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The purpose of this study is to analyze the market performance of non-life insurance companies registered in Borsa Istanbul (BIST) for the period 2013-2019 with a hybrid model consisting of integrated SV (Statistical Variance) and EDAS (Evaluation based on Distance from Average Solution) methods. The study covers the data of five insurance companies whose shares are traded on BIST. The SV method was employed to determine the importance weights of the market variables selected in the study, and the EDAS method was used to identify the performance scores of insurance companies. According to the results obtained from the SV method, the most important criterion affecting the performance of insurance companies is the market value added criterion in all years, except 2016. However, it was determined that the most ineffective criterion on performance during the analysis periods was Tobin's Q. In addition, according to EDAS ranking results, Anadolu Sigorta is the company with the highest performance score, while Aksigorta is the lowest performing company. [ABSTRACT FROM AUTHOR]