Status-Quo des Prozessmanagements deutscher Erstversicherungsunternehmen im Kontext der MaRisk (VA)

Since their legal force at the beginning of year 2009 within the scope of minimum requirements for risk management of German insurance companies (MaRisk (VA)), German insurers are discussing the following issues: The implementation of a risk strategy consistent with business strategy and the development of controlling instruments to manage risks resulting from this strategy. There is often undervalued the circumstance that due to MaRisk (VA) there is given an increased need for action concerning the organizational framework, especially process organisation. Each process material to a specific risk has to be identified, documented and permanently monitored. This survey shows that process management has a too small importance within the German insurance industry. These preconditions do not suffice to be compliant with the organizational framework of MaRisk (VA).     

Grüne Gentechnik im Kontext der Haftpflichtversicherung

Genetically modified organisms (GMOs) play regularly an important role in the negotiations on cross-border trade agreements (e.?g. TIPP). Especially the so-called “green genetic engineering” is in the focus of attention because it comprises the development of novel or modified plants and food. However, GMOs are in the public perception still barely accepted and are also heavily regulated by law. Therefore, it is unclear, which liability risks GMOs contain and for which potential claims producers are liable. The aim of the paper is to illuminate the extent to which green genetic engineering is a particular challenge for liability insurance. Also an overview shall be given, which possible damage scenarios can trigger liability cases.     

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.     

Zur theorie der stabilität statistischer Reihen

Abstract

Wie ist die auffallende Gesetzmässigkeit der auf Massenbeobachtungen beruhenden statistischen Zahlen zu erklären? Wie sind deren Schwankungen rationell zu deuten? Diese Fragen bilden den eigentlichen Kernpunkt jeder Theorie der Statistik, die mehr sein will, als ein buntes Nebeneinander von technischen Regeln über den Modus procedendi beim Sammeln und Ordnen der Massenbeobachtungen.     

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 .

     

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.     

Die Aufdeckung des tatsächlichen Schädigungspotentials eines versicherten Risikos und das Institut der Gefahrerhöhung

Against the background of the rapid spread of new technologies such as nanotechnology to name only one, third party insurers are faced with a multitude of challenges. The reason for this is the typically totally unknown damage and thus liability potential of these technologies. In this context special focus is on the aggravation of risk and the question whether the rights included in §§ 24 f. of the German Insurance Contract Act should be granted to the insurers in the event of any future revelation of the actual damage potential. This must, however, be answered in the negative since here only the risk of an initial and not the risk of a subsequent disruption of the equivalence mandate as assigned to the insured as per §§ 23 ff. of the German Insurance Contract Act applies.     

Online-Aktivität als moderierender Effekt der Wirkung Convenience instrumentalisierender Attribute auf Kundengewinnung im Versicherungsneugeschäft

Digitization’s increasing influence on the Germans’ everyday lives leads to changes in their buying behavior. In the internet age, customer orientation means, inter alia, to actually understand the changes in the consumers’ expectations. This raises the question how the shift of customer activity from the analogue to the digital world changes the effect of certain exogenous, convenience exploiting attributes on a supplier’s predefined response variables (e.?g. customer acquisition). This article focuses on the insurance industry and, theoretically, deals with the question, whether doing business online can be considered as moderating effect of the relationship between convenience attributes (controllable by insurers) and customer acquisition as target figure in insurance business. Based on the example of contracting a new motor insurance policy it can be derived hypothetically that “digital customers” have different expectations in terms of speed of processing (as convenience attribute) than those signing a policy together with their agent.     

Geschäftsstrategien deutscher Pensionsfonds: Eine Analyse strategischer Gruppen

On January 1, 2002 the Altersvermögensgesetz went in force which established the Pensionsfonds as an additional form of organization providing company pension plans. This law includes very few restrictions on Pensionsfonds’ pension products and investments. To explore this new market for occupational pension plans empirically, the Institute for Insurance Science at the University of Cologne conducted a comprehensive survey among the German Pensionsfonds. We follow the strategic group literature and use cluster analysis to identify strategic groups of German Pensionsfonds. We then examine the differences in business strategies across strategic groups in detail. Our empirical analysis provides the first overview of business strategies adopted by German Pensionsfonds.     

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.     

Zur Entscheidungsnützlichkeit eines IFRS-Abschlusses von Versicherern – Analyse der angedachten Regelungen zum endgültigen IFRS 4

In its Discussion Paper from May 2007 for the final IFRS 4 (“Insurance Contracts”), the IASB planned the “Current Exit Value” (CEV) to evaluate insurance liabilities. The aim of this article is to examine the impacts of the planned Current-Exit-Value-Approach on the decision usefulness of insurers' financial statements. In order to evaluate accounting rules, the criterion decision usefulness is divided into two sub-criteria – relevance and reliability. We found out that the Current-Exit-Value-Approach for insurance contracts in conjunction with fair value accounting of relating assets actually generates relevant information for users of insurers' financial statements. But we have serious concerns about a cost-adequate implementation of CEV approach. Furthermore, the reliability of accounting information based on a synthetic fair value is strongly questionable. Only extensive disclosure requirements can bring transparency to users and therefore assure reliable accounting information. Besides, there are other topics that should be reviewed before releasing a final standard (e.?g. customer relationship, credit characteristics of insurance liabilities, unit of account).     

Eine graphische Darstellung der Leibrente,der einmaligen Prämie,der Jahresprämie und der Prämienreserve

Abstract

Um eine graphische Darstellung einer gegebenen, eindeutigen Funktion f(α) zu erhalten. denken wir uns die den Wert en α′, α″,… α_n der unabhängigen Veränderlichen entsprechenden Grössen x = l . f(α) als Abszissen auf eine Gerade von demselben Ausgangspunkt abgetragen und bezeichnen dann die Endpunkte der Abszissen mit dem zugehörigen Wert von α. Öber die Konstante l, den Modul, können wir frei verfügen und hierdurch einen passenden Massstab erhalten.     

Einfluß der Besteuerung in der wertorientierten Performancemessung im Kompositversicherungsunternehmen

The tax regulation framework is an important influence factor for value based management. So the implications of taxation on management decisions have to be explicitly verified and quantified within the valuation concepts. In this paper we take that point into account by extending the model for value based management of a composit-insurance company developed in the article from Schmautz and Hartung (ZVersWiss 98(4):411–430, 2009) by the framework of taxation. In the discussion we focus the effects of taxation and creation of provisions on the shareholder cashflow. Again the study examines theoretical aspects on the one hand and practical aspects with the special focus on an examplary implementation on the other hand.     

Auswirkungen der Neuregelungen im Versicherungsaufsichtsrecht auf das Gesellschaftsrecht,insbesondere Geschäftsleiterhaftung und Managementvergütung

The article deals with the impact that recent legislation in German Insurance Supervision law concerning both directors’ liability and management remuneration exercises on the law of corporations applicable to insurance companies. In both areas the general rules of corporate law are presented first, followed by an examination of the specific new supervisory rules. Considering everything, three results may be named: (1) The principle that directors are bound to observe any relevant legal rule constitutes a link between the supervisory rules and the law of corporations; (2) the new legislation has lead to an increase of surveillance, and (3) in practice an efficient use of existing self-regulatory mechanisms within the corporation should make any intervention by supervisory authorities unnecessary.     

Garantieversprechen für Gebrauchsgüter als erlaubnispflichtige Versicherungsgeschäfte aus deutscher und europäischer Sicht

The article deals with the conditions under which the provider of guarantees for consumer goods operates an insurance business and therefore needs a permit. This question is of fundamental academic importance as it concerns the limits of insurance. Secondly, it is of practical relevance, as is reflected in court decisions in Germany as well as in other European countries. A comparative analysis supports the following rules: An extension of the statutory warranty offered by the seller or manufacturer is normally to be regarded as ancillary to the purchase agreement, which does not lead to regulatory licensing requirements. By contrast, if a third party offers a guarantee this is to be considered as an insurance business and therefore requires a permit.     

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.     

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.     

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.