Edited by Jacob A. Bikker and Laura Spierdijk
Chapter 9: Performance of the life insurance industry under pressure: efficiency, competition and consolidation
This chapter investigates efficiency and competition in the Dutch life insurance market by estimating unused scale economies and measuring efficiency–market share dynamics during 1995–2010. Large unused scale economies exist for small and medium-sized life insurers, indicating that further consolidation would reduce costs. Over time, average scale economies decrease, but substantial differences between small and large insurers remain. A direct measure of competition confirms that competitive pressure is lower than in other markets. The author does not observe any impact of increased competition from banks, the so-called investment policy crisis or the credit crisis, apart from lower returns in 2008.
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