Zur Verminderung der Ratingabhängigkeit der deutschen Versicherungswirtschaft

The reliance of the German insurance industry on external credit ratings is strong and increasing. It relates to the assets and the liabilities of the insurer. For the first time, the paper systematically describes this reliance and combines it with the lessons from the current financial crises. The paper discusses measures to reduce the overreliance on external credit ratings and provides a new proposal in order to smooth the rating over time.     

Eine approximative Technik der Invaliditätsversicherung

Abstract

Die wichtigsten Rechnungsgründe der Invaliditätsversicherung sind, neben dem Zinsfuss, die Invaliditätshäufigkeit der Aktiven und der Abgang der Invaliden (infolge Sterblichkeit und Reaktivierung). Dieser wird gewöhnlich vom Alter und von der verflossenen Dauer der Invalidität, jene (i_x ) dagregen nur vom Lebensalter abhängig angenommen. Neben diesen Hauptrechnungsgründen ist noch die Anzahl Aktiven, nötig.     

Bewertung der Fair Value-Bilanzierung von Versicherungsverträgen anhand der IASB-Zielsetzungen

The International Accounting Standards Board (IASB) published the Exposure Draft ?Insurance Contracts“ in July 2010. This standard draft is the basis for the final IFRS for accounting of insurance contracts and will replace the currently valid interim standard IFRS 4. In its Discussion Paper from May 2007 the IASB proposed the valuation of insurance liabilities based on a Current Exit Value. However, in the Exposure Draft the board changed his opinion (not at least due to the visible consequences of the last financial crisis) and follows an approach based on so called fulfillment cash flows. This new approach is different in many details and aims at creating a greater objectivity. Goal of this article is firstly to introduce the target valuation model and to judge it based on criteria developed in the paper. Furthermore, alternatives that could be applied in a final standard shall be shown.     

Determinanten der Liquidität in der deutschen Schaden- und Unfallversicherungsindustrie: Bedeutung,Erklärungskraft und Auswirkung der Finanzkrise

The aim of this paper is to analyze the corporate liquidity and its determinants for the German property-liability insurance industry using company-level data for the period 2002–2014. We first investigate the differences in cash holdings across insurers. We then quantify the relative importance of firm-level determinants compared with macroeconomic determinants in explaining insurers’ cash holding choices. In addition, we examine whether the financial crisis of 2008 has an impact on the liquidity situation of insurers. Our results indicate that cash holdings vary significantly across German property-liability insurers. The firm-level determinants size, group affiliation and reinsurance utilization explain more than 50% of the variation. We also find that macroeconomic conditions appear to have negligible effects on the liquidity situation of insurers. In addition, we do not find evidence that the liquidity of German property-liability insurers is influenced by the financial crisis of 2008. The proportion of cash remains relatively stable at 6% of the total assets.     

Prämienanpassungen im Risikoklassenmodell der Privaten Krankenversicherung

In Zähle (Blätter DGVFM 31:39–64, 2010), a risk class model for the portability of the reserves for increasing age in Germany’s private health insurance system was introduced. In the present article, this model is extended in such a way that also successive premium adjustments are taken into account. In our model, the current risk class of an insurant does not play any role for a premium adjustment. In fact, only the risk class, to which the insurant belonged at the beginning of the contract, matters for a premium adjustment. From a mathematical point of view, our model provides a neat solution for the problem of the portability of the reserves for increasing age. In particular, the presented model is a real extension of the conventional model of Germany’s private health insurance system insofar as the conventional model can be recovered by restricting to a single risk class. So the well-tried premium calculation principle will basically remain.     

Zur Kritik der Ersatzmethoden der direkten Bestimmung von Erbzahlen bei nicht repräsentativem Material

Abstract

Für die Untersuchung auf bestimmte Erbzahlen bei unvollständigem einseitig ausgelesenem Material gibt es zwei Methoden : 1. den Vergleich der in dem un vollständigen Material gefundenen Häufigkeit bestimmter Merkmalträger mit der Erwartung auf Grund der Annahme einer bestimmten Erbregel , wobei k die Grösse der Sippschaften, p die erwartete Erbzahl und q = 1 ? p ist. Diese Formel ist von mir schon 1912 aufgestellt. Bernstein nennt diese Methode nicht sehr glücklich die apriorische. Erstmals ist sie 1916 praktisch von Apert angewandt. Man wird sie besser als direkte Vergleichsmethode bezeichnen.

2. Die Feststellung der Häufigkeit s des Merkmals bei den Gesehwistern seiner Träger, T. Ist deren Zahl t, k die Sippschaftsgrösse, t_x die Zahl der Träger mit x Trägergeschwisten, so ergibt sich theoretisch .

     

Über die Berechnung der Leibrente bei Veränderung des Zinsfusses

Abstract

1. In dieser Zeitschrift haben die Herren Steffensen ¹ 1918, Häft. 1–2, S. 82–97. , Meidell ² 1918, Häft. 3–4, S. 180–198. und Palmqvist ³ 1921, Häft. 3, S. 152–178. Näherungsformeln zur Berechnung der Veränderung der Leibrente bei der Veränderung des Zinsfusses veröffentlicht.     

Erklärung der privaten Krankenversicherungsnachfrage anhand ökonomischer und psychologischer Einflussfaktoren

To be able to plan measures insales planning successfully, informations are necessary about the expected trend of demand in the future. In this respecttheoretical funded andempirical relevant correlations between exogenous influencing factors and the process of demand must be systematically explored. Consequently for the private health insurance aglobal model was developed, which is the basis for presenting exemplarily an approach of explanation for the health cost insurance. Via this approach theshort-term fluctuations in the trend of demand, which were noticed in the past, can be traced satisfactorily. In this context besideseconomical alsopsychological influences like attitudes and expectations must be explicitly integrated in the approach of explanation. Naturally also the effects ofsociopolitical events, which are relevant to demand, were included in the analysis, especially as the process of demand for private health insurance is substantially marked by sociopolitical legislation.     

Zur Modellierung von Rückversicherungsverträgen in der dynamischen Finanzanalyse

In this paper we study the influence of Gaussian dependencies on the payoff of reinsurance contracts and the resulting effects on a non-life insurer's risk and return profile. To achieve this, we integrate different Gaussian dependencies and reinsurance contracts in a dynamic financial analysis (DFA) framework and conduct numerical tests within a simulation study. Depending on the reinsurance contract and the dependency employed, we find substantial differences in risk assessment for the ruin probability and for the expected policyholder deficit. The results have important implications for regulators and rating agencies that use these risk measures as a foundation for capital standards and ratings. Our results extend the findings of a recent working paper by Eling and Toplek (2008) with a detailed analysis of Gaussian dependencies under different reinsurance contracts.     

Ökonomische Aspekte der Entlohnung und Regulierung unabhängiger Versicherungsvermittler

The compensation and regulation of independent intermediaries is an important issue in insurance markets. With this respect, the profitability and importance of fee-for-service and commission compensation of intermediaries is lively discussed in academia and in the insurance industry. This paper summarizes economic rationales why and in which lines of business insurance companies sell their products via independent intermediaries. With this respect, it is analyzed how different forms of compensation affect important market functions of independent intermediaries. Finally, the economic impact of certain regulatory interventions, like a mandatory disclosure or a general ban of any commissions and the German ban for intermediaries to share commission with policyholders, on market efficiency is discussed.     

Zur Quantifizierung der Risikoprämien deutscher Versicherungsaktien im Kontext eines Multifaktorenmodells

In this contribution we present an empirical study that focuses on the relationship between risk and return for a universe of insurance Stocks in Germany during the period 1975–1998. The study was conducted using a multi factor model. The proportion of explained variance ranges from 9.29% to 13.62% in the monthly regressions. We found a significant and negative relationship between changes in the term structure of interest rates and the risk premiums for insurance Stocks. Also significant is the exchange rate of the Deutsche Mark against the US-Dollar.     

Das Dreiecksverhältnis zwischen Versicherer,Versicherungsnehmer und versicherten Personen in Innenhaftungsfällen der D&;O-Versicherung

The article deals with the rights and obligations between the policyholder, the insured directors and officers of the policyholder and the insurer in ‘Insured vs. Insured’ D&;O claims. Based on a case study where several directors commit wrongful acts the following questions will be examined: (1) whether or not the policyholder is entitled to directly claim damages from the insurer, (2) whether or not the policyholder violates its duties towards the insurer or the insured directors by its deliberate choice not to make claims against all insured at the same time but in different policy periods, and (3) which obligations has the policyholder towards its directors when there is not sufficient coverage to cover all claims of the policyholder against the directors.     

Über die Berechnung der Leibrente bei Veränderung des Zinsfusses.

Abstract

Herr K. A. POUKKA hat in einer unter dem gleichem Titel erschienenen Arbeit¹ fü die zum Zinsfuss i+h zu berechnende Leibrente eine Näherungsformel. abgeleitet, welche sehr zufriedenstellende Resultate gibt. Die Formel wird aus der Reihenentwicklung gewonnen, für welche Herr POUKKA eine Ableitung mitteilt.     

Die Umsetzung der europäischen Compliance-Vorgaben im österreichischen und deutschen VAG 2016

As member states of the European Union both Austria and Germany adopted the provisions of the Solvency II Directive in their national supervisory law. So this European Directive leads to a more convergent, consistent level of regulation and supervision a comparing view on the implementation of the Directive in both countries, Austria and Germany, really seems interesting. This paper compares the Austrian and German Supervisory Law in special respect to the current compliance-regulation in this countries.     

Über den Einfluss einer Änderung der Sterblichkeit auf die Prämienreserve

Abstract

In einer Note über die Theorie des Deekungskapitales habe ieh für das reduzierte Kapital der gemisehten Versicherung auf die Beträge At den Ausdruck gebraueht (1) wobei als Deckungsintensität bezeichnet wurde.     

Die sterblichkeit der versicherten in schwedischen lebensversicherungsgesellschaften während der Zeit vom 1. Juli 1918–30. Juni 1919

Abstract

Die grossen Influenzaepidemien von 1918 und den folgenden Jahren haben aus natürlichen Gründen das Interesse der Lebensversicherungsstatistiker der ganzen Welt auf sich gelenkt. Statistische Ergebnisse über den Einfluss dieser Epidemien auf die Sterblichkeit von Lebensversicherten findet man so z. B. in folgenden Abhandlungen: Dr. A. WINTER, De sterfte in de laatste jaren. Het Verzekerings-Archief, Jaargang II, No. 2; JAMES D. CRAIG and LOUIS I. DUBLIN, The influenza Epidemic of 1918. Transactions of the Actuarial Society of America, vol. 20, No. 61; R. J. BACKLUND, Dödligheten i spanska sjukan i Kaleva 1918–1920. Nordisk Försäkringstidskrift, Årg. I, n:r 4.     

Unterschriftenpads in der Kranken- und Lebensversicherung – Zur Vereinbarkeit der Verwendung eigenhändig unterzeichneter elektronischer Dokumente mit den Formvorschriften für den Vertragsabschluss in der Kranken- und Lebensversicherung

Insurance business is more and more based upon ecommerce and internet. But this situation causes legal problems. Insurance regulations are often based on the obligation to close contracts or to submit documents in a written form. This obligation prevents insurance business from using new modern tools like for instance PADs and tablet computers for the transmission of consumer data to the IT center of an insurance company. The following considerations deal with the use of tablet PCs and internet in life and health insurance business and tries to demonstrate that the written form required by law is not a real obstacle in insurance business.     

Zukunft der Versicherung – Versicherung der Zukunft

The insurance industry is currently characterized by a long-lasting low-interest period and various legislative proposals. Especially the bundling of the requirements of Solvency II, the so called “interest back-up reserve” and the achievement of promised guarantees in the current interest rate environment represent a major challenge for the life insurance industry. In a joint study by Deloitte, E?+?S Rück and the University of Hannover, within the sense of qualitative research by collecting broad expert knowledge the economic effects of the regulatory provisions were discussed. Another focus of research refers to the expectations of the industry representatives regarding the advancing digitization. This paper presents selected reactions and consequences of life insurance companies and derives recommendations for that industry.     

Controlling der fakultativen Rückversicherung — in einem international tätigen professionellen Rückversicherungsunternehmen

During the last years the need for a high sophisticated ControllingConcept in respect of the international facultative reinsurance business has grown substantially. Facultative business is becoming more and more a strategic business unit or at least a profit centre on it’s own, which has to provide it’s contribution to the companies Return on equities. This (new) way of running international facultative reinsurance business requires a strong and powerful support from the controlling side. Controllers today are acting more as in-house Consultants servicing their clients, the management. The strategic portfolio view becomes more important and is beginning to dominate the (classic) operative controlling attitude, which can easily be taken of by modern and sophisticated IT-solutions.