Entegre Bir Gri Karar Verme Çerçevesiyle Türk Sigorta Sektöründe Kurumsal Finansal Performans Değerlendirmesi

Year 2025, Volume: 10 Issue: 3, 1293 - 1317, 30.09.2025

Deniz Durdu , Osman Yavuz Akbulut , Yüksel Aydın

https://doi.org/10.30784/epfad.1644941

Abstract

Bu araştırma, Türkiye'deki hayat dışı sigorta endüstrisinde faaliyet gösteren şirketlerinin finansal performansını ölçmek ve değerlendirmek için Gri LOPCOW ve Gri PIV yöntemlerini entegre eden yeni bir gri karar alma modeli önermektedir. Modelin uygulanabilirliğini ve etkinliğini test etmek için hayat dışı sigorta şirketlerinin finansal performansını karşılaştırmaya odaklanan bir vaka çalışması gerçekleştirilmiştir. Bu vaka çalışması, 2021-2023 yıllarını kapsamaktadır. Belirlenen finansal kriterlerin önem ağırlıkları Gri LOPCOW metodu kullanılarak hesaplanmıştır. Sigorta alternatiflerinin sıralanması sürecinde ise nispeten yeni bir yöntem olan Gri PIV prosedürü tercih edilmiştir. Gri LOPCOW ağırlıklandırma sonuçlarına göre, sigorta şirketlerinin finansal performansına etki eden en önemli üç performans ölçütleri sırasıyla net alınan primlerin brüt alınan primlere oranı, faaliyet giderlerinin brüt alınan primlere oranı ve özkaynak karlılık oranı olarak tespit edilmiştir. Gri PIV sonuçlarına göre finansal açıdan en başarı olan şirket Türkiye Sigorta'dır. Ayrıca, mevcut çalışmada önerilen gri karar verme aracının etkinliğini test etmek amacıyla çeşitli duyarlılık analizleri gerçekleştirilmiştir. Duyarlılık analizlerinden elde edilen sonuçlar göstermektedir ki önerilen gri karar metodolojisi sağlam ve güvenilir sonuçlar üretmektedir. Sonuç olarak bu çalışmanın bulguları, Türk hayat dışı sigorta sektöründeki karar vericiler ve uygulayıcılar için kritik yönetsel ve pratik içgörürler sunmaktadır.

Keywords

Finansal Performans , Sigorta Sektörü , ÇKKV , Gri LOPCOW , Gri PIV

Evaluating Corporate Financial Performance in the Turkish Insurance Sector Using an Integrated Grey Decision-Making Framework

Abstract

This research proposes a novel grey decision-making model that integrates Grey LOPCOW and Grey PIV methods to measure and evaluate the financial performance of companies operating in the non-life insurance industry in Turkey. A case study was conducted to test the applicability and effectiveness of the model by comparing the financial performance of non-life insurance companies. The case study encompasses the years 2021-2023. The importance weights of the determined financial criteria were then calculated using the Grey LOPCOW method. In the ranking process of insurance alternatives, the Grey PIV procedure, a relatively new method, was preferred. The Grey LOPCOW weighting results identified the ratio of net premiums received to gross premiums received, the ratio of operating expenses to gross premiums received, and the equity return ratio as the three most significant performance criteria affecting the financial performance of insurance companies. The Grey PIV results indicate that Türkiye Sigorta emerges as the most successful company in financial terms. Furthermore, the present study involved conducting various sensitivity analyses to assess the efficacy of the proposed grey decision-making tool. The findings from these sensitivity analyses demonstrate that the proposed grey decision methodology engenders robust and reliable results. Consequently, the findings of this study furnish critical managerial and practical insights for decision makers and practitioners in the Turkish non-life insurance industry.

Keywords

Financial Performance , Insurance Sector , MCDM , Grey LOPCOW , Grey PIV

References

• Adali, E.A., Öztaş, G.Z., Öztaş, T. and Tuş, A. (2022). Assessment of European cities from a smartness perspective: An integrated grey MCDM approach. Sustainable Cities and Society, 84, 104021. https://doi.org/10.1016/j.scs.2022.104021 Akbulut, O.Y. (2024). Assessing the environmental sustainability performance of the banking sector: A novel integrated grey multi-criteria decision-making (MCDM) approach. International Journal of Knowledge and Innovation Studies, 2(4), 239-258. https://doi.org/10.56578/ijkis020404 Akbulut, O.Y. (2025). Analysis of the corporate financial performance based on Grey PSI and Grey MARCOS model in Turkish insurance sector. Knowledge and Decision Systems with Applications, 1, 57-69. https://doi.org/10.59543/kadsa.v1i.13623
• Apergis, N. and Poufinas, T. (2020). The role of insurance growth in economic growth: Fresh evidence from a panel of OECD countries. The North American Journal of Economics and Finance, 53, 101217. https://doi.org/10.1016/j.najef.2020.101217
• Aydın, Y. (2019). Türkiye'de hayat/emeklilik sigorta sektörünün finansal performans analizi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 4(1), 107-118. doi:10.29106/fesa.536729
• Badi, I. and Pamucar, D. (2020). Supplier selection for steelmaking company by using combined Grey-MARCOS methods. Decision making: Applications in Management and Engineering, 3(2), 37-48. https://doi.org/10.31181/dmame2003037b
• Badi, I., Shetwan, A. and Hemeda, A. (2019). A grey-based assessment model to evaluate health-care waste treatment alternatives in Libya. Operational Research in Engineering Sciences: Theory and Applications, 2(3), 92-106. https://doi.org/10.31181/oresta1903092b
• Bai, C. and Sarkis, J. (2010). Integrating sustainability into supplier selection with grey system and rough set methodologies. International Journal of Production Economics, 124(1), 252-264. https://doi.org/10.1016/j.ijpe.2009.11.023
• Baruti, B. (2020). Insurance sector development and its effect on the financial markets in developing countries: The case of Kosovo. European Journal of Business Management and Research, 5(1), 1-10. https://doi.org/10.24018/ejbmr.2020.5.1.217
• Baykal, K.B. ve Akıllı, K. (2023). Türkiye’de faaliyet gösteren hayat ve emeklilik sigorta şirketlerinin finansal performanslarının entropi tabanlı WASPAS yöntemi ile değerlendirilmesi. Social Sciences Research Journal, 12(1), 63-80. Erişim adresi: https://socialsciencesresearchjournal.com/index.php/ssrj
• Biswas, S., Bandyopadhyay, G., Pamucar, D. and Joshi, N. (2022). A multi-criteria based stock selection framework in emerging market. Operational Research in Engineering Sciences: Theory and Applications, 5(3), 153-193. https://doi.org/10.31181/oresta161122121b
• Božanić, D., Milić, A., Tešić, D., Salabun, W. and Pamučar, D. (2021). D numbers–FUCOM–fuzzy RAFSI model for selecting the group of construction machines for enabling mobility. Facta Universitatis, Series: Mechanical Engineering, 19(3), 447-471. https://doi.org/10.22190/FUME210318047B
• Çamlıbel, F. (2022). Evaluation of life and pension companies ‘performance with SD and MARCOS methods. International Journal of Insurance and Finance, 2(2), 1-16. doi:10.52898/ijif.2022.6
• Çınaroğlu, E. (2022). Entropi destekli EDAS ve CODAS yöntemleri ile bireysel emeklilik şirketlerinin performans değerlendirmesi. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 10(1), 325-345. https://doi.org/10.18506/anemon.961937
• Deveci, M., Gokasar, I., Chen, Y., Wang, W., Karaismailoğlu, A.E. and Antucheviciene, J. (2025). Analysis of green energy in sustainable transportation in developing nations through a decision support model. Renewable Energy, 122643. https://doi.org/10.1016/j.renene.2025.122643
• Doğu, A. (2021). Borsa İstanbul’da yer alan sigorta şirketlerinin finansal performanslarının TOPSIS ve VIKOR yöntemlerine göre istatistiksel olarak belirlenmesi. International Social Sciences Studies Journal, 7(77), 493-508. http://dx.doi.org/10.26449/sssj.2938
• Dwivedi, A., Kumar, A. and Goel, V. (2023). A consolidated decision-making framework for nano-additives selection in battery thermal management applications. Journal of Energy Storage, 59, 106565. https://doi.org/10.1016/j.est.2022.106565
• Ecer, F. and Pamucar, D. (2022). A novel LOPCOW‐DOBI multi‐criteria sustainability performance assessment methodology: An application in developing country banking sector. Omega, 112, 102690. https://doi.org/10.1016/j.omega.2022.102690
• Goswami, S.S., Mohanty, S.K. and Behera, D.K. (2022). Selection of a green renewable energy source in India with the help of MEREC integrated PIV MCDM tool. Materials Today: Proceedings, 52, 1153-1160. https://doi.org/10.1016/j.matpr.2021.11.019
• Hundekar, S. (2022). Significant value orientation, recent trends, major challenges and growth measures and avenues related to banking and insurance sector in India. International Journal of Research Publication and Reviews, 3(10), 277-284. https://doi.org/10.55248/gengpi.2022.3.10.10
• Hussein, M. and Alam, M. (2019). The role of insurance sector in the development of the economy of Oman. Global Journal of Economic and Business, 6(2), 356-364. https://doi.org/10.31559/gjeb2019.6.2.8
• Işık, Ö. (2019). Türkiye'de hayat dışı sigorta sektörünün finansal performansının CRITIC tabanlı TOPSIS ve MULTIMOORA yöntemiyle değerlendirilmesi. Business & Management Studies: An International Journal, 7(1), 542-562. http://dx.doi.org/10.15295/bmij.v7i1.1090
• Işık, Ö. (2021a). Analysing the determinants of profitability of domestic and foreign non-life insurers in Turkey. International Journal of Insurance and Finance, 1(1), 45-55. https://doi.org/10.52898/ijif.2021.5
• Işık, Ö. (2021b). AHP, CRITIC ve WEDBA yöntemlerini içeren entegre bir ÇKKV modeli ile AXA sigorta şirketinin finansal performansının analizi. Uluslararası İşletme, Ekonomi ve Yönetim Perspektifleri Dergisi, 5(2), 892-908. http://dx.doi.org/10.29228/ijbemp.55049
• Işık, Ö. (2021c). Akbank’ın 2009-2019 dönemi finansal performansının PSI yöntemi ile değerlendirilmesi. Y. Aydın (Ed.), Ekonomi ve finans çalışmaları içinde (s. 299-312). Adana: Nobel Yayınları
• Işık, Ö. and Adalar, İ. (2025). A multi-criteria sustainability performance assessment based on the extended CRADIS method under intuitionistic fuzzy environment: A case study of Turkish non-life insurers. Neural Computing and Applications, 37(5), 3317-3342. https://doi.org/10.1007/s00521-024-10803-0
• Işık, Ö., Çalık, A. and Shabir, M. (2025). A Consolidated MCDM framework for overall performance assessment of listed insurance companies based on ranking strategies. Computational Economics, 65, 271–312. https://doi.org/10.1007/s10614-024-10578-5
• Işık, Ö., Shabir, M. and Belke, M. (2023). Is there a causal relationship between financial performance and premium production? Evidence from Turkish insurance industry. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(2), 1388-1412. https://doi.org/10.30798/makuiibf.1220299
• Işık, Ö., Shabir, M. and Moslem, S. (2024). A hybrid MCDM framework for assessing urban competitiveness: A case study of European cities. Socio-Economic Planning Sciences, 96, 102109. https://doi.org/10.1016/j.seps.2024.102109
• Karaş, Z. (2023). BİST’te faaliyet gösteren sigorta şirketlerinin performansının CRITIC-EDAS yöntemleri ile analizi. Uluslararası İşletme, Ekonomi ve Yönetim Perspektifleri Dergisi, 7(2), 319-333. http://dx.doi.org/10.29228/ijbemp.73
• Keshavarz Ghorabaee, M., Zavadskas, E.K., Turskis, Z. and Antucheviciene, J. (2016). A new combinative distance-based assessment (CODAS) method for multi-criteria decision-making. Economic Computation & Economic Cybernetics Studies & Research, 50(3), 25-44. Retrieved from https://etalpykla.vilniustech.lt/
• Khan, N.Z., Ansari, T.S.A., Siddiquee, A.N. and Khan, Z.A. (2019). Selection of e-learning websites using a novel proximity indexed value (PIV) MCDM method. Journal of Computers in Education, 6, 241-256. https://doi.org/10.1007/s40692-019-00135-7
• Khodamoradi, S., Safari, A. and Rahimi, R. (2014). A hybrid multi-criteria model for insurance companies rating. International Business Research, 6(7), 150-163. http://dx.doi.org/10.5539/ibr.v7n6p150
• Koca, G. and Bingöl, M.S. (2022). Hayat-dışı sigorta şirketlerinin performanslarının CRITIC tabanlı MARCOS yöntemi ile değerlendirilmesi. Bilecik Şeyh Edebali Üniversitesi Sosyal Bilimler Dergisi, 7(1), 70-83. https://doi.org/10.33905/bseusbed.1106188
• Korucuk, S., Aytekin, A., Görçün, Ö., Simic, V. and Görçün, Ö.F. (2024). Warehouse site selection for humanitarian relief organizations using an interval-valued fermatean fuzzy LOPCOW-RAFSI model. Computers & Industrial Engineering, 192, 110160. https://doi.org/10.1016/j.cie.2024.110160
• Lee, H. (2019). Insurance development and economic growth. Financial Statistical Journal, 1(2), 1-17. https://doi.org/10.24294/fsj.v1i4.1057
• Li, G.D., Yamaguchi, D. and Nagai, M. (2007). A grey-based decision-making approach to the supplier selection problem. Mathematical and Computer Modelling, 46(3-4), 573-581. https://doi.org/10.1016/j.mcm.2006.11.021
• Liu, S., Fang, Z., Yang, Y. and Forrest, J. (2012). General grey numbers and their operations. Grey Systems: Theory and Application, 2(3), 341-349. https://doi.org/10.1108/20439371211273230
• Lukić, R. (2023). Analysis of the performance of insurance companies in Serbia based on the AHP-TOPSIS method. Marsonia: Časopis Za Društvena i Humanistička Istraživanja, 2(2), 21-35. Retrieved from https://hrcak.srce.hr/f
• Mandić, K., Delibašić, B., Knežević, S. and Benković, S. (2017). Analysis of the efficiency of insurance companies in serbia using the fuzzy AHP and TOPSIS methods. Economic Research-Ekonomskaistraživanja, 30(1), 550-565. http://dx.doi.org/10.1080/1331677X.2017.1305786
• Mathew, B. and Sivaraman, S. (2017). Cointegration and causality between macroeconomic variables and life insurance demand in India. International Journal of Emerging Markets, 12(4), 727-741. https://doi.org/10.1108/ijoem-01-2016-0019
• Mohanta, K.K. and Sharanappa, D.S. (2023). Development of the neutrosophic two-stage network data envelopment analysis to measure the performance of the insurance industry. Soft Computing, 1-32. https://doi.org/10.1007/s00500-023-09294-3
• Mufazzal, S. and Muzakkir, S.M. (2018). A new multi-criterion decision making (MCDM) method based on proximity indexed value for minimizing rank reversals. Computers & Industrial Engineering, 119, 427-438. https://doi.org/10.1016/j.cie.2018.03.045
• Nedeljković, M., Puška, A., Doljanica, S., Virijević Jovanović, S., Brzaković, P., Stević, Ž. and Marinkovic, D. (2021). Evaluation of rapeseed varieties using novel integrated fuzzy PIPRECIA–Fuzzy MABAC model. Plos one, 16(2), e0246857. https://doi.org/10.1371/journal.pone.0246857
• Öztaş, T. and Öztaş, G.Z. (2024). Innovation performance analysis of G20 countries: A novel integrated LOPCOW-MAIRCA MCDM approach including the COVID-19 period. Verimlilik Dergisi, 1-20. doi:10.51551/verimlilik.1320794
• Pala, O. (2022). BIST sigorta endeksinde CRITIC ve MULTIMOOSRAL tekniklerine dayalı finansal analiz. İzmir İktisat Dergisi, 37(1), 218-235. https://doi.org/10.24988/ije.939532
• Radovanović, M., Božanić, D., Tešić, D., Puška, A., Hezam, I.M. and Jana, C. (2023). Application of hybrid DIBR-FUCOM-LMAW-Bonferroni-grey-EDAS model in multicriteria decision-making. Facta Universitatis, Series: Mechanical Engineering, 21(3), 387-403. https://doi.org/10.22190/FUME230824036R
• Radovanović, M., Crnogorac, M., Jovčić, S., Cirkin, E. and Bouraima, M.B. (2024). Optimization of anti-drone defense: analyzing non-kinetic gun selection using DIBR II-Grey MARCOS methodology. Journal of Engineering Management and Systems Engineering, 3(3), 132-148. https://doi.org/10.56578/jemse030302
• Safitri, K. (2019). The contribution of life and non-life insurances on Asean economic growth. Management Science Letters, 9, 957-966. https://doi.org/10.5267/j.msl.2019.4.009
• Sampathkumar, S. and Augustin, F. (2024). Optimizing robot deployment in hazardous environment: MCDM approach using field performers under intuitionistic dense fuzzy set. International Journal of Fuzzy Systems, 26(5), 1537-1566. https://doi.org/10.1007/s40815-024-01688-1
• Sehhat, S., Taheri, M. and Sadeh, D.H. (2015). Ranking of insurance companies in Iran using AHP and TOPSIS techniques. American Journal of Research Communication, 3(1), 51-60. Retrieved from http://www.usa-journals.com/
• Stević, Ž., Pamučar, D., Puška, A. and Chatterjee, P. (2020). Sustainable supplier selection in healthcare industries using a new MCDM method: Measurement of alternatives and ranking according to compromise solution (MARCOS). Computers & Industrial Engineering, 140, 1-15. https://doi.org/10.1016/j.cie.2019.106231
• Sunitha, R. (2024). Application of TOPSIS method in evaluating the performance of insurance companies: A case study. REST Journal on Banking, Accounting and Business, 3(2), 197-208. https://doi.org/10.46632/jbab/3/2/28
• Tešić, D., Božanić, D., Puška, A., Milić, A. and Marinković, D. (2023). Development of the MCDM fuzzy LMAW-grey MARCOS model for selection of a dump truck. Reports in Mechanical Engineering, 4(1), 1-17. https://doi.org/10.31181/rme20008012023t
• Torkayesh, A.E., Zolfani, S.H., Kahvand, M. and Khazaelpour, P. (2021). Landfill location selection for healthcare waste of urban areas using hybrid BWM-grey MARCOS model based on GIS. Sustainable Cities and Society, 67, 102712. https://doi.org/10.1016/j.scs.2021.102712
• Ulutaş, A., Balo, F., Sua, L., Demir, E., Topal, A. and Jakovljević, V. (2021). A new integrated grey MCDM model: Case of warehouse location selection. Facta Universitatis, Series: Mechanical Engineering, 19(3), 515-535. https://doi.org/10.22190/FUME210424060U
• Ulutaş, A., Topal, A., Görçün, Ö.F. and Ecer, F. (2024). Evaluation of third-party logistics service providers for car manufacturing firms using a novel integrated grey LOPCOW-PSI-MACONT model. Expert Systems with Applications, 241, 122680. https://doi.org/10.1016/j.eswa.2023.122680
• Venkateswarlu, R. and Bhishma Rao, G.S.S. (2016). Profitability evaluation and ranking of Indian non-life insurance firms using GRA and TOPSIS. European Journal of Business and Management, 8(22), 153-170. Retrieved from https://iiste.org/Journals/index.php/EJBM/article/view/32428
• Wen, Z., Liao, H. and Zavadskas, E.K. (2020). MACONT: Mixed aggregation by comprehensive normalization technique for multi-criteria analysis. Informatica, 31(4), 857-880. https://doi.org/10.15388/20-INFOR417
• Zavadskas, E.K. and Kaklauskas, A. (1996). Systemotechnical evaluation of buildings. Retrieved from https://etalpykla.vilniustech.lt/handle/123456789/147525
• Zavadskas, E.K., Turskis, Z. and Vilutiene, T. (2010). Multiple criteria analysis of foundation instalment alternatives by applying Additive Ratio Assessment (ARAS) method. Archives of Civil and Mechanical Engineering, 10(3), 123-141. https://doi.org/10.1016/S1644-9665(12)60141-1