Market share and financial results of insurance companies: The case of the UE-15 countries

Abstract

Objective: The objective of the article is to examine the relationship between insurance market share and the financial results of insurance companies. We formulated the following research question: Is an insurance company's market position (market share) influenced by its financial results? If so, which ones? Research Design & Methods: The scope of research covers insurance companies operating in the insurance markets of the EU-15 countries. We surveyed the insurance companies with the largest market share. The research period covered the years 2012-2021. We compiled the data on the insurance markets of the EU-15 countries based on the OECD Statistics database and the financial data characterising the insurance companies selected for the study - based on the ORBIS Database. We used STATISTICA 13 and GRETL software to compile the survey results. We used the method of analysis of scientific literature - domestic and foreign, statistical and econometric methods and own observations. Findings: The research has made it possible to answer the research questions. Financial results influence the market position of an insurance company. This means that financial performance was one of the determinants of an insurance company's market position. This is indicated both by the analysis of the literature on the subject, where some studies confirm the existence of a relation between market position, measured by insurance market share, and the financial results of insurance companies and by our research covering the EU-15 insurance market. Implications & Recommendations: The research conducted will serve insurance companies and insurance market institutions - in financial management strategies, as well as by policyholders and beneficiaries of insurance contracts, i.e. consumers - in consumer decision-making. Contribution & Value Added: The study fills a research gap in the determinants of the efficiency of insurance companies and, in particular, the issue of the relation between the market share of a single operator and its financial results. They also contribute to the development of research in insurance finance falling within the discipline of economics and finance. The study of a homogeneous group of insurance companies - with the largest share in a given national market - as well as the study of the insurance market of the EU-15 countries, which should be considered stable with an established market structure, should be regarded as innovative,

Headnote

ABSTRACT

Objective: The objective of the article is to examine the relationship between insurance market share and the financial results of insurance companies. We formulated the following research question: Is an insurance company's market position (market share) influenced by its financial results? If so, which ones?

Research Design & Methods: The scope of research covers insurance companies operating in the insurance markets of the EU-15 countries. We surveyed the insurance companies with the largest market share. The research period covered the years 2012-2021. We compiled the data on the insurance markets of the EU-15 countries based on the OECD Statistics database and the financial data characterising the insurance companies selected for the study - based on the ORBIS Database. We used STATISTICA 13 and GRETL software to compile the survey results. We used the method of analysis of scientific literature - domestic and foreign, statistical and econometric methods and own observations.

Findings: The research has made it possible to answer the research questions. Financial results influence the market position of an insurance company. This means that financial performance was one of the determinants of an insurance company's market position. This is indicated both by the analysis of the literature on the subject, where some studies confirm the existence of a relation between market position, measured by insurance market share, and the financial results of insurance companies and by our research covering the EU-15 insurance market.

Implications & Recommendations: The research conducted will serve insurance companies and insurance market institutions - in financial management strategies, as well as by policyholders and beneficiaries of insurance contracts, i.e. consumers - in consumer decision-making.

Contribution & Value Added: The study fills a research gap in the determinants of the efficiency of insurance companies and, in particular, the issue of the relation between the market share of a single operator and its financial results. They also contribute to the development of research in insurance finance falling within the discipline of economics and finance. The study of a homogeneous group of insurance companies - with the largest share in a given national market - as well as the study of the insurance market of the EU-15 countries, which should be considered stable with an established market structure, should be regarded as innovative,

Article type: research article

Keywords: insurance market; insurance companies; structure of insurance market; results of insurance companies; efficient structure hypothesis; UE-15 countries

JEL codes: F3, F4, G2, 004

Received: 21 October 2023 Revised: 22 May 2024 Accepted: 6 June 2024

(ProQuest: ... denotes formula omitted.)

INTRODUCTION

The structure of the market, competition in the insurance sector, and the profitability and financial performance of insurance companies are important economic issues that we can analyse in many aspects. The determinants of the financial efficiency of the insurance sector are of interest not only at the level of individual insurance companies, but are also important in macroeconomic terms, as well as in relation to policyholders and beneficiaries of insurance contracts. The macroeconomic perspective relates to financial security issues and affects supervisory policy, while the microeconomic perspective affects sales policy. Clearly, the two approaches are interlinked. It seems that an important determinant of the financial performance of insurance companies is their market share, which contributes to improving or increasing the efficiency of insurance companies through economies of scale. Scholars have conducted research in this area for a long time, for various actors, including in the insurance sector. However, they are of a fragmented nature, as they either refer to selected, mostly national insurance markets (among others: Marjanovič and Popovic (2020) - Serbian insurance market, Jedlicka and Jumah (2006) - Austrian insurance market) or to selected groups of insurance companies (among others: Cole et al. (2015) - health insurance companies in USA, Pope and Ma (2008) - non-life insurance markets of 23 countries). They also cover different research periods, often too short (among others: Guendouz and Ouassaf (2018) - 6 years, Al-Arif and Firmansyah (2021) - 8 years). Research to date does not clearly indicate that there is a relation between insurance market share and the financial results of insurance companies. Some studies indicate the existence of such a relationship, e.g. Varga and Madari (2023), Bukowski and Lament (2021). Others do not confirm the impact of an insurance company's market position on its financial results, e.g. Ofori-Boateng et al. (2022); Derbali and Jamel (2018). Noteworthy, research to date has mainly focused on validating the structure-conduct-performance (SCP) paradigm. The undertaken subject matter extends previous research in this area in relation to insurance markets by reviewing the relative market power (RMP) paradigm, which examines the relation between the market share of a single operator and its financial results. The study of a homogeneous group of insurance companies - with the largest share in a given national market - as well as the study of the insurance market of the EU-15 countries, which should be considered stable with an established market structure, should be considered innovative and fills a research gap in this area.

The research aims to analyse the relation between insurance market share and the financial results of insurance companies. For the purpose of the article, we formulated the following research question: Are insurance companies' market positions (market share) influenced by their financial results? If so, which ones?

The subject scope of the research includes insurance companies operating in the insurance markets of the EU-15 countries. We surveyed the insurance companies with the largest market share. The research period covers the years 2012-2021.

We compiled the data on the insurance markets of the EU-15 countries from the OECD Statistics database, while financial data characterising the insurance companies selected for the study-from the ORBIS Database. We used STATISTICA 13 and GRETL software to compile the survey results. The article uses the method of analysis of scientific literature - domestic and foreign, statistical and econometric methods, and own observations.

The article is structured as follows: the first part of the article presents a review of specialist literature, the second part describes the research methodology, and the third part reports on empirical findings and discusses the findings.

LITERATURE REVIEW

The theory of efficient structure hypothesis (ESH) explains the relation between the market structure and the financial results of business entities. It has been described, inter alia, by Hicks (1935), Demsetz (1973,1974), and Peltzman (1977). The efficiency hypothesis proposed by Demsetz (1973) argues that larger firms benefit from economies of scale and that higher efficiencies enable them to capture a larger market share. The positive relationship between competition and financial performance supports the efficiency hypothesis, according to which competition and financial performance are further enhanced by the market share gains of efficient firms. Research on ESH indicates that there is a relationship between competitiveness, concentration, and financial performance. Berger (1995) explained the relationship between market structure and financial performance as the SCP paradigm, whereby in highly concentrated markets firms may set prices that are less favourable to consumers as a result of imperfect competition in the markets. Research in this area concerns the relationship between market structure and financial performance. Scholars assume that greater market power consisting of lower market competition leads to higher profitability. A complement to the SCP model, and at the same time an alternative explanation of the theory of ESH, is the relative market power (RMP) paradigm, according to which firms with well-differentiated products can increase their market share and use their market power in product pricing, thereby achieving windfall profits. The developer of RMP was Smirlock (1985) who concluded that there is no relationship between market structure and profitability, but rather it is between the market share of an individual operator and its profitability. Some literature considers competition, often measured as the number of firms in the market, while others focus on concentration.

Studies related to the assessment of the relationship between market structure and financial performance are also the subject of research in relation to insurance companies. Table 1 presents the selected results from a survey of the literature in this area.

The literature analysis shows that the topic of the relation between market structure (insurance, market share) and the financial performance of insurance companies is an important research area, analysed in many aspects, to different extents and with different effects. Some studies indicate the existence of such a relationship, e.g. Varga and Madari (2023), Bukowski and Lament (2021), Ben-Dhiab (2021), Akhtar (2018), Ortyński (2016). Others do not confirm the impact of insurance company size on its financial performance, e.g. Ofori-Boateng et al. (2022); Derbali and Jamel (2018); Moro and Anderloni (2014), Berry-Stölzlea et al. (2011). In the absence of research clearly indicating the existence or not of an influence of the market position of an insurance company on its financial results, we formulated the following question:

Are insurance companies market positions (market share) influenced by their financial results? If so, which ones?

The analysis of the conducted studies shows that they cover diverse insurance markets. Most of the studies cover single national markets, among others, the Hungarian insurance market-Varga and Madari (2023), the Polish insurance market - Bukowski and Lament (2021), Ortyński (2016), Romanian insurance - Burca and Batrinca (2014). Some studies involve a larger sample and include the European insurance market - Berry-Stölzlea et al. (2011) and Moro and Anderloni (2014), and the US insurance sector - Cummins and Nini (2002). We can also identify studies on selected segments of the insurance market, e.g. life insurance- Al-Arif and Firmansyah (2021), Bukowski and Lament (2021), non-life insurance - Choi and Weiss (2005), Berry-Stölzlea et al. (2011) and health insurance - Cole et al. (2015).

Noteworthy, as Table 1 presents, the research to date has mainly focused on validating the SCP paradigm. It would be reasonable to address the topic of verifying the RMP paradigm, which examines the relationship between the market share of a single operator and its financial performance in relation to insurance markets. This was the focus of the research, the results of which we will present in the following sections.

In conclusion, the research to date on the relationship between market structure and the financial performance of insurance companies is a poorly recognized research topic. The research to date is fragmented, I.e. it often refers to selected national markets or selected segments of the insurance market. It would be reasonable to examine the relationship between the market share of a single insurance company and its financial performance (a verification of the RMP paradigm). The research should cover relatively homogeneous insurance markets, but in a broader sense than just the national market, thus eliminating the legal and financial differences associated with conducting insurance business in a diverse economic environment. It would therefore be necessary to examine similar groups of insurance companies operating in a relatively homogeneous insurance market but covering a wider scope than just the national market.

RESEARCH METHODOLOGY

The research aimed to analyse the relationship between insurance market share and the financial results of insurance companies. We studied insurance companies operating in the insurance markets of the EU15 countries. We compiled the data on the studied insurance markets based on the OECD Statistics database. We used them to present the structure of the insurance market of the EU-15 countries (Table 2).

The analysis of the structure of the EU-15 insurance market shows that it has remained broadly constant throughout the period under review. The dominant market shares in the EU-15 belong to UK, Germany, France, Italy, and Spain. Of course, there are changes in the market shares of individual countries, but these should be considered negligible. This means that the surveyed insurance market is stable with an established market structure. Similar conclusions are also drawn from studies by Swiss Re (2023) and Bukowski and Lament (2020).

We pursued the primary research objective by assessing the insurance market share in relation to the financial performance of selected insurance companies operating in the EU-15. For the purpose of the article, we formulated the following research question: Are insurance companies' market positions (market share) influenced by their financial results? If so, which ones? For the study, we selected insurance undertakings with the greatest importance for the insurance market in a given country. We attempted to select insurance undertakings so that they corresponded to the structure of the EU-15 insurance market. Table 3 shows the structure of the surveyed insurance undertakings.

We collected financial data characterising the insurance companies selected for the study from the ORBIS Database. The time scope of the study covered the years 2012-2021 - the data available in the database ORBIS covers a period of 10 years.

We assumed a dependence between the insurance market structure and the financial results of insurance companies. To this end, we constructed a panel model. Market share of insurance companies measured with gross written premium. It is the dependent variable (explicated feature). We chose gross premiums written to assess the market position of the insurance company. This is the most commonly used category to assess market share, next to asset value. Other studies confirm this, e.g. Ortyński (2016), Kramarič et al. (2017), Batool and Sahi (2019). Moreover, reports by the Polish Financial Supervision Authority (2023) and the Polish Chamber of Insurance (2023) use gross premiums written as the main category for assessing the market position of an insurance company. We chose variables for assessing the financial results of insurance companies based on previous research as well as the company's own observations. The literature analysis shows that researchers can measure the financial performance and profitability of insurance businesses in different ways. Typically, in empirical studies, scholars measure profitability using ROA, ROE, or a combination of the above-mentioned measures is used. Studies confirming it are e.g. Lee (2014), Kramarič et al. (2017), Kri pa and Ajasllari (2016). Moreover, the analysis of the research results shows that the financial performance of insurance companies can be influenced by decisions and actions located in different areas. They are both macroeconomic and microeconomic in nature. However, they largely depend on the specifics of the financial management of insurance companies, I.e. factors specific only to this type of entity. We should regard the following as important determinants of the financial result of insurance companies: technical and insurance provisions, investments and their profitability, loss ratio, reinsurance, as well as costs of insurance activity. Solvency issues, assessing the level of financial security, are also not without significance. Previous research findings confirm it, e.g. Lament (2019), Batool and Sahi (2019), Bukowski and Lament (2021), Burca and Batrinca (2014), Ben-Dhiab (2021), Ofori-Boateng et al. (2022). Moreover, scholars measure the financial results of insurance companies measured by technical results, ROE, ROS, ROA, and ROI. There are independent variables. Furthermore, the elements influencing the assumed market structure of insurance companies are total investments, capital and surplus, net premiums written, total underwriting expenses and solvency ratio. Table 4 presents the methods of calculating these variables.

Table 5 presents the basic statistics of the study variables.

The analysis of the shares in the national insurance markets for individual insurance companies showed that they vary considerably, as illustrated in the basic statistics for the variable MSi,t (market share). The analysis of the minimum and maximum values evidences it as the values were respectively 1.9% and 39.1% (Table 5). This indicates the structural diversity of the surveyed insurance markets due to their size. The studied insurance markets vary in terms of their size, as well as the associated number of insurance companies, which affects their structure and the market shares of the insurance companies operating in them.

We have built the following panel data model:

... (1)

where:

MSi t - market share (%);

INVit - total investments (mln EUR);

CLit - total underwriting expenses (mln EUR);

PNit - net premiums written (mln EUR);

In - natural logarithm;

ui t - joint random factor.

We built the model using stepwise regression with backward elimination. As a criterion, we have taken collinearity and correlation between independent variables and explanatory variables. We used weighted least squares (WLS) as the method of model's estimation. This was because of the existing heteroscedasticity and autocorrelation.

RESULTS AND DISCUSSION

The model explained the market share of insurance companies measured by gross written premium in insurance companies as dependent on ten independent variables:

- INV¡,t- total investments (mln EUR);

- CS¡,t- capital and surplus (mln EUR);

- PN¡,t- net premiums written (mln EUR);

- CL¡,t-total underwriting expenses (mln EUR);

- TR¡,t- technical results (mln EUR);

- ROE¡,t- return on equity ratio (%);

- ROS¡,t- return on sales ratio (%);

- ROA¡,t- return on assets ratio (%);

- ROI¡,t- return on investments ratio (%);

- SOLV¡,t- solvency ratio (%).

Noteworthy, we rejected some of the variables that were to be accepted for model estimation. This was due to the existing relationships between variables mainly concerning correlation and collinearity. Variables depicting typical financial results of insurance companies and their measures - profitability ratios, calculated for different ranges, were not included. Table 6 shows the results of the model estimation.

The results of model's estimation indicated that all independent variables were statistically significant and the signs are in accordance with theory and hypothesis. In 57.29%, the model explained the variability of the explanatory variable, I.e. market share (MS^). In the case of panel models, it is a good result. The variables which influenced the variability of market share were total investments (INVi't) total underwriting expenses ^CL¡,^ and net premiums written (PN¡,t). The model estimation results indicated that all variables were statistically significant, influencing the market share of insurance companies operating in the EU-15 insurance market in 2012-2021. This means that the market share of insurance companies is influenced by market variables related to their financial economy and financial management. This is consistent with the results of the research conducted by Pope and Ma (2008). We studied both developed and developing groups of countries. The study covered the period from 1996 to 2003. We surveyed non-life insurance companies from 23 countries and confirmed that the structure of the insurance market influences the profitability of insurance companies. The research also showed that the presence of foreign insurers significantly changed the dynamics of non-life insurance markets. Moro and Anderloni (2014) and Berry-Stölzlea et al. (2011) also conducted research in relation to a similar study group. According to them, the structure of the insurance market does not influence the profitability of insurance companies. Moro and Anderloni (2014) studied insurance companies operating in the main European markets between 2004 and 2012. Their results show that financial performance, as measured by return on equity and return on assets, is influenced by insurancespecific characteristics as well as country institutional characteristics. Berry-Stölzlea et al. (2011) conducted a study in the non-life insurance sector in 12 European countries between 2003 and 2007. Comparing the studies mentioned above, we can see that they have in common the subject scope of the studies, which includes non-life insurance. The differences lie in the period of study and the geographical scope of the insurance markets studied. Pope and Ma's (2008) research, which confirmed the existence of a relationship between market structure and the financial performance of insurance companies, concerns a diverse group of countries, I.e. developed and developing countries. The studies by Moro and Anderloni (2014) and Berry-Stölzlea et al. (2011) did not confirm the existence of a relationship between market position and the financial performance of insurance companies covering European insurance markets. This implies that in more developed insurance markets, market position is not influenced by financial performance but by other factors. This indicates a more level playing field and the need for other non-financial competitive factors. In insurance markets that are more diverse in terms of development, the market position of insurance company is influenced by its financial performance. This demonstrates the importance of financial factors in competition between insurance companies and their importance in consumer decision-making.

Our research concerned a homogeneous group of EU-15 countries, i.e. well-developed insurance markets, but included both life and non-life insurance companies. However, the results do not coincide with the studies by Berry-Stölzlea et al. (2011) and Moro and Anderloni (2014) on a similar research group. This may be due, firstly, to a different research period. Secondly, their research covered insurance companies with the largest share of a given national market for the EU-15 countries. This may mean that the financial performance of insurance companies with the largest market share influences their market position. Therefore, this is one of the factors of competition between insurance companies which influence consumer decisions.

The conducted research helped to answer the research question: Are an insurance companies' market positions (market share) influenced by their financial results? If so, which ones? Financial results influence the market position of an insurance company operating in the EU-15 market. These include investments, underwriting expenses, and net premiums written.

Therefore, we confirmed that there is a correlation between market structure and the financial results of insurance companies operating in a market with a stable and established structure. In the case studied, this was the EU-15 market.

CONCLUSIONS

The research showed that the financial results of insurance companies affect their market position, as measured by their share of the insurance market. This is indicated both by the literature analysis as some studies confirm the existence of a relationship between market position, as measured by the insurance market share, and the financial results of insurance companies, and by own research covering the EU-15 insurance market. According to the results of the model estimation, variables which influence the variability of market share were total investments (INV¡/t), total underwriting expenses (CL¡,t), and net premium written (PN¡,t). This means that the market position of the surveyed insurance companies, as measured by their share of the insurance market, depends on the scale and efficiency of their investment activities, the value of the costs they incur and the value of their net insurance premiums, i.e. adjusted for the reinsurer's share, indicating that risk management policies, including the scope and efficiency of reinsurance programmes, are important.

The research fills a research gap in the determinants of the efficiency of insurance companies and, in particular, the study of the relationship between the market share of a single operator and its financial performance. It also contributes to the development of research in insurance finance falling within the discipline of economics and finance. Moreover, we should regard as innovative the study of a homogeneous group of insurance companies - with the largest share in a given national market - as well as the study of the insurance market of the EU-15 countries, which should be considered stable with an established market structure.

The research can serve insurance companies and insurance market institutions in financial management strategies. It can also help policyholders and beneficiaries of insurance contracts, i.e. consumers, in consumer decision-making.

The limitation of the study is the assessment of the insurance companies with the largest share in a given national market. These are entities with a stable market position, which contributes to the strengthening of business results. Therefore, the impact of financial results on market position can be two-way. A limitation is also the lack of consideration of the specificities of insurance companies resulting from their scope of business and the study of the most developed insurance market - the EU15. Further research should concern insurance companies - separately life and non-life, in relation to insurance markets other than EU-15. The separate subjecting of life and non-life insurers to examination is due to the peculiarities of both the insurance contracts themselves and the associated different financial management rules. Therefore, it would be appropriate to identify the determinants of the financial efficiency of insurance companies, considering their specificities arising from the scope of their business and determining the importance of their size (market share) for their financial performance. Researchers would need to conduct such studies for reasonably homogeneous insurance markets of more than national scope. This will be the subject of our further research.

Sidebar

Suggested citation:

Lament, M., & Bukowski, S. (2024). Market share and financial results of insurance companies: The case of the UE-15 countries. Entrepreneurial Business and Economics Review, 12(3), 69-82. https://doi.org/10.15678/EBER.2024.120304

Authors

The contribution share of authors was equal and amounted to 50% for each of them.

Marzanna Lament

Associate Professor in Finance and Accounting, the Faculty of Economics and Finances, Casimir Pulaski Radom University in Radom, Poland. Her research interests include the accounting and finance of insurance companies and the insurance market.

Correspondence to: Dr. Hab. Marzanna Lament, prof. URad., Faculty of Economic and Finance, Casimir Pulaski Radom University in Radom, Chrobrego 31, 26-600 Radom, Poland, e-mail: [email protected]

ORCID © http://orcid.org/0000-0003-3450-5122

Sławomir I. Bukowski

Professor in Economics and Finance, the Faculty of Economics and Finances, Casimir Pulaski Radom University in Radom, Poland. His research interests include the integration of financial markets, international finance, and econometrics methods.

Correspondence to: Prof. Dr. Hab. Sławomir Bukowski, Faculty of Economic and Finance, Casimir Pulaski Radom University in Radom, Chrobrego 31, 26-600 Radom, Poland, e-mail: [email protected] ORCID © http://orcid.org/0000-0001-8039-895X

Acknowledgements and Financial Disclosure

This research did not receive any specific grant from funding agencies in the public, commercial, or not-forprofit sectors.

Conflict of Interest

The authors declare that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.

Copyright and License

This article is published under the terms of the Creative Commons Attribution (CC BY 4.0) License http://creativecommons.Org/licenses/by/4.0/

Published by Krakow University of Economics - Krakow, Poland

Footnote

1 From 2020 leaving the EU.

2 From 2020 leaving the EU.

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