance companies.Chapter6:according to the features of efficiency of foreign and domestic life insurance companies, life insurance companies can be divided into three categories: large Chinese life insurance companies, small-sized Chinese life insurance companies and foreign life insurance companies. Discuss the efficient strategies taken by different types of life insurance companies and put forward rational suggestions on efficiency improvement.In this paper, the main innovation are: 1. By an analysis of the efficiency level allows foreign life insurance companies and the influence factors of efficiency, it allows foreign life insurance companies according to find out specific methods and way to improve efficiency. In order to reflect the change of foreign life insurance companies efficiency, this article selected data from2005to2012. This kind of practice both reflects the volatility characteristics of efficiency, at the same time see the financial crisis impact on the efficiency of life insurance companies is obvious.2. According to the characteristics of the efficiency of different life insurance companies can be divided into three categories. According to the features of their combination factors respectively in the improvement of its efficiency, suggestions makes more conform to the life insurance company characteristics.The shortages of this paper are:1. This paper faces some difficulties because of some defect data which have to be replaced by other related data. If more accurate data for efficiency evaluation could be gained, the result of this article can increase the explaining capacity of the research and reference value.2.Some virtual factors which cannot be quantized may affect the efficiency of the property insurance company related variables, such as company personnel quality, market-oriented, insurance policy and insurance regulation for foreign life insurance company limited, limited to the research focus and concentration, they are not listed in this article research scope. |
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