Chen, Lih Ru; McNamara, Michael J. - In: Journal of Insurance Issues 37 (2014) 1, pp. 1-31
We examine the efficiency of fraternal insurers as compared to mutual and stock insurers in the U.S. life insurance industry. We test the hypothesis of equal efficiency across fraternal, mutual, and stock insurers. We find that mutual and stock insurer technology is dominant for producing the...