Evaluation of the financial performances of non-life insurance companies by gray relational analysis method: Example of TRNC

The financial performance of insurance companies is important to company executives, policyholders, employees, supervisors and all other stakeholders. For this reason, the measurement and assessment of the financial performance of insurance companies continues to be a subject that attracts the attention of researchers today. Grey relational analysis, which is one of the multi-criteria decision making techniques, has a very common use in financial performance assessment. In this study, it is aimed to evaluate the financial performances of non-life insurance companies operating in the TRNC via the grey relational analysis method. Accordingly, the financial performance of 10 insurance companies operating in the TRNC non-life insurance sector in the 2013-2019 period was analyzed using 12 financial ratios related to capital adequacy, asset quality and liquidity, operation and profitability indicators.