Longitudinal Effects of Sectoral Concentration on the Brazilian Insurance Market Performance
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João Vinícius França Carvalho
Renata Sayuri Furutani Bonetti
Abstract
Objective: to evaluate the concentration in different Brazilian insurance lines of business (LOB) and analyze effects on premium revenues and profitability. There is evidence that the Brazilian insurance market holds the main characteristics of an oligopoly. Theoretical approach: it is based on Industrial Organization, a field of Economics that is dedicated to studying the market structure, importance, and arrangement of firms, in addition to impacts derived from concentration on competition. Method: regression models for panel data are used. The data are official from the Brazilian insurance market, arranged monthly between Feb./2003 and Dec./2018, totaling 82,443 observations from 135 insurers operating in 17 segments. For each segment, the main concentration indices in the literature were calculated and their effects on premiums and profits were estimated. Results: increases in concentration indices are related to reductions in insurance companies’ premiums revenues, but without a reduction in profits. However, if an insurer is among the market's largest, and is part of an economic group, the effects are nullified and the concentration can generate increases in premiums’ revenues and profits, suggesting that it exercises some market power by raising premiums, reinforcing the structure-conduct-performance hypothesis. Conclusions: the sectorial concentration is greater in life than in non-life LOB, with evidence pointing to the four largest insurance companies, with the highest collections between 2003 and 2018, holding 90% of the market share. In addition, the collection in the life LOB, is more than 80% of the average, concomitant with a drop in the total number of players.
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Carvalho, J. V. F., & Bonetti, R. S. F. (2022). Longitudinal Effects of Sectoral Concentration on the Brazilian Insurance Market Performance. Journal of Contemporary Administration, 27(1), e210311. https://doi.org/10.1590/1982-7849rac2022210311.en
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References
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Areias, C. A. C., & Carvalho, J. V. F. (2021). Reinsurance in the supplementary health: A counterfactual study on the impacts of reinsurance treaties adoption by healthcare plans operators in Brazil. Brazilian Business Review, 18(2), 217–235. https://doi.org/10.15728/bbr.2021.18.2.6
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
Azevedo, M. A., & Gartner, I. R. (2020). Concentração e competição no mercado de crédito doméstico. Revista de Administração Contemporânea, 24(5), 380–399. https://doi.org/10.1590/1982-7849rac2020190347
Bailey, E. M. (2015). Behavioral economics and U.S. antitrust policy. Review of Industrial Organization, 47(3), 355–366. https://doi.org/10.1007/s11151-015-9469-9
Bain, J. S. (1956). Barriers to new competition: Their character and consequences in manufacturing industries. Cambridge, MA: Harvard University Press. https://doi.org/10.4159/harvard.9780674188037
Balcilar, M., Gupta, R., Lee, C.-C., & Olasehinde-Williams, G. (2020). Insurance and economic policy uncertainty. Research in International Business and Finance, 54, 101253. https://doi.org/10.1016/j.ribaf.2020.101253
Born, P. H., & Klimaszewski-Blettner, B. (2013). Should i stay or should i go? The impact of natural disasters and regulation on U.S. property insurers’ supply decisions. Journal of Risk and Insurance, 80(1), 1–36. https://doi.org/10.1111/j.1539-6975.2012.01477.x
Brouwer, R., Tinh, B. D., Tuan, T. H., Magnussen, K., & Navrud, S. (2014). Modeling demand for catastrophic flood risk insurance in coastal zones in Vietnam using choice experiments. Environment and Development Economics, 19(2), 228–249. https://doi.org/10.1017/S1355770X13000405
Cardoso, M., Azevedo, P. F., & Barbosa, K. (2018). Poder de mercado e nível de competição no mercado de empréstimo bancário Brasileiro. Pesquisa e Planejamento Econômico - PPE, 48(3), 7-32. Retrieved from https://ppe.ipea.gov.br/index.php/ppe/article/view/1772
Chidambaran, N. K., Pugel, T. A., & Saunders, A. (1997). An investigation of the performance of the U.S. property-liability insurance industry. The Journal of Risk and Insurance, 64(2), 371-382. https://doi.org/10.2307/253735
Cummins, J. D., & Weiss, M. A. (2014). Systemic risk and the U.S. insurance sector. Journal of Risk and Insurance, 81(3), 489-528. https://doi.org/10.1111/jori.12039
Dafny, L., Duggan, M., & Ramanarayanan, S. (2012). Paying a premium on your premium? Consolidation in the US health insurance industry. American Economic Review, 102(2), 1161–1185. https://doi.org/10.1257/aer.102.2.1161
Elyasiani, E., Staikouras, S. K., & Dontis-Charitos, P. (2016). Cross-industry product diversification and contagion in risk and return: The case of bank-insurance and insurance-bank takeovers. Journal of Risk and Insurance, 83(3), 681-718. https://doi.org/10.1111/jori.12066
Euphasio, J. W., & Carvalho, J. V. F. (2022). Reinsurance and solvency capital: Mitigating insurance companies’ ruin probability. Revista de Administração Contemporânea, 26(1), e200191. https://doi.org/10.1590/1982-7849rac2022200191.en
Evans, W. N., Froeb, L. M., & Werden, G. J. (1993). Endogeneity in the concentration--price relationship: Causes, consequences, and cures. The Journal of Industrial Economics, 41(4), 431-438. https://doi.org/10.2307/2950602
Faria, L. V. (2007). Estrutura competitiva do mercado segurador brasileiro. Revista Brasileira de Risco e Seguro, 2(4), 17–42. Retrieved from https://www.rbrs.com.br/arquivos/RBRS4-2%20Lauro%20Faria%20On%20Line.pdf
Fier, S. G., & Liebenberg, A. P. (2014). The market for directors’ and officers’ insurance. Risk Management and Insurance Review, 17(2), 215–239. https://doi.org/10.1111/rmir.12023
Flores, E., Carvalho, J. V. F., & Sampaio, J. O. (2021). Impact of interest rates on the life insurance market development: Cross-country evidence. Research in International Business and Finance, 58, 101444. https://doi.org/10.1016/j.ribaf.2021.101444
Fungáčová, Z., Shamshur, A., & Weill, L. (2017). Does bank competition reduce cost of credit? Cross-country evidence from Europe. Journal of Banking & Finance, 83, 104–120. https://doi.org/10.1016/j.jbankfin.2017.06.014
Galiza, F. (1997). O mercado de seguros no Brasil – Um setor em expansão e suas principais características. Rating de Seguros. Retrieved from http://www.ratingdeseguros.com.br/pdfs/artigo23.pdf
Gaynor, M., Ho, K., & Town, R. J. (2015). The industrial organization of health-care markets. Journal of Economic Literature, 53(2), 235–284. https://doi.org/10.1257/jel.53.2.235
Genakos, C., Valletti, T., & Verboven, F. (2018). Evaluating market consolidation in mobile communications. Economic Policy, 33(93), 45–100. https://doi.org/10.1093/epolic/eix020
George, K., Joll, C., & Lynk, E. L. (2005). Industrial organization: Competition, growth and structural change (4 ed., eBook). Oxfordshire, UK: Routledge.
Gosmann, M. C. (2013). Análise da concentração no mercado de seguros não-vida no período entre 2000 e 2012 (Undergraduate thesis). Universidade Federal do Rio Grande do Sul, Porto Alegre, Brazil.
Grubb, M. D. (2015). Behavioral consumers in industrial organization: An overview. Review of Industrial Organization, 47(3), 247–258. https://doi.org/10.1007/s11151-015-9477-9
Grullon, G., Larkin, Y., & Michaely, R. (2019). Are US industries becoming more concentrated? Review of Finance, 23(4), 697–743. https://doi.org/10.1093/rof/rfz007
Hall, M., & Tideman, N. (1967). Measures of concentration. Journal of the American Statistical Association, 62(317), 162-168. https://doi.org/10.2307/2282919
Hankir, Y., Rauch, C., & Umber, M. P. (2011). Bank M&A: A market power story? Journal of Banking & Finance, 35(9), 2341–2354. https://doi.org/10.1016/j.jbankfin.2011.01.030
Joskow, P. L. (1973). Cartels, competition and regulation in the property-liability insurance industry. The Bell Journal of Economics and Management Science, 4(2), 375-427. https://doi.org/10.2307/3003047
Kalsing, J. L., & Farias-Filho, J. R. (2004). Bancos e seguradoras: Uma abordagem das alianças estratégicas para as operações bancassurance. Proceedings of the Congresso Nacional de Excelência em Gestão - CNEG, Rio de Janeiro, RJ, Brazil, 2.
Kupfer, D., & Hasenclever, L. (2020). Economia industrial - Fundamentos teóricos e práticas no Brasil (3 ed.). São Paulo: Atlas.
Liebenberg, A. P., & Sommer, D. W. (2008). Effects of corporate diversification: Evidence from the property-liability insurance industry. Journal of Risk & Insurance, 75(4), 893–919. https://doi.org/10.1111/j.1539-6975.2008.00290.x
Matias-Pereira, J. (2006). Políticas de defesa da concorrência e de regulação econômica: As deficiências do sistema brasileiro de defesa da concorrência. Revista de Administração Contemporânea, 10(2), 51–73. https://doi.org/10.1590/S1415-65552006000200004
Murat, G., Tonkin, R. S., & Jüttner, D. J. (2002). Competition in the general insurance industry. Zeitschrift Für Die Gesamte Versicherungswissenschaft, 91(3), 453–481. https://doi.org/10.1007/BF03190772
Olasehinde-Williams, G., & Balcilar, M. (2020). Examining the effect of globalization on insurance activities in large emerging market economies. Research in International Business and Finance, 53, 101228. https://doi.org/10.1016/j.ribaf.2020.101228
Peres, V. M., Maldonado, W. L., & Candido, O. (2019). Automobile insurance in Brazil: Market concentration and demand. Revista Contabilidade & Finanças, 30(81), 396–408. https://doi.org/10.1590/1808-057x201808300
Pradhan, R. P., Arvin, B. M., Norman, N. R., Nair, M., & Hall, J. H. (2016). Insurance penetration and economic growth nexus: Cross-country evidence from ASEAN. Research in International Business and Finance, 36, 447–458. https://doi.org/10.1016/j.ribaf.2015.09.036
Rensi, R. T., & Carvalho, J. V. F. (2021). Operation car wash: Impacts on the executives’ liability insurance market. Revista de Administração Contemporânea, 25(2), e190386. https://doi.org/10.1590/1982-7849rac2021190386.en
Rodriguez, R. A. (2007). Concentração nos mercados brasileiros de seguros, previdência e capitalização (Master thesis). Fundação Getulio Vargas, Escola de Pós-Graduação em Economia, Rio de Janeiro, RJ, Brazil.
Scarano, P. R., Muramatsu, R., & Francischini, A. S. N. (2019). Modelo estrutura-conduta-desempenho como esquema analítico de análises setoriais. In P. R. Vartanian & V. F. Maciel (Orgs.), Estudos econômicos setoriais: Máquinas e equipamentos, ferrovias, têxtil e calçados (pp. 13–24). São Paulo: Editora Blucher. https://doi.org/10.5151/9788580394047-01
Sharku, G., & Shehu, S. (2016). Concentration of Albanian insurance market. Ekonomika a Management, 2016(3). Retrieved from https://www.vse.cz/eam/279
Shirinyan, L. (2012). Competition at german insurance service market over period 1999–2010. Journal of European Economy, 11(4), 478–498.
Silveira, P. P. B. (2017). Concentração e competição bancárias no Brasil: Uma aplicação do modelo Panzar-Rosse (Master thesis). Fundação Getulio Vargas, Escola de Economia de São Paulo, São Paulo, Brazil. Retrieved from http://hdl.handle.net/10438/18820
Siqueira, F. Z. (2020). A contribuição do setor securitário para a atividade econômica brasileira no período de 2003 a 2018: Uma análise setorial a partir do modelo estrutura-conduta–desempenho (ECD) (Master thesis). Universidade Presbiteriana Mackenzie, Mestrado Profissional em Economia e Mercados, São Paulo, Brazil. Retrieved from http://dspace.mackenzie.br/handle/10899/26609
Škuflić, L., Galetić, F., & Gregurić, B. (2011). Liberalization and market concentration in the insurance industry: Case of Croatia. Economic Review: Journal of Economics and Business, 9(2), 61–75. Retrieved from https://www.econstor.eu/handle/10419/193804
Theil, H. (1967). Economics and information theory. Amsterdam: North-Holland Publishing Company.
Thorburn, C. (2008). Insurers: Too many, too few, or “just right”? Initial observations on a cross-country dataset of concentration and competition measures. Policy Research Working Papers, The World Bank. https://doi.org/10.1596/1813-9450-4578
Tipurić, D., Bach, M. P., & Pavić, T. (2008). Concentration of the insurance industry in selected transition countries of Central and Eastern Europe, 1998–2006. Post-Communist Economies, 20(1), 97–118. https://doi.org/10.1080/14631370701865755
Toole, J. (2003). Actuarial considerations in insurance mergers and acquisitions: An international perspective. Society of Actuaries’. Retrieved from https://www.soa.org/globalassets/assets/library/monographs/finance/actuarial-considerations-ins/2003/january/m-fi03-1.pdf
Wernerfelt, B., & Montgomery, C. A. (1988). Tobin’s q and the importance of focus in firm performance. The American Economic Review, 78(1), 246–250. http://www.jstor.org/stable/1814713
Winseck, D. (2008). The state of media ownership and media markets: Competition or concentration and why should we care? Sociology Compass, 2(1), 34–47. https://doi.org/10.1111/j.1751-9020.2007.00061.x
Wooldridge, J. M. (2017). Introdução à econometria: Uma abordagem moderna. (3 ed.). São Paulo: Cengage Learning.
Areias, C. A. C., & Carvalho, J. V. F. (2021). Reinsurance in the supplementary health: A counterfactual study on the impacts of reinsurance treaties adoption by healthcare plans operators in Brazil. Brazilian Business Review, 18(2), 217–235. https://doi.org/10.15728/bbr.2021.18.2.6
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
Azevedo, M. A., & Gartner, I. R. (2020). Concentração e competição no mercado de crédito doméstico. Revista de Administração Contemporânea, 24(5), 380–399. https://doi.org/10.1590/1982-7849rac2020190347
Bailey, E. M. (2015). Behavioral economics and U.S. antitrust policy. Review of Industrial Organization, 47(3), 355–366. https://doi.org/10.1007/s11151-015-9469-9
Bain, J. S. (1956). Barriers to new competition: Their character and consequences in manufacturing industries. Cambridge, MA: Harvard University Press. https://doi.org/10.4159/harvard.9780674188037
Balcilar, M., Gupta, R., Lee, C.-C., & Olasehinde-Williams, G. (2020). Insurance and economic policy uncertainty. Research in International Business and Finance, 54, 101253. https://doi.org/10.1016/j.ribaf.2020.101253
Born, P. H., & Klimaszewski-Blettner, B. (2013). Should i stay or should i go? The impact of natural disasters and regulation on U.S. property insurers’ supply decisions. Journal of Risk and Insurance, 80(1), 1–36. https://doi.org/10.1111/j.1539-6975.2012.01477.x
Brouwer, R., Tinh, B. D., Tuan, T. H., Magnussen, K., & Navrud, S. (2014). Modeling demand for catastrophic flood risk insurance in coastal zones in Vietnam using choice experiments. Environment and Development Economics, 19(2), 228–249. https://doi.org/10.1017/S1355770X13000405
Cardoso, M., Azevedo, P. F., & Barbosa, K. (2018). Poder de mercado e nível de competição no mercado de empréstimo bancário Brasileiro. Pesquisa e Planejamento Econômico - PPE, 48(3), 7-32. Retrieved from https://ppe.ipea.gov.br/index.php/ppe/article/view/1772
Chidambaran, N. K., Pugel, T. A., & Saunders, A. (1997). An investigation of the performance of the U.S. property-liability insurance industry. The Journal of Risk and Insurance, 64(2), 371-382. https://doi.org/10.2307/253735
Cummins, J. D., & Weiss, M. A. (2014). Systemic risk and the U.S. insurance sector. Journal of Risk and Insurance, 81(3), 489-528. https://doi.org/10.1111/jori.12039
Dafny, L., Duggan, M., & Ramanarayanan, S. (2012). Paying a premium on your premium? Consolidation in the US health insurance industry. American Economic Review, 102(2), 1161–1185. https://doi.org/10.1257/aer.102.2.1161
Elyasiani, E., Staikouras, S. K., & Dontis-Charitos, P. (2016). Cross-industry product diversification and contagion in risk and return: The case of bank-insurance and insurance-bank takeovers. Journal of Risk and Insurance, 83(3), 681-718. https://doi.org/10.1111/jori.12066
Euphasio, J. W., & Carvalho, J. V. F. (2022). Reinsurance and solvency capital: Mitigating insurance companies’ ruin probability. Revista de Administração Contemporânea, 26(1), e200191. https://doi.org/10.1590/1982-7849rac2022200191.en
Evans, W. N., Froeb, L. M., & Werden, G. J. (1993). Endogeneity in the concentration--price relationship: Causes, consequences, and cures. The Journal of Industrial Economics, 41(4), 431-438. https://doi.org/10.2307/2950602
Faria, L. V. (2007). Estrutura competitiva do mercado segurador brasileiro. Revista Brasileira de Risco e Seguro, 2(4), 17–42. Retrieved from https://www.rbrs.com.br/arquivos/RBRS4-2%20Lauro%20Faria%20On%20Line.pdf
Fier, S. G., & Liebenberg, A. P. (2014). The market for directors’ and officers’ insurance. Risk Management and Insurance Review, 17(2), 215–239. https://doi.org/10.1111/rmir.12023
Flores, E., Carvalho, J. V. F., & Sampaio, J. O. (2021). Impact of interest rates on the life insurance market development: Cross-country evidence. Research in International Business and Finance, 58, 101444. https://doi.org/10.1016/j.ribaf.2021.101444
Fungáčová, Z., Shamshur, A., & Weill, L. (2017). Does bank competition reduce cost of credit? Cross-country evidence from Europe. Journal of Banking & Finance, 83, 104–120. https://doi.org/10.1016/j.jbankfin.2017.06.014
Galiza, F. (1997). O mercado de seguros no Brasil – Um setor em expansão e suas principais características. Rating de Seguros. Retrieved from http://www.ratingdeseguros.com.br/pdfs/artigo23.pdf
Gaynor, M., Ho, K., & Town, R. J. (2015). The industrial organization of health-care markets. Journal of Economic Literature, 53(2), 235–284. https://doi.org/10.1257/jel.53.2.235
Genakos, C., Valletti, T., & Verboven, F. (2018). Evaluating market consolidation in mobile communications. Economic Policy, 33(93), 45–100. https://doi.org/10.1093/epolic/eix020
George, K., Joll, C., & Lynk, E. L. (2005). Industrial organization: Competition, growth and structural change (4 ed., eBook). Oxfordshire, UK: Routledge.
Gosmann, M. C. (2013). Análise da concentração no mercado de seguros não-vida no período entre 2000 e 2012 (Undergraduate thesis). Universidade Federal do Rio Grande do Sul, Porto Alegre, Brazil.
Grubb, M. D. (2015). Behavioral consumers in industrial organization: An overview. Review of Industrial Organization, 47(3), 247–258. https://doi.org/10.1007/s11151-015-9477-9
Grullon, G., Larkin, Y., & Michaely, R. (2019). Are US industries becoming more concentrated? Review of Finance, 23(4), 697–743. https://doi.org/10.1093/rof/rfz007
Hall, M., & Tideman, N. (1967). Measures of concentration. Journal of the American Statistical Association, 62(317), 162-168. https://doi.org/10.2307/2282919
Hankir, Y., Rauch, C., & Umber, M. P. (2011). Bank M&A: A market power story? Journal of Banking & Finance, 35(9), 2341–2354. https://doi.org/10.1016/j.jbankfin.2011.01.030
Joskow, P. L. (1973). Cartels, competition and regulation in the property-liability insurance industry. The Bell Journal of Economics and Management Science, 4(2), 375-427. https://doi.org/10.2307/3003047
Kalsing, J. L., & Farias-Filho, J. R. (2004). Bancos e seguradoras: Uma abordagem das alianças estratégicas para as operações bancassurance. Proceedings of the Congresso Nacional de Excelência em Gestão - CNEG, Rio de Janeiro, RJ, Brazil, 2.
Kupfer, D., & Hasenclever, L. (2020). Economia industrial - Fundamentos teóricos e práticas no Brasil (3 ed.). São Paulo: Atlas.
Liebenberg, A. P., & Sommer, D. W. (2008). Effects of corporate diversification: Evidence from the property-liability insurance industry. Journal of Risk & Insurance, 75(4), 893–919. https://doi.org/10.1111/j.1539-6975.2008.00290.x
Matias-Pereira, J. (2006). Políticas de defesa da concorrência e de regulação econômica: As deficiências do sistema brasileiro de defesa da concorrência. Revista de Administração Contemporânea, 10(2), 51–73. https://doi.org/10.1590/S1415-65552006000200004
Murat, G., Tonkin, R. S., & Jüttner, D. J. (2002). Competition in the general insurance industry. Zeitschrift Für Die Gesamte Versicherungswissenschaft, 91(3), 453–481. https://doi.org/10.1007/BF03190772
Olasehinde-Williams, G., & Balcilar, M. (2020). Examining the effect of globalization on insurance activities in large emerging market economies. Research in International Business and Finance, 53, 101228. https://doi.org/10.1016/j.ribaf.2020.101228
Peres, V. M., Maldonado, W. L., & Candido, O. (2019). Automobile insurance in Brazil: Market concentration and demand. Revista Contabilidade & Finanças, 30(81), 396–408. https://doi.org/10.1590/1808-057x201808300
Pradhan, R. P., Arvin, B. M., Norman, N. R., Nair, M., & Hall, J. H. (2016). Insurance penetration and economic growth nexus: Cross-country evidence from ASEAN. Research in International Business and Finance, 36, 447–458. https://doi.org/10.1016/j.ribaf.2015.09.036
Rensi, R. T., & Carvalho, J. V. F. (2021). Operation car wash: Impacts on the executives’ liability insurance market. Revista de Administração Contemporânea, 25(2), e190386. https://doi.org/10.1590/1982-7849rac2021190386.en
Rodriguez, R. A. (2007). Concentração nos mercados brasileiros de seguros, previdência e capitalização (Master thesis). Fundação Getulio Vargas, Escola de Pós-Graduação em Economia, Rio de Janeiro, RJ, Brazil.
Scarano, P. R., Muramatsu, R., & Francischini, A. S. N. (2019). Modelo estrutura-conduta-desempenho como esquema analítico de análises setoriais. In P. R. Vartanian & V. F. Maciel (Orgs.), Estudos econômicos setoriais: Máquinas e equipamentos, ferrovias, têxtil e calçados (pp. 13–24). São Paulo: Editora Blucher. https://doi.org/10.5151/9788580394047-01
Sharku, G., & Shehu, S. (2016). Concentration of Albanian insurance market. Ekonomika a Management, 2016(3). Retrieved from https://www.vse.cz/eam/279
Shirinyan, L. (2012). Competition at german insurance service market over period 1999–2010. Journal of European Economy, 11(4), 478–498.
Silveira, P. P. B. (2017). Concentração e competição bancárias no Brasil: Uma aplicação do modelo Panzar-Rosse (Master thesis). Fundação Getulio Vargas, Escola de Economia de São Paulo, São Paulo, Brazil. Retrieved from http://hdl.handle.net/10438/18820
Siqueira, F. Z. (2020). A contribuição do setor securitário para a atividade econômica brasileira no período de 2003 a 2018: Uma análise setorial a partir do modelo estrutura-conduta–desempenho (ECD) (Master thesis). Universidade Presbiteriana Mackenzie, Mestrado Profissional em Economia e Mercados, São Paulo, Brazil. Retrieved from http://dspace.mackenzie.br/handle/10899/26609
Škuflić, L., Galetić, F., & Gregurić, B. (2011). Liberalization and market concentration in the insurance industry: Case of Croatia. Economic Review: Journal of Economics and Business, 9(2), 61–75. Retrieved from https://www.econstor.eu/handle/10419/193804
Theil, H. (1967). Economics and information theory. Amsterdam: North-Holland Publishing Company.
Thorburn, C. (2008). Insurers: Too many, too few, or “just right”? Initial observations on a cross-country dataset of concentration and competition measures. Policy Research Working Papers, The World Bank. https://doi.org/10.1596/1813-9450-4578
Tipurić, D., Bach, M. P., & Pavić, T. (2008). Concentration of the insurance industry in selected transition countries of Central and Eastern Europe, 1998–2006. Post-Communist Economies, 20(1), 97–118. https://doi.org/10.1080/14631370701865755
Toole, J. (2003). Actuarial considerations in insurance mergers and acquisitions: An international perspective. Society of Actuaries’. Retrieved from https://www.soa.org/globalassets/assets/library/monographs/finance/actuarial-considerations-ins/2003/january/m-fi03-1.pdf
Wernerfelt, B., & Montgomery, C. A. (1988). Tobin’s q and the importance of focus in firm performance. The American Economic Review, 78(1), 246–250. http://www.jstor.org/stable/1814713
Winseck, D. (2008). The state of media ownership and media markets: Competition or concentration and why should we care? Sociology Compass, 2(1), 34–47. https://doi.org/10.1111/j.1751-9020.2007.00061.x
Wooldridge, J. M. (2017). Introdução à econometria: Uma abordagem moderna. (3 ed.). São Paulo: Cengage Learning.