Comparative Performance Analysis of Selected General Insurance Companies in India Using the PROMETHEE II Method
DOI:
https://doi.org/10.64229/m6fzst16Keywords:
Non-life Insurance, General Insurance, Performance Evaluation, PROMETHEE II, Multi-Criteria Decision Analysis (MCDA), Financial Performance, Operational Efficiency, Key Performance Indicators (KPIs)Abstract
The Indian non-life insurance industry has experienced significant transformation over the past decade due to deregulation, increased awareness, and technological advancements, making performance evaluation critical for internal benchmarking, stakeholder trust, and policyholder protection. This study assesses the financial and operational performance of five leading general insurance companies in India using Multi-Criteria Decision Analysis (MCDA), specifically the PROMETHEE II outranking method. Key performance indicators including Gross Written Premium, Earned Premium, Incurred Claims, Commission Paid, Operating Expenses, Operating Profit, Profit Before Tax, and Profit After Tax were categorized into beneficial and non-beneficial parameters to enable precise normalization and comparative analysis. The results identify Bajaj Allianz General Insurance as the top performer, followed by New India Assurance and Reliance General Insurance, reflecting strong profitability and operational efficiency. The study emphasizes the importance of data-driven underwriting, automation, and innovation, especially in agricultural and microinsurance segments, offering strategic insights for insurers, regulators (IRDAI), and investors in a competitive landscape.
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