Research Article
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Relationship Between Concentration And Effectiveness In The Turkish Life Insurance Market

Year 2019, Volume: 22 Issue: 2, 825 - 839, 30.11.2019
https://doi.org/10.29249/selcuksbmyd.597964

Abstract

The aim of this research is
to examine the impact of concentration on the market growth in the Turkey life
insurance market, benefiting from 2009-2018 monthly data.
, HHI and Entropi
indices were used in the measurement of market concentration in this research.
A significant relationship was found between concentration and market growth in
the long term in the analysis of Johansen co-integration test findings. In
addition, according to DOLS, FMOLS and CCR estimation findings, there is a
negative correlation between HHI and 
 values with market growth, while there is a
positive relationship between entropy values and market growth. These findings
obtained from the analysis confirm the hypothesis of the existence of a
negative correlation between market growth and the concentration proposed in
the Traditional Structure-Behavior-Performance approach. According to these
findings, in order to effectiveness in the life insurance market, policies
supporting competition should be produced.

References

  • Akel, V., Torun, T. ve Aksoy, B. (2016) “Türkiye'de hayat dışı sigortacılık sektöründe karlılık, sermaye yapısı ve yoğunlaşma ilişkisine yönelik ampirik bir analiz”, Finans ve Bankacılık Çalışmaları Dergisi, 5(5): 1-15.
  • Akın, F. ve Nalan, E. (2013) “IMKB'de işlem gören sigorta şirketlerinin 2006-2010 dönemi finansal performanslarının analizi”, Muhasebe ve Finansman Dergisi, (57): 89-106.
  • Alagöz, M., Akalın, U. S. ve Ceylan, O. (2016) “The relationship between concentration and profitably in Turkish banking sector”, Journal of Emerging Economies and Policy, 1: 11-18.
  • Alhassan, A. L., Addisson, G. K. ve Asamoah, M. E. (2015). “Market structure, efficiency and profitably of insurance companies in Ghana”, International Journal of Emerging Markets, 10(4): 648-669.
  • Bikker, J. A. ve Leuvensteijn, M. V. (2008). “Competition and efficiency in the Dutch life insurance industry”, Applied Economics, (40): 2063-2084.
  • Brokesova, Z., Ondruska, T., Pastorakavo, T. ve Peliova, J. (2016). “Industry concentration and performance: Case of life insurance industry”. T. Dudycz, G. Osbert, ve B. B. Bryzcz içinde, In The Essence and Measurement of Organizational Efficiency (s. 29-37). London: Springer.
  • Carlton, D. W. ve Perloff, J. M. (2000). Modern Industrial Organization, 3. bs., Addison Wesley, NewYork.
  • Choi, B. P. ve Weiss, M. A. (2005). “An emprical investigation of market structure, efficiency, and performance in proper liability insurance”, The Journal of Risk and Insurance, 72(4): 635-673.
  • Cummins, J. D., Denenberg, H. S. ve Scheel, W. C. (1972). “Concentration in the U.S. life insurance industry”, The Journal of Risk and Insurance, 39(2): 177-199.
  • Cummins, J. D., Rubio-Misas, M. ve Vencappa, D. (2017). “Competition, efficiency and soundness in European life insurance markets”, Journal of Financial Stability, (28): 66-78.
  • Çelik, T. ve Kaplan, M. (2007). “Türk sigortacılık sektöründe karlılık ve yoğunlaşma ilişkisi”, Ankara Üniversitesi SBF Dergisi, 62(4): 70-82.
  • Çermikli, H. (2014). Endüstriyel İktisat, 2. bs., Gazi Kitapevi, Ankara.
  • Dilek, S. (2017). Oyun Teorisi Eşliğinde Sanayi Ekonomisi, 2. bs., Seçkin Yayıncılık, Ankara.
  • Dimic, M., Barjaktarovic, L., Arsenijevic, O., Sprajc, P. ve Zirovnik, J. (2018). “Measuring the concentration of insurance sector: The case of Southeastern European Countries”, Organizacija, 51(1): 50-64.
  • Eisen, R. (1991). “Market size and concentration: Insurance and the European internal market 1992”, The Geneva Papers on Risk and Insurance, (16): 263-281.
  • Fenn, P., Vencappa, D., Diacon, S., Klumpes, P. ve O' Brien, C. (2008). “Market structure and the efficiency of European insurance companies: A stochastic frontier analysis”, Journal of Banking & Finance (32): 86-100.
  • Güvel, E. A. ve Güvel, A. Ö. (2012). Sigortacılık, 6. bs., Seçkin Yayıncılık, Ankara.
  • Jaloudi, M. ve Bakir, A. (2019). “Market structure, efficiency, and performance of Jordan insurance market”, International Journal of Business and Economic Research, 8(1): 6-13.
  • Johansen, S. (1991). “Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models”, Econometrica, 59(6): 1551-1580.
  • Kozak, S. (2011). “Integration with the European financial system and changes of the non-life insurance sector concentration in Poland”, Oeconomia, 10(2): 41-53.
  • Lipczynski, J., John O.S. ve Wilson, J. G. (2017). Industrial Organization, Competition, Strategy and Policy, 5. bs., Pearson, Harlow.
  • Njegomir, V. ve Stojic, D. (2011). “Liberalisation and market concentration impact on performance of the non-life insurance”, The Geneva Papers on Risk and Insurance, 36(1): 94-106.
  • Özcan, A. ve Çiftçi, C. (2015). “Türkiye'de mevduat bankacılığında yoğunlaşma ve karlılık ilişkisi (2006-2013 dönemi)”, Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(3): 1-12.
  • Parida, T. K. ve Acharya, D. (2016). “Competition in Indian life insurance industry: Post liberalization evidence”, International Journal of Business Competition and Growth, 5(1/2/3): 110-136.
  • Peltzman, S. (1977). “The gains and losses from industrial concentration”, Journal of Law and Economics, 20(2): 229-263.
  • Pope, N. ve Ma, Y.-L. (2008). “The market structure- performance relationship in the international insurance sector”, The Journal of Risk and Insurance, 75(4): 947-966.
  • Richards, K. ve Colenutt, D. (1975). “Concentration in the U.K. ordinary life assurance market”, The Journal of Industrial Economics, 24(2): 147-159.
  • Sharku, G. ve Shehu, S. (2016). “Concentration of Albanian insurance market”, Ekonomika a Management (3): 1-11.
  • TUİK. (2014). “Sanayi ve hizmet sektöründe yoğunlaşma”, erişim tarihi 18.03.2019, http://www.tuik.gov.tr/PreHaberBultenleri.do?id=16195.
  • Ünsal, E. M. (2010). Mikro İktisat, 8. bs., İmaj Yayınevi, Ankara.
  • Yaşar, M., Kiracı, K., Kayhan, S. ve Ustaömer, T. C. (2017). “A concentration analysis in the Turkish domestic air transportation industry using with 〖CR〗_m and Herfindahl Hirshman Indexes”, Gaziantep University Journal of Social Sciences, 16(3): 687-704.
  • Yıldırım, K., Eşkinat, R., Kabasakal, A., Erdoğan, M. ve Kostakoğlu, F. (2016). Endüstriyel Ekonomi, 6.bs., Nisan Kitapevi, Ankara.

Türkiye Hayat Sigortası Piyasasında Yoğunlaşma İle Etkinlik Arasındaki İlişki

Year 2019, Volume: 22 Issue: 2, 825 - 839, 30.11.2019
https://doi.org/10.29249/selcuksbmyd.597964

Abstract

Bu araştırmanın amacı, 2009-2018 döneminde aylık verilerden yararlanarak
Türkiye hayat sigortası piyasasında yoğunlaşmanın piyasa büyümesi üzerindeki
etkisini incelemektir. Bu araştırmada piyasa yoğunlaşmasının ölçümünde , HHI ve Entropi indeksleri kullanılmıştır.
Johansen eşbütünleşme testi bulgularında Türkiye hayat sigortası piyasasında
yoğunlaşma ile piyasa büyümesi arasında uzun dönemde anlamlı bir ilişki tespit
edilmiştir. Ayrıca DOLS, FMOLS ve CCR tahmin bulgularına göre HHI ve  değerleri
ile piyasa büyümesi arasında negatif yönlü ilişki bulunurken, Entropi değerleri
ile piyasa büyümesi arasında pozitif yönlü ilişki bulunmaktadır. Analizden elde
edilen bu bulgular SCP yaklaşımında öne sürülen yoğunlaşma ile piyasa büyümesi
arasındaki negatif yönlü ilişkiyi doğrulamaktadır. Bu bulgulara göre hayat
sigortası piyasasında etkinliğin geliştirilmesi için rekabeti destekleyici
politikaların üretilmesi gerekmektedir.

References

  • Akel, V., Torun, T. ve Aksoy, B. (2016) “Türkiye'de hayat dışı sigortacılık sektöründe karlılık, sermaye yapısı ve yoğunlaşma ilişkisine yönelik ampirik bir analiz”, Finans ve Bankacılık Çalışmaları Dergisi, 5(5): 1-15.
  • Akın, F. ve Nalan, E. (2013) “IMKB'de işlem gören sigorta şirketlerinin 2006-2010 dönemi finansal performanslarının analizi”, Muhasebe ve Finansman Dergisi, (57): 89-106.
  • Alagöz, M., Akalın, U. S. ve Ceylan, O. (2016) “The relationship between concentration and profitably in Turkish banking sector”, Journal of Emerging Economies and Policy, 1: 11-18.
  • Alhassan, A. L., Addisson, G. K. ve Asamoah, M. E. (2015). “Market structure, efficiency and profitably of insurance companies in Ghana”, International Journal of Emerging Markets, 10(4): 648-669.
  • Bikker, J. A. ve Leuvensteijn, M. V. (2008). “Competition and efficiency in the Dutch life insurance industry”, Applied Economics, (40): 2063-2084.
  • Brokesova, Z., Ondruska, T., Pastorakavo, T. ve Peliova, J. (2016). “Industry concentration and performance: Case of life insurance industry”. T. Dudycz, G. Osbert, ve B. B. Bryzcz içinde, In The Essence and Measurement of Organizational Efficiency (s. 29-37). London: Springer.
  • Carlton, D. W. ve Perloff, J. M. (2000). Modern Industrial Organization, 3. bs., Addison Wesley, NewYork.
  • Choi, B. P. ve Weiss, M. A. (2005). “An emprical investigation of market structure, efficiency, and performance in proper liability insurance”, The Journal of Risk and Insurance, 72(4): 635-673.
  • Cummins, J. D., Denenberg, H. S. ve Scheel, W. C. (1972). “Concentration in the U.S. life insurance industry”, The Journal of Risk and Insurance, 39(2): 177-199.
  • Cummins, J. D., Rubio-Misas, M. ve Vencappa, D. (2017). “Competition, efficiency and soundness in European life insurance markets”, Journal of Financial Stability, (28): 66-78.
  • Çelik, T. ve Kaplan, M. (2007). “Türk sigortacılık sektöründe karlılık ve yoğunlaşma ilişkisi”, Ankara Üniversitesi SBF Dergisi, 62(4): 70-82.
  • Çermikli, H. (2014). Endüstriyel İktisat, 2. bs., Gazi Kitapevi, Ankara.
  • Dilek, S. (2017). Oyun Teorisi Eşliğinde Sanayi Ekonomisi, 2. bs., Seçkin Yayıncılık, Ankara.
  • Dimic, M., Barjaktarovic, L., Arsenijevic, O., Sprajc, P. ve Zirovnik, J. (2018). “Measuring the concentration of insurance sector: The case of Southeastern European Countries”, Organizacija, 51(1): 50-64.
  • Eisen, R. (1991). “Market size and concentration: Insurance and the European internal market 1992”, The Geneva Papers on Risk and Insurance, (16): 263-281.
  • Fenn, P., Vencappa, D., Diacon, S., Klumpes, P. ve O' Brien, C. (2008). “Market structure and the efficiency of European insurance companies: A stochastic frontier analysis”, Journal of Banking & Finance (32): 86-100.
  • Güvel, E. A. ve Güvel, A. Ö. (2012). Sigortacılık, 6. bs., Seçkin Yayıncılık, Ankara.
  • Jaloudi, M. ve Bakir, A. (2019). “Market structure, efficiency, and performance of Jordan insurance market”, International Journal of Business and Economic Research, 8(1): 6-13.
  • Johansen, S. (1991). “Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models”, Econometrica, 59(6): 1551-1580.
  • Kozak, S. (2011). “Integration with the European financial system and changes of the non-life insurance sector concentration in Poland”, Oeconomia, 10(2): 41-53.
  • Lipczynski, J., John O.S. ve Wilson, J. G. (2017). Industrial Organization, Competition, Strategy and Policy, 5. bs., Pearson, Harlow.
  • Njegomir, V. ve Stojic, D. (2011). “Liberalisation and market concentration impact on performance of the non-life insurance”, The Geneva Papers on Risk and Insurance, 36(1): 94-106.
  • Özcan, A. ve Çiftçi, C. (2015). “Türkiye'de mevduat bankacılığında yoğunlaşma ve karlılık ilişkisi (2006-2013 dönemi)”, Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(3): 1-12.
  • Parida, T. K. ve Acharya, D. (2016). “Competition in Indian life insurance industry: Post liberalization evidence”, International Journal of Business Competition and Growth, 5(1/2/3): 110-136.
  • Peltzman, S. (1977). “The gains and losses from industrial concentration”, Journal of Law and Economics, 20(2): 229-263.
  • Pope, N. ve Ma, Y.-L. (2008). “The market structure- performance relationship in the international insurance sector”, The Journal of Risk and Insurance, 75(4): 947-966.
  • Richards, K. ve Colenutt, D. (1975). “Concentration in the U.K. ordinary life assurance market”, The Journal of Industrial Economics, 24(2): 147-159.
  • Sharku, G. ve Shehu, S. (2016). “Concentration of Albanian insurance market”, Ekonomika a Management (3): 1-11.
  • TUİK. (2014). “Sanayi ve hizmet sektöründe yoğunlaşma”, erişim tarihi 18.03.2019, http://www.tuik.gov.tr/PreHaberBultenleri.do?id=16195.
  • Ünsal, E. M. (2010). Mikro İktisat, 8. bs., İmaj Yayınevi, Ankara.
  • Yaşar, M., Kiracı, K., Kayhan, S. ve Ustaömer, T. C. (2017). “A concentration analysis in the Turkish domestic air transportation industry using with 〖CR〗_m and Herfindahl Hirshman Indexes”, Gaziantep University Journal of Social Sciences, 16(3): 687-704.
  • Yıldırım, K., Eşkinat, R., Kabasakal, A., Erdoğan, M. ve Kostakoğlu, F. (2016). Endüstriyel Ekonomi, 6.bs., Nisan Kitapevi, Ankara.
There are 32 citations in total.

Details

Primary Language Turkish
Journal Section Original Research Articles
Authors

Arif İğdeli 0000-0002-5926-425X

İbrahim Bakırtaş 0000-0003-0945-2823

Publication Date November 30, 2019
Submission Date July 29, 2019
Published in Issue Year 2019 Volume: 22 Issue: 2

Cite

APA İğdeli, A., & Bakırtaş, İ. (2019). Türkiye Hayat Sigortası Piyasasında Yoğunlaşma İle Etkinlik Arasındaki İlişki. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 22(2), 825-839. https://doi.org/10.29249/selcuksbmyd.597964

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