Investigating different models of insurance companies ranking and choosing the appropriate model and implementing it for insurance companies in Iran

Articles in Press

Authors

1 Master's student in Islamic Banking, University of Qom, Qom, Iran

2 Professor Assistant , Faculty of Economics , Qom University

3 Assistant Professor, Department of Modern Insurance Technologies, Insurance Research Center, Tehran, Iran

10.30471/jee.2025.10922.2508

Abstract

Abstract: The growth of private insurance companies in recent years has created new competitive conditions in the industry, necessitating a precise evaluation and ranking system to clarify the status of these companies. This research aims to develop a comprehensive method for ranking insurance companies based on key performance indicators. Initially, 22 preliminary indicators were identified through literature review and previous studies. To screen and determine the effective indicators, the Fuzzy Delphi technique and a survey of 25 insurance industry experts were employed, ultimately leading to the selection of 17 indicators. In the next stage, using the Step-wise Weight Assessment Ratio Analysis (SWARA) method and the LINGO software, the weight of each indicator was determined. To rank the insurance companies, data from 28 companies were collected and analyzed using three multi-criteria decision-making methods: PROMETHEE II, SAW (Simple Additive Weighting), and MARCOS. Finally, to achieve a final ranking and avoid fluctuations arising from different methods, the geometric mean of the results of the three aforementioned methods was used. The results showed that Iran Insurance Company with a score of 98.628, Alborz Insurance Company with a score of 72.081, Parsian Insurance Company with a score of 71.168, Dana Insurance Company with a score of 71.159, and Pasargad Insurance Company with a score of 71.158 secured the first to fifth ranks, respectively. The findings of this research provide an efficient tool for evaluating and comparing the performance of insurance companies and can help improve strategic decision-making in this field.

Keywords

Journal of Economic Essays: an Islamic Approach

Articles in Press, Accepted Manuscript
Available Online from 28 November 2025

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