Abstract:

Like in any other field, performance of a company in the insurance industry is the key factor of gaining competitive advantage and market share. In this study, insurance companies are ranked according to their 2016 performance indicators using a two-step hybrid MCDM method including BWM and TOPSIS. Only the non-life insurance companies are used in the study. BWM is one of the relatively new MCDM methods, which has an advantage of using less comparison, measuring the consistency between the pair-wise comparisons and giving interval analysis for multi-optimal situations. In the proposed methodology, BWM is used to calculate the criterion weights and TOPSIS to rank the alternatives. The solutions found are consistent with the real life market shares of the insurance companies.

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