Auswirkungen der EU-Vermittlerrichtlinie auf die deutsche Vermittlerlandschaft

Die Umsetzung der EU-Richtlinie 2002/92/EG über die Versicherungsvermittlung in deutsches Recht trat am 22. Mai 2007 in Kraft. Seither sind für jeden Vermittler eine Gewerbeerlaubnis und eine Registrierung erforderlich, um den Beruf ausüben zu dürfen. Bei der eigentlichen Beratung gibt es die Pflicht zur Information, Beratung und Dokumentation.     

Auswirkungen der steigenden Lebenserwartung auf die Gesundheitsausgaben

In the literature there are controversial discussions about the influence of the increasing live expectancy on the expenditure for health care. In the first part of this paper, I analyse the adaptability of the hypotheses of compression or extension of morbidity on the health care expenditure. On a theoretic basis, I transfer the hypotheses from the level of physical life quality to the level of monetary spending. I define a monetary version of the compression of morbidity hypothesis and of the expansion of morbidity hypothesis (the so called monetary medicalisation). In a further definition the influence of inflation is included. In the second part of the paper, I verify the hypotheses based on data from a large German private insurance company. The data include average health care expenditure per capita in the ambulant and stationary sectors for each age and gender. The availability of ten years of data allows the identification of a trend in the expenditure under increased life expectancy. As the spending shows a growth for each age and sex an ?inflation adjusted monetary medicalisation“ can be stated.     

Auswirkungen von Solvency II und der neuen EU-Finanzaufsichtsarchitektur auf die Kapitalallokationsstrukturen von Versicherungsgruppen

This paper analyses how the foreseen Solvency II provisions on group solvency calculations will affect the capital allocation within insurance groups. In this respect influencing factors are identified and the incentives set by them are disputed, in particular choice of method (consolidation method vs. deduction and aggregation method), choice of model (internal model vs. standard formula), non-transferability and treatment of participations at solo level. It is shown that the effects will depend heavily on the concrete implementation of the new provisions on the one hand and on the interplay of national supervisors and EIOPA (inter alia in certifying internal models and in setting capital add-ons) on the other hand.     

Der Einfluss einer alternden Bevölkerung auf die Rentenversicherung bei unsicherer Lebenserwartung

Zeitschrift für die gesamte Versicherungswissenschaft - Im Rahmen eines Modells mit überlappenden Generationen sowie unsicherer Lebenserwartung wird zunächst die gleichgewichtige...     

Die Umstellung der Anlage der Heubeck-Richttafeln von Perioden- auf Generationentafeln und ihre Wirkung auf die Kosten von Pensionszusagen

Most German employers are using mortality tables provided by Heubeck AG, a German consultancy firm, for actuarial calculations of company pension plans. Before 2005, Heubeck AG has been publishing projected future period tables rather than cohort tables. This paper analyzes the cost of using such period tables in actuarial calculations for an individual employee’s defined benefit pension plan. Our benchmark is a plan that is fairly priced by using a cohort table. We find that the employer may incur significant costs from using a period table for calculating plan benefits. As life expectancy tends to be underestimated, benefits granted will be too generous. In contrast, using period tables for determining provisions for plan liabilities in tax accounting doesn’t carry extra costs. Although yearly tax deductions differ when using period or cohort tables, tax shields are roughly the same in NPV terms. Thus, Heubeck’s switch to cohort tables means a significant improvement for benefit calculation but won’t have tax effects, on average.     

Finanzierungsoptionen der Gesetzlichen Rentenversicherung in Deutschland

Zeitschrift für die gesamte Versicherungswissenschaft - Das deutsche gesetzliche Rentenversicherungssystem ist seit Jahrzehnten Reformen der Leistungs- und Beitragssystematik unterworfen. Die...     

Die Corporate Governance der Versicherungsvereine auf Gegenseitigkeit

Contrary to the first appearance the current corporate governance discussion is not limited to listed stock companies. The mutual insurance companies have to observe their management and control systems as well. Their corporate governance system does barely dispose of external control mechanisms, it instead relies heavily on the close cooperation of the executive directors, the board of directors and the members’ representatives. Yet, this proximity of controlled management and controllers can be potentially dangerous. A supervision by its ordinary members does not occur. Member-unfriendly election regulations for the representatives’ committee as well as a generally declining interest to exercise one’s membership rights in the mutual insurance company have led to a downward spiral that has to be broken through. This idle potential for control has to be reactivated. Members have to take an interest in their mutual again. This could probably be achieved by reintroducing plenary meetings. Apart from the classic meetings that exact the presence of a member to exercise its voting rights it might be worthwhile to consider allowing an online-participation or to arrange decentralised meetings to increase their attractiveness for members.     

Die Aversionselastizität und ihr Einfluss auf die Portefeuilleentscheidung

Ohne Zusammenfassung     

Der Einfluss des demographischen Wandels auf die Ausgaben der Krankenversicherung

The analysis presented in this document investigates the question of whether the increase in life expectancy causes financial stress for health insurance systems or not. In particular, the authors focused on the financial impact of the ?costs of dying“ and how much these costs contribute to the total health costs. The article analyses an in-patient and an out-patient tariff of a large private health insurance company in Germany. It is based on health care costs of people who died in 1999 and of those who continued to live. The percentage of the costs of dying is often overestimated. However, the costs of those who continued to live increased overproportionately. In particular, this was true for the insured people over 80 years.The claim that the increase of life expectancy only postpones the high costs in the future and has no impact on the financial conditions of health insurance is doubtful. Older people live longer and have more opportunity to take medication and receive therapy for a longer period. Therefore we argue that longer life expectancy and other factors like progress in medical technology pose a severe threat on the financial stability of health insurance.