An extended best–worst multiple reference point method: application in the assessment of non-life insurance companies

Abstract In this paper a multi-criteria decision-making (MCDM) method is developed to rank set of insurance companies. The proposed based on combining two MCDM methods: Extended Best–Worst (EBW) and Multiple Reference Point (MRP) methods. We formulate the problem finding priority vector from interval pairwise comparisons applying an EBW which allows decision maker (DM) use values in order describe relative importance one criterion over another. method, using fuzzy theory, can successfully handle vagueness ambiguity present judgments. Lastly, MRP employed obtain overall score for each company weights established at first stage. A case study presented Spanish non-life companies constructed model. Since evaluation involves great number indicators, it complex issue. results show effectiveness offer insightful reference industry.