Prämienkalkulation und die „Sanierung“ von Versicherungsverträgen

For assessing the risk adjusted insurance premiums, we always face the challenge that we don’t know the respective distribution functions of the probable claims and the probability of occurrence. Purely chance-based deviations from expected damages are no sufficient reason for premium increases. This means that for preparing for such deviations we have to distinct between chance-based and other deviations from expected and realised damage events. For adjusting insurance contracts due to new information, there are three possible strategies: first, we could ignore the past premium and calculate them based on the new data sample. Alternatively we could make use of a Bayesian learning process, which means to adjust the past premiums by taking into account the new information. The third strategy refers to a statistical test of hypotheses. This means to only adjust a premium if the original assumptions on the possible distribution of claims have to be rejected statistically. Looking at the certainty of the contracts and a steady calculation basis, there are many reasons in favour of the statistical test of hypotheses. The stringent usage of this method can lead to a sound basis for negotiations between insurance provider and holder. The improvement of transparency of taken risks is regulatorily desirable as well as helpful for evaluation of solvency.     

Aufsichtsrats- bzw. Diversitätsmerkmale und Profitabilität von deutschen und österreichischen Versicherungsunternehmen

This paper focuses on supervisory boards and investigates various board characteristics for the largest German and Austrian insurance companies. Furthermore, the study examines the link between diversity policies and financial performance.The study reveals some differences between the two aforementioned countries, which are mainly driven by size effects. In addition, the analysis shows that larger and stock listed insurance companies have better diversity management policies and a higher proportion of female directors. There is no significant correlation between gender diversity measures and profitability.     

Bestimmung von Deckungsgrenzen bei nicht-proportionalen Rückversicherungsverträgen: Selbstbehalte in Abhängigkeit von Risikoeinstellungen

Risk measures and accordingly risk measurement increasingly gains in importance in economics. Over the past years risk measures were already used at credit and shareholders' equity depositations due to Basel II regulations. The article now introduces a hybrid decision modell and applies it to the reinsurance business. The modell uses a convex combination of risk measures and therewith enables the modelling of risk attitudes. First of all, by doing that, it can be shown, which risk attitude leads to the acceptance of a reinsurance contract, and secondly which deductible an insurer is prepared to undertake. Consequently it is possible to determine the risk attitudes of insurers. In turn, on knowledge of risk attitudes, it becomes possible to generate recommendations of the extent of the deductible at similar reinsurance contracts.     

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.     

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.     

Aufdeckung von Versicherungsbetrug bei Kfz-Schäden mit Hilfe des Benford-Tests

The German Insurance Association estimates a yearly amount of damage of € 1.5?bn to German motor vehicle insurance companies because of systematic fraud by insurance holders. It is supposed that about 10% of submitted claim applications contain manipulated data, therefore insurance companies are forced to complete a detailed and cost intensive case-by-case review of each single application. An alternative method to detect fraud in empiric data is the method of digital analysis based on Benford’s law. The Benford method uses a mathematical law of specific logarithmic distribution attributes of first digits. According to this approach, the data of a Benford set confirm with the expected digit distribution, if the data is not manipulated, whereas fraudulent interventions lead to a deviation from Benford’s law. Hence, until now there has not been any investigation whether the Benford method can also be applied on insurance data. The present article analyses a dataset consisting of more than 120,000 damage claim applications to answer this question as well as to identify the impact of specific characteristics on the probability of fraud contained in claim applications, such as the repair of the vehicle in a franchised or an independent workshop, the vehicle brand or the examination by insurance companies experts. Indeed it could be shown that Benford’s Law is only applicable on second digits of insurance data, but delivers very strong results here: All results of the considered characteristics could be verified by plausible arguments. For this reason insurance companies can benefit from making use of the Benford method to identify those claim applications with a high probability of fraud, which should then be reviewed in more detail so that resources can be allocated in a much more cost efficient way.     

Die EU-Sektoruntersuchung zu den Unternehmensversicherungen: Meistbegünstigungsklauseln in Rückversicherungsverträgen unter Berücksichtigung des Kartellrechts

In the EU-Sector-Inquiry on business insurance the European Commission drew attention to Best Terms and Conditions Clauses (BTC-Clauses) in Reinsurance contracts and found alleged violations against Art. 81 EGV. However, the Commission did not provide a legal classification in detail. The use of BTC-Clauses is mostly favoring cedants, a fact made obvious by the market participants’ reactions to the Commission’s final report. Nevertheless, the implementation of Solvency II standards may decline the use of BTC-Clauses (regarding the harmonization of premiums) because the cedent has to deposit different amounts of equity for his claims depending on the reinsurance company’s rating.     

Grundfragen zu Anzeige-, Auskunfts- und Aufklärungsobliegenheiten nach dem VVG 2008

This article analyzes the disputed legal nature of the duty to notify and the duty to disclose information according to sections 30 et seq. of the German Insurance Contract Act (VVG). To the extent to which the aforementioned legal provisions impose such obligations on a third party, the author reaches the conclusion that they are to be regarded as true legal obligations, i.e. their breach may result in damage claims. As to the policyholder, however, the legal provisions must be qualified as statutory warranties (so-called Obliegenheiten) without sanctions. Therefore, in order to sanction a policyholder’s breach of his obligations, the contracting parties have to turn the statutory Obliegenheiten into contractual Obliegenheiten, which are then subject to section 28 VVG. In the second part of the article the author addresses the scope of application and the content of the Obliegenheit to instruct the policyholder according to section 28 subsection 4 VVG. This Obliegenheit is imposed on the insurer as a requirement for the sanction of a breach of the contractual duties to provide information and to disclose by the policyholder.     

Bürgerversicherung — Die Wirkung von Kopfprämien auf den Arbeitsmarkt

Capitation fees are considered to be an option for a change in funding principles for statutory health care insurance. This paper discusses several models of capitation fees either to be introduced for a part of the population or for all citizens. It analyses the impact of a change in financing health care on the labour market. Therefore microeconomic theory and a QUERU-model is applied. It also considers the issue of presently co-insured dependents.     

Feintuning im Recht der Lebensversicherung zu § 169 Abs. 5 VVG – Neues zum Stornoabzug bei Einmalbeitr?gen sowie zu separaten Abschlusskostenvereinbarungen

The first part of this article deals with surrender charges. Due to the incredible increase of single premium life assurances this already written off instrument came back to discussion. The increase is based on the high income within the range of life assurances compared to interest income for safe investments. Speculations against to the collective of insured become possible as the right of the policyholder to notice a life assurance at any time, §?168 VVG, is inalienable, even concerning single premium assurances. Alerted by that, the Federal Financial Supervisory Authority (??BaFin??) demands appropriate surrender charges within the single premium matters. However, literature prefers a surrender charge caused by capital market which is consolidated into a lump sum to the amount of 0,2 per cent regarding the total payment of interest, for each year by which the single premium contract is going to be terminated before expiring after 10 years. This point of view can basically be followed. For reasons of principle consideration, the surrender charge must certainly be determined significantly lower than proposed, namely with 0,1 per cent each year. De lege ferenda, the alternative to make restrictions to the right to give notice for single premium assurances may be taken into consideration. The second part of this article deals with acquisition costs. The regional court of Rostock considers a separate agreement relating to cost averaging??whereby the policyholder must continue to pay the instalments for the acquisition costs even after the termination of the life assurance??to be a ??Umgehungsgesch?ft?? (evasive transaction) to §?169 V 2 VVG and is for that reason void. This cannot be followed. A?thoroughly interpretation of the provision shows that it does not prohibit the result, namely the deduction of the surrender value below the value which is determined by §?169 III VVG. The result is rather then prohibited when it is achieved by the non-transparent way of a set off of the costs with the paid assurance premium. That point of view of the regional court of Rostock is therefore contra legem. As the right to modify law is reserved to the legislative authority, it is well advised to observe the actual development for a certain period of time. In regard to that result the policyholder is not made vulnerable. Oftentimes, the liability for consulting activities of the insurer and his intermediaries will interfere in his favour.     

Eine methode zur Berechnung von Alters- und Invaliditätsrenten bei willkürlicher jährlicher Prämienzahlung

Abstract

Die sehwedische staatliche Pensionsversicherung ist bekanntlich als eine kombinierte Alters- und Invaliditätsversieherung organisiert. Mit 67 Jahren oder bei früher eingetretener Invalidität fängt die Auszahlung einer Pension an, deren Betrag sich als ein gewisses Prozent der einbezahlten Prämien ergiebt, für Manner 30 und für Frauen 24 Prozent. Diese Höchsbeträge werden jedoch für diejenigen Personen, die bei dem Inkrafttreten des Alterspensionsgesetzes eine gewisse Altersgrenze überschritten hatten, einigermassen modifiziert.     

Die stochastische Modellierung von Großschäden für den Einsatz in internen Risikomodellen der Schadenversicherung

Along with individual corporate management and regulatory matters for instance within EU regime Solvency II, Internal Risk Models are very important for major general insurance companies. Of crucial importance in building these internal models, is the stochastic modelling of large claims and in particular, the selection and parameterization of suitable probability distributions for the amount and number of claims based on empirical data. To this end, in practice, a visually-based methodology is more appropriate and workable than strict mathematical approaches. Based on a practical case study, this paper provides some insight into a visually-based methodology for internal risk models.     

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.     

Randbemerkungen über den Verlauf der Deckungskapitalien; ihre differentialgleichungen und gewisse ihnen angeknüpfte identitäten

Abstract

Es kann in der Lebensversicherung mitunter von Interesse sein eine gewisse Übersicht darüber zu gewinnen wie sich das Deckungskapital irgend eines vorgelegten Versicherungsbestandes (unter bestimmter Voraussetzung der Sterblichkeit und des Zinsfusses) mit den Jahren ändern wird. Es handelt sich dabei oft um die Abschätzung des Zeitspunktes für den Eintritt des Maximums des Deckungskapitals eines solchen Bestandes, und um die Höhe dieses Kapitals zu diesem Zeitpunkte. Solche Fragen entstehen z. B. bei aussterbenden Versicherungseinrichtungen und namentlich bei Übertragungen von ganzen Versicherungsbeständen, wie sie in dieser Zeit so häufig vorkommen. Der Gegenstand bietet kaum Schwierigkeiten, ist vielmehr theoretisch einfach; jedoch aber nicht ohne Interesse, weshalb eine ganz kurze Auseinandersetzung angepasst sein dürfte. Wir werden dann bei derselben Gelegenheit, obwohl es für die so gestellte Aufgabe nicht nötig war, einige allgemeine Differentialgleichungen und Identitäten ableiten, die mit derselben Aufgabe in enger Verbindung stehen.     

Der neue Standard zur bilanziellen Abbildung von Versicherungsverträgen (IFRS 17) – Eine kritische Analyse der Auswirkungen auf die Versicherungsbranche

The new standard for the accounting of insurance contracts (IFRS 17) will entail substantial changes for the insurance industry. In the following article the new standard is critically analyzed. First and foremost the coming valuation model, the so-called building block approach, is presented which will be the basis for all insurance contracts within the scope of IFRS 17. (For certain insurance contracts, especially those with direct participation features, or for less complex or short-term insurance contracts, there are some modifications.) To be more precise, IFRS 17 introduces an enterprise-specific valuation approach that is grounded on the so-called fulfilment value. This fulfilment value is determined by four separate building blocks (fulfilment-cashflow, discount rate, risk margin and contractual service margin), which will be addressed in detail. Finally, major changes in performed accounting practices that insurance enterprises are confronted with and will have to adapt to in their financial statements and accounts are pointed out.     

Die arglistige Täuschung des Versicherungsnehmers nach Eintritt des Versicherungsfalls – zugleich Beitrag zu §28 Abs. 3 S. 2 VVG –

The author adresses the differences in legal consequences of conditions subsequent to the insurance policy on the one hand and the self-contained legal implications of fraudulent misrepresentation prior to conclusion of the contract on the other hand. He suggests revising the narrowly defined causality criterion in order not to limit the legal consequences of false information given by the policy holder based on causal criteria. If so, legal consequences could be applied when the policy holder acted in bad faith. Then, he introduces the various case groups of willful misrepresentation using property insurance to illustrate them.