Der Umfang des Ruhens der Leistungspflicht des Versicherers in der privaten Krankenversicherung

In this essay the author looks at the figure of the rest of the insurer’s duty of performance in German private health insurance as it is regulated in section 193 p. 6 VVG. After describing the basic rules, she analyses which kinds of performance rest and which the insurer despite the rest of his duty has to fulfill. In this case the author, too, looks at the opinion formulated in literature that the rest means a restriction to the level of the basic tariff. She concludes that the purpose of the figure intended by the legislator, having a sanction for non-paying policyholders, is not achieved.     

Ausweitung der Arzthaftung als Einfallstor für neue Formen der Arzthaftpflichtversicherung?

In a recent case, the Austrian Supreme Court remarkably extended medical liability of a gynaecologist for inadequate information about a possible mental handicap of an unborn child. On this occasion, the paper outlines the modified risk exposure of physicians and analyses a possible impact of case-law on the availability and affordability of liability insurance. It raises the question whether a liability crisis could be possible in Austria and briefly explains the underlying U.S. legal and regulatory framework that led to liability crises in the past. In the U.S., alternative risk transfer by means of Risk Retention Groups (RRGs) has been crucial in improving availability and affordability of liability insurance and to rein in liability crises. The Austrian legal and regulatory framework as it stands now would allow for self insurance solutions like Risk Retention Groups but the economic necessity for alternative solutions to traditional insurance schemes seems to be lacking.     

Market Consistent Embedded Value in der privaten Krankenversicherung

The Market Consistent Embedded Value (MCEV) allows for a principal based valuation of insurance contract portfolios. An important aspect of the MCEV methodology is the possibility to compare different insurance companies. In this paper we introduce the valuation principles with respect to German private health insurance. To this end we first explain the different components of a MCEV. In the following we discuss the relevant aspects of market consistent valuation of German private health insurance and show, how financial options and guarantees of private health insurance contracts influence the shareholder value. In particular we analyze the impact of surplus distribution and the different surrender options of policyholders on the value.     

Das Inflationsproblem bei der Übertragung von individuellen Alterungsrückstellungen in der privaten Krankenversicherung

In an ageing population, as e.g. in Germany, intergenerational justice is much better achieved in a capital funded health insurance system (as the PKV) than in a pay-as-you-go scheme (as the GKV). But the capital funded system leads to a lack of competition because insurants loose their ageing provisions if they switch their insurer. This problem can theoretically be solved by a transfer of ?individual ageing provisions“. But the implementation of this concept has three main difficulties: the calculation, the verification and the inflation problem. This article focuses on the inflation problem. It is shown that the inflation problem can be resolved by modifying the individual ageing provisions in a special way. Future research should concentrate on the calculation and verification problems.     

Theorie und Empirie steigender Lebenserwartung, Nachreservierung und „Umverteilung“ in der privaten Rentenversicherung

An unexpected increase in life expectancy has implications for private pensions (annuities). These can be offset by reducing pension payments, cross-subsidization of the pension payments, risk-taking of insurance companies or combining these policies. An empirical study of the German market for annuities shows that most of the companies under investigation dealt with the problem of an unexpected increase of life expectation in the 90ies by significant cross-subsidization of the pension payments from young policy holders. This paper discusses the implications such policies can have when the importance of private pensions increases in the future.     

Der derzeitige Stand der Bausparmathematik

Die aussergewöhnlichen Verhältnisse auf dem Kapitalmarkt und die grosse Wohnungsnot haben in Deutschland im Jahre 1924, unmittelbar nach der Überwindung der Inflation, welche alle Kapitalien zerstört hatte, eiii schon älteres Projekt reifen lassen und es kam durch G. Kropp in einem kleinen Städtchen im Bundesstaat Thüringen, in Wüstenrot, zur Gründung der ersten deutschen “Bausparkasse”, der sogenannten “Gesellschaft der Freunde”. Es handelt sich hier um eine Institution, die, ähnlich den englischen Building Societies und den amerikanischen Building and Loan Associations, doch nach einem abweicheriden System, Gelder von Sparern dazu verwendet, um Bauvorhaben dieser selben Sparer zu finanzieren. Dies geschieht nach folgender Methode: eine Anzahl von Sparern, die die Bausparkasse bilden, zahlen in regelmässigen Zeitabständen Sparbeiträge, welche einen festen Prozentsatz der Summe ausmachen, die für den Zweck des Hausbaues vorgesehen ist und zwischen dem Bausparer und der Bausparkasse vereinbart wurde. Wenn in der Kasse genügend viel Geld vorhanden ist, um einem Oder mehreren Bausparern die vereinbarte Summe auszuzahlen, so geschieht dies and die (z. B. durchs Los bestimmten) so beteilten Bausparer haben nun die Verpflichtung, das erhaltene Darlehen, nälich die Ergänzung ihres bereits eingezahlten Guthabens (das mit oder ohne Zinsen berechnet wird) auf die voile Bausparsumme, zu tilgen. Dieser Tilgung wird wieder ein Zinsfuss zu Grunde gelegt, der auch Null sein kann. Die so einlaufenden Gelder — Spar- und Tilgungsbeiträge — werden firmer wieder zu Zuteilungen verwendet. Verwaltungskosten werden aus gesondert zu zahlenden Beiträgen gedeckt. Auf diese Weise ist es den meisten Bausparern möglich, früher zu einem Hans zu gelangen, als wenn sie ohne Hilfe der Gesamtheit die ganze Summe zum Zins der Kasse selbst hätten ansparen müssen.     

Der volkwirtschaftliche Wert der Versicherung — eine Input-Output-Analyse der Versicherungswirtschaft

What is the value of insurance to a society and its economy? What are the interdependencies and interrelations between the insurance sector and other sectors of the economy? By applying the tool of input-output-analysis we are able to measure on the one hand the flow of goods and services from other sectors to the insurance sector and on the other hand the flow of insurance to other sectors of the German economy. The results show that the output-multiplier, representing the demand induced by an increased demand for insurance, is surprisingly large. In the course of our study we are further able to give a detailed picture of the input-factors needed to produce insurance and also to quantify how much insurance other sectors of the economy for their intermediate consumption.