Are Croatian Insurance Companies Meeting the Efficiency Frontier?

The insurance industry plays a vital role in the enhancement of national financial and economic development and growth, by providing individuals and businesses with broad spectrum of financial security products and being a key player in the process of financial intermediation (Karim & Jhantansana, 2005). Insurance companies are one of the leading institutional investors that are beneficial to the economy through the various roles that they play. The importance of insurance companies is increasing mainly due to the various services they offer and the complexity of their operations