Abstract :
Every individual living in the world, institutions and private sectors continuing their activities, may experience losses due to financial risks related to their jobs and activities. Insurance is the most common way to compensate for any financial loss. In other words, insurance com panies compensate the basic financial losses of individuals and institutions with the different services and products they offer. For this reason, insurance companies, which are a dynamic player in the
financial sector, must be managed well in order to continue their activities. In the insurance industry, the board of directors of the company is an important factor for the success of insurance companies. In this study, the relationship between the management variables of the companies operating in the Turkish Insurance Sector and the financial indicators of these companies was analyzed by clustering analysis. Also, it was investigated how managerial variables affect each other and the financial variables. In the study, 3 categorical variables and 10 financial variables were used, and
4 main clustering models were created. Under each model, different subclustering models were obtained. In addition, the study used the annual data of insurance companies between 2015- 2019. As a result of the analysis conducted on insurance companies, the study provides an idea about which variables are important in the considered scenarios.
Keyword :
Corporate Governance, Board of Directors, Insurance, Cluster Analysis