This study estimates Malmquist index of total factor productivity change of 14 major general insurers in India over the period 2009–10 to 2016–17 over 7 annual windows. The study decomposes total factor productivity index into its constituent components, using several approaches including Färe et al. (1989, Productivity Developments in Swedish Hospitals: A Malmquist Output Index Approach. Carbondale: Department of Economics, Southern Illinois University; 1992, Journal of Productivity Analysis 3(1): 85–101), Färe et al. (1994, American Economic Review 84(1): 66–83), Ray and Desli (1997, American Economic Review 87(5): 1033–39) and Wheelock and Wilson (1999, Journal of Money, Credit and Banking 31(2): 212–23). Furthermore, the study uses bootstrap data envelopment analysis (DEA) method to obtain bias-corrected point and interval estimates of Malmquist index and its components. Finally, the study makes a comparison of productivity performance between public and private sector insurers. The results indicate a modest growth in total factor productivity during the period contributed mainly by efficiency changes. The private sector insurers performed better than the public sector in terms of productivity growth. The variations in productivity performance indicate that insurer scale of activity can affect their performance. JEL Classification: G-23, C-61, D-21
Selection of Input-Output Factors for Total Factor Productivity Evaluation of Chinese Power Grid Enterprises