Spieltheoretische Verfahren der Kapitalallokation im Versicherungsunternehmen

The present contribution displays a transfer of selected examples of game theory cost allocation techniques for the case of capital allocation in insurance companies. The starting point is the determination of a particular class of game theoretic solution concepts. The respective allocation methods and their critical examination are preceded by an introduction of an at first solely game theoretic motivated axiom system, in which the relations to the coherent allocation principles used by Albrecht / Koryciorz are elaborated. In the end with the nucleolus as a game theoretic solution and the conditional value-at-risk principle, two coherent allocation principles are exemplary contrasted.     

Risikoberichterstattung von Versicherungsunternehmen — Analyse der Risikoberichte im Zeitablauf

This paper presents the findings of an empirical study of the development of risk reports of German insurance companies from 1999 until 2003. The empirical study is based on formal aspects and a detailed content analysis of risk reports which companies have to publish by German Commercial Law (HGB). The analysis is based on generally accepted accounting principles for management reports in annual financial statements and GAS 5-20. The goal is to collect formal and qualitative information about changes in risk reports and their performance in terms of fulfilling industry-specific supervisory risk regulations over time. The sample shows a significant continuous improvement of risk reports from 1999 until 2003. The results of the paper lead to further implications regarding the specification of Solvency II: Improvements have to be made especially in terms of specifying and quantifying company risk. Finally the paper offers suggestions for improvements in risk reporting which should be considered in the development of european standards.     

Wertorientierte Steuerung von Versicherungsunternehmen im Lichte des normativen Managements

The values, standards and ?pictures“ defined by normative management determine the fundamental conditions to a substantial extent, eventually leading to the choice of the appropriate management approach. Two fundamentally distinct leadership models are available:

• — the constructivistic-technomorphe approach, e. g. in the specific shape of value orientation and
• — the systemic-evolutionary approach, e. g. in the shape of system-oriented management.

Investigations of corporate biographies support the assumption that aspects of the systemic-evolutionary management approach tend to be more suitable to lead corporations to a successful development. This does not necessarily imply that value orientated management is not applicable. However, a comprehensive tailor made combination of various leadership models to meet specific demands of the insurance industry seems to be advisable.     

Werbemitteldesign und Markenpolitik in Versicherungsunternehmen — eine explorative Studie

The design of written promotional material and branding strategies in insurance companies — an exploratory study As a result of numerous changes the insurance market is facing — the realisation of the single European market and modified legal regulations to name but a few - the branding of insurance products is gaining relative importance. The objective of this paper was to examine the branding strategies employed by selected Austrian insurance companies on the one hand as well as to give an overview of the design of written promotion material on the other hand. This was achieved by using content analysis as the method of choice as well as by testing four hypotheses. In total, six single-line and ten multi-line insurance companies were analyzed. The analysis was limited to enterprises operating in Austria.     

Rechnungslegung und Aufsicht von Versicherungsunternehmen — Zur Vereinbarkeit von IFRS und Solvency II

Current discussions of Insurance Accounting and supervisory regulation present some major challenges for insurance companies. The International Accounting Standards Board (IASB) started a project on Insurance Accounting to apply the principles of fair value to insurance liabilities. At the same time ‘Solvency II’ contains a fundamental and wide-ranging review of the insurance solvency regime in the light of adequate risk consideration. The paper discusses the aims and problems of both projects. The separate illustration presents the basis to identify the essential interdependences of ‘Insurance IFRS’ and ‘Solvency II’.The main problem is to create a unique valuation basis for Insurance Liabilities which makes allowance for relevant and reliable accounting rules as well as for solvency margins. On the basis of an actuarial approach an adequate model is shown. The construction of Fair Value contains the deviation of a Market Value Margin (MVM), which reflects the premium that a marketplace participant would demand for bearing the uncertainty inherent in the cash flows. For the purpose of solvency additional risk components must be integrated due to the fact that the Market Value Margin basically does not allow for all parts of volatility and uncertainty risk in insurance liabilities.     

Aktuelle Entwicklungen in der Beaufsichtigung und Rechnungslegung von Versicherungsunternehmen: IFRS und Solvency II

Accounting and supervision are closely related, especially via the determination of regulatory capital. As a precondition for the harmonisation of solvency rules within Europe, as discussed in the context of Solvency II, there is a need for harmonised accounting rules regarding the recognition and measurement of assets and liabilities. The International Financial Reporting Standards resp. International Accounting Standards (IFRS resp. IAS) are used as a starting point. Insurance contracts are accounted for under IFRS 4, published in March 2004, which is only established as an interim standard allowing insurance companies to continue their existing accounting policy without major changes in their accounting systems. The IASB has just begun working on a final standard (Phase II). The IASB’s work on the final standard should be taken into account for the determination of regulatory capital as well. The third pillar of Solvency II is an additional connection between international accounting standards and the Solvency II project: extensive disclosure requirements companies shall provide disciplinary transparency with regard to their risk management systems and risk profiles.