Estimating and explaining the financial performance of property and casualty insurers: A two-stage Estimating and explaining the financial performance of property and casualty insurers: A two-stage Peer-Reviewed Journal Publication Δημοσίευση σε Περιοδικό με Κριτές 2015-10-272012enThe purpose of this study is to estimate and explain the performance of non-life (i.e., property and casualty) insurers. The analysis consists of two stages. First, we propose the use of a multicriteria method to assess the condition of insurers while considering simultaneously a set of conflicting financial criteria. Then, we use regression analysis to examine the influence of firm-specific and country-specific attributes on the overall measure of performance obtained during the first stage. Macroeconomic conditions such as gross domestic product (GDP) growth, inflation, and income inequality are the most robust predictors of performance. However, other country-specific characteristics that relate to the institutional environment and financial or economic freedom do not appear to matter.http://creativecommons.org/licenses/by/4.0/JCC: The Business and Economics Research Journal52155-170 Pasiouras Fotios Πασιουρας Φωτιος Chrysovalantis Gaganis Michael Doumpos CENTRUM Católica Graduate School of Business