Profitability Evaluation and Ranking of Indian Non-Life Insurance Firms using GRA and TOPSIS

Abstract

This paper evaluates the profitability of the Indian non-life insurance firms in the period 2008-2013 using multi criteria decision analysis methods :GRA and TOPSIS based on the profitability ratios. Also, ranking of the non-life insurance firms is arrived. Few studies on efficiency of Indian non-life insurance firms using different DEA models were studied, but the number of inputs and outputs considered are very few as the DEA convention doesn't allow number of DMUs more than three times the sum of inputs and outputs. But, the profitability evaluation involves more number of decision variables considered in efficiency studies using DEA models. This paper addresses this gap by evaluating the profitability of the alternative non-life firms with more number of decision variables or criteria using Multi-Criteria Decision Analysis: GRA and TOPSIS

Keywords: Non-life Insurance, Profitability, GRA,TOPSIS