Vergleich zweier Modelle zur Bewertung der Kapitalausstattung deutscher Lebensversicherungsunternehmen

The result of the comparison between the capital adequacy model published by the rating agency Standard & Poor’s (S&P) and the supervisory model of the German Insurance Association (GDV) points up the both models aim at measuring the German life insurers’ capital adequacy. The capital adequacy model is part of the Insurer Financial Strength Rating analyzing the financial security of insurance companies. The supervisory model is part of the recommandations by the GDV to reform the insurance control within the Solvency II project. Furthermore, the research includes the GDV’s proposal for the Solvency II standard model following the supervisory model as recommandation to the Solvency II project. The risk based capital computation’s analysis shows that the S&P model is more comprehensive on the assets and the supervisory model is more comprehensive on the liabilities. In addition, S&P differentiates in his model in a more quantitative way, the GDV in a more qualitative way. The standard model balances out the supervisory model’s lower number of quantitative differentiating factors.