Assessing the sustainability performance of insurance companies in Malaysia before and during COVID-19 using integrated AHP-TOPSIS, AHP-VIKOR, AHP-SAW. / Mohamad Syaqir Aiman Mustapah, Ameerah Zulkifli and Nor Afaf Azlin Mohamad

Insurance enterprises play a critical part in a country's economic and financial development on a global scale. In comparison to two decades ago, the insurance industry in Malaysia has changed dramatically. However, in recent years the global economy has been hit hard by the Covid-19 outbreak, as we all know. The epidemic has had a significant impact on the insurance industry. During the Covid-19 outbreak, most insurance businesses have seen an economic downturn. Efficiency assessment and a comprehensive efficiency rating of insurance companies are critical for decision-makers to make the required changes and improvements. The study conducted to determine the changes of insurance industries before and post covid-19 outbreak. Multi-criteria decision making has been proven as an effective method to measure the efficiency rating of insurance companies. Integrated Analytic Hierarchy Process (AHP) methods are used in order to calculate the weightage. Then, integrated AHP- Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS), AHP- VIKOR and AHP-SAW methods are used in this report in deciding the rank of the sustainability of the insurance companies. The data for this study was collected from 2017 to 2020 which the year 2017,2018 and 2019 will represent the data before covid-19 outbreak while for the year 2020 will represent data for post covid-19 outbreak. There are 13 insurance companies in Malaysia that were selected for the purpose of this study. Also, these criterias has been choosen as the attributes to determine the sustainability of the insurance company. The criterias are total asset, total liabilities, total equity, net earned premiums, net profit and benefits & claims. The full ranking of all the insurance companies under investigation was achieved using proposed methods. The best method that was selected from the three hybrid method was AHP-TOPSIS. This is because it can be seen from the result that the ranking of the insurance companies for the 4 years has been consistent. It can be concluded that Great Eastern Life Assurance (Malaysia) Berhad is the most sustain insurance company while Gibraltar BSN Life Berhad is the least sustain insurance company after the Covid-19 outbreak.