Eficiência das seguradoras em Portugal
: uma abordagem da fronteira estocástica

  • Ana Margarida Sampaio Duarte (Student)

Student thesis: Master's Thesis


Recent regulatory changes face at european level, the insurance sector is confronted with new laws and rules from the Solvency II . This diploma imposes a restructuring at the strategic level and management policies, in order to fulfill all your requirements, being the main objective the solvency of insurance companies. So, it becomes important to search for the best market practices by institutions, with the goal of achieving greater productivity and efficiency, at lower costs (economies of scale). The use of parametric method, Stochastic Frontier Analysis (SFA) allowed study the efficiency of forty-one insurance companies, based in Portugal, between 2012 and 2013. We assumed the perspective of costs, estimating the efficiency of insurers through the underlying cost function, and having as it dependente variable Total Costs. It is concluded that the price of labor and price of capital positively influence the total costs, with significance level of 95 %, as well as the three more efficient insurers operating in the Portuguese market are: Santander Vida, Fidelidade and Ocidental Seguros. Similarly, retires that there are diseconomies of scale and, therefore, as insurance companies are not using is resources efficiently, resulting in an increase of the costs, as production increases. However, this information may not reflect the reality, since the model demonstrated that there is no inefficiency in the selected sample.
Date of Award11 Jun 2015
Original languagePortuguese
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorJorge Julião (Supervisor)


  • Stochastic frontier analysis
  • Efficiency
  • Costs
  • Economies of scale
  • Diseconomies of scale


  • Mestrado em Banca e Seguros

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