Comparative Efficiency Analysis Of Sharia Insurance And Conventional Insurance In Indonesia

HILMY BAROROH

Abstract


Sharia insurance companies and conventional insurance require efficiency measurements to determine the ability to survive and compete in strong competition between companies. The purpose of the study was to compare the efficiency of Sharia general insurance companies and conventional general insurance in Indonesia in 2018-2020 and find differences in the efficiency of Sharia and conventional general insurance companies. This research is quantitative descriptive research with data sourced from the company's official website or related websites. The research was conducted by the Development Envelopment Analysis (DEA) method with the CCR model. Input variables include assets, capital, operating expenses, administrative and general operating expenses, claims expenses, and commission expenses, while for premium output variables, tabarru' funds, investment income. It was found that the efficiency value of Sharia general insurance during encroachment was higher compared to conventional general insurance with a significant difference in efficiency value.

Keywords


Efficiency, Sharia Insurance, Conventional Insurance, DEA

Full Text:

PDF

References


Ade, P., & Suryani, S. (2018). Analisis Perbandingan Efisiensi pada Perusahaan Jasa Asuransi Umum Syariah dan Konvensional di Indonesia dengan Pendekatan Two-Stage Data Envelopment Analysis. 29(2), 10.

Ahmad, dkk. (2013). Relative efficiency analysis industry of life and general insurance in Malaysia using stochastic frontier analysis (SFA). Applied Mathematical Sciences, 7, 1107–1118. https://doi.org/10.12988/ams.2013.13100

Antonio, M. S., Ali, M. M., & Akbar, N. (2013). A Comparative Analysis of the Efficiency of Takaful and Conventional Insurance in Malaysia. The International Journal of Excellence in Islamic Banking and Finance, 3(1), 1–13. https://doi.org/10.12816/0001416

Baroroh, H. (2021). Asset Growth In Sharia Insurance: Macroeconomic and Internal Factors of Sharia Insurance Companies in Indonesia. Al-Amwal : Jurnal Ekonomi Dan Perbankan Syari’ah, 13(2), 227. https://doi.org/10.24235/amwal.v13i2.9018

Coelli, T. (Ed.). (2005). An Introduction to Efficiency and Productivity Analysis (2nd Ed). Springer.

Hasanatina, dkk. (2021). Perbandingan Efisiensi pada Industri Asuransi Jiwa Syariah dan Konvensional dengan Data Envelopment Analysis (DEA). EKUITAS (Jurnal Ekonomi dan Keuangan), 4(4), 503–521. https://doi.org/10.24034/j25485024.y2020.v4.i4.4004

Hasanatina, dkk. (2021). Two Stage Analysis: Analisis Technical Efficiency pada Perusahaan Asuransi Jiwa Konvensional dan Syariah 2012-2020. IHTIFAZ: Islamic Economics, Finance, and Banking 28 June 2021.

Khan, A., & Noreen, U. (2014). Efficiency Measure of Insurance v/s Takaful Firms Using DEA Approach: A Case of Pakistan. Islamic Economic Studies, 22(1), 139–158. https://doi.org/10.12816/0004133

Malik, H. (2011). Determinants of Insurance Companies Profitability: An Analysis of Insurance Sector of Pakistan. Academic Research International 1 (3).

Nanda, T. (2019). Data Envelopment Analysis. 2019, 102.

Pakpahan, A. K. (2020). COVID-19 dan Implikasi Bagi Usaha Mikro, Kecil, dan Menengah. Jurnal Ilmiah Hubungan Internasional, 59–64. https://doi.org/10.26593/jihi.v0i0.3870.59-64

Puspitasari, N. (2015). Hybrid Contract and Funds Efficiency Management of Islamic General Insurance Company (Study In Indonesia). Procedia - Social and Behavioral Sciences, 211, 260–267. https://doi.org/10.1016/j.sbspro.2015.11.033

Rahman, M. A. (2013). Comparative Study on the Efficiency of Bangladeshi Conventional and Islamic Life Insurance Industry: A NonParametric Approach. Journal Asian Business Review, Vol.2 No.3/2013(5).

Rahman, R. (2019). Analisis Faktor-Faktor yang Mempengaruhi. 8, 14.

Shafique, M. N., dkk. (2015). A Comparative Study of the Efficiency of Takaful and Conventional Insurance in Pakistan. International Journal of Accounting Research, 2(5), 1–7. https://doi.org/10.12816/0014605

Siregar, H. A. (2020). Syariah and Conventional Shares Index Comparison During the Covid-19 Pandemic in Indonesia. Jurnal Ilmiah Akuntansi, 4(3), 9.

Siswanto, D. (2021). Dampak Resiko Keuangan Dalam Bisnis Jasa Keuangan Perusahaan Asuransi Jiwa di Era Pandemi Corona. KarismaPro. Kajian dan Riset Manajemen Profesional Nomor XXIII Volume 1. https://doi.org/10.53675/karismapro.v2i1.71

Sunarsih, S., & Fitriyani, F. (2018). Analisis efisiensi asuransi syariah di Indonesia tahun 2014-2016 dengan Metode Data Envelopment Analysis (DEA). Jurnal Ekonomi & Keuangan Islam, 4(1), 9–21. https://doi.org/10.20885/jeki.vol4.iss1.art2

Wangi, D. M. (2020). Analisis Efisiensi Asuransi Umum Syariah Dan Konvensional Di Indonesia. HUMAN FALAH: Jurnal Ekonomi dan Bisnis Islam 7(1), 18.

Zahara, N., & Saputra, M. (2020). Analisis Perbandingan Efisiensi Perusahaan Asuransi Jiwa Konvensional dan Perusahaan Asuransi Jiwa Syariah Di Indonesia dengan Metode Data Envelopment Analysis (DEA). Jurnal Ilmiah Mahasiswa Ekonomi Akuntansi, 5(2), 229–238. https://doi.org/10.24815/jimeka.v5i2.15558

Zakaria, Z., dkk. (2016). The Intention to Purchase Life Insurance: A Case Study of Staff in Public Universities. Procedia Economics and Finance, 37, 358–365. https://doi.org/10.1016/S2212-5671(16)30137-X




DOI: http://dx.doi.org/10.29040/jiei.v8i3.5952

Refbacks

  • There are currently no refbacks.


Jurnal Ilmiah Ekonomi Islam, ISSN 2477-6157 l E-ISSN 2579-6534

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

situs slot