Indirekte Immobilienanlagen im Portfoliomanagement am Beispiel des deutschen Marktes

Ohne Zusammenfassung     

Einfluss der Balanced-Scorecard-Werteparameter auf den Unternehmenswert in einem Regressionsmodell am Beispiel der Versicherungsbranche

In this paper we analyse the importance of the balanced scorecard parameters for the company value. Thus the relevance of the balanced scorecard parameters for the economic success of the company can be accurately quantified. Furthermore optimal value based management rules can be derived. The regression model is thereby defined for companies of any industry sector and then applied for a company of the insurance sector. The importance of the balanced scorecard parameters is estimated using the maximum likelihood method. The parameters are analysed with respect to their statistical significance. Classical and generalized linear regression models are applied. As the result the management can identify the most relevant parameters of the balanced scorecard and manage the company on the basis of these value drivers.     

Peer-to-Peer-Absicherung privater Risiken: Eine Exploration am Beispiel von Wildschaden

This paper examines the extent to which business model development is an effective method of surmounting market failure in the insurance industry. In particular, it endeavours to demonstrate that replacing the traditional relationship between the insured and the insurer with a bilateral agreement opens up new markets, thus enabling hitherto non-insurable risks to be covered by new peer-to-peer business models. The insurance against risks caused by wild animals was chosen as the empirical field, since it is known to be an area which exhibits market failure. Based on 16 episodic interviews with representatives of the hunting community, demand structures and relevant contextual factors are revealed and analysed in terms of risk coverage and claims management among community members. This paper thus proposes an alternative position to that of the traditional insurance business, in which cover is based on a large and diversified risk group.     

Die Akzeptanz von Versicherungsdienstleistungen im Internet

There is not much known about the factors that determine online demand for insurances. This current study is a first attempt to locate the variables that affect the acceptance of online-purchase of an insurance policy from existing research and empirically verify them. Results show that good terms coupled with online purchase-experience is the most important cause for acceptance. Additionally, convenience (i.e., easy access to information through internet sites of insurance companies and easy and fast contracting), perceived barriers when transferring from a traditional insurance contract to an ?online contract“, information quality of the internet offer, perceived personal risk as well as perceived transaction risk are significant factors driving online demand for insurances.     

Die demographische Zeitbombe an den Börsen: Das Beispiel Deutschland

Ohne Zusammenfassung     

Die Deckungsvorsorge der Versicherungsvermittler nach der EU-Versicherungsvermittlungs-Richtlinie

Insurance intermediaries being obliged to be registrated in Germany due to the directive have to comply with severe provisions concerning cover provisions (i. e. Deckungsvorsorge). A third-party liability insurance is virtually compulsory for insurance brokers and insurance agents charged by several insurance companies (i. e. Mehrfach-Agent), other kinds of equal alternatives for them do not exist practically. Concerning exclusively charged insurance agents (i. e. Ausschließlichkeits-Agenten), as well as in a side job, an indemnity clause of their insurance company giving the third party full rights may be a an alternative complying with the directive. The minimum covering funds being prescribed by the directive of € 1 million per event of damage and the minimum annual covering sum of € 1.5 million are appropriate to third party liability risks of an average insurance broker on the German market, for almost all of the insurance agents on this market without a permitted covering provisions, with regard to their very little third party liability risks, they are too high. Nevertheless, the German legislator is not entitled to deviate from them to lower sums for lack of an authorization rule in the directive. German legislator should transform the rules of the directive into national ones as soon as possible in favour of the interests of the consumers worthy of protection, using the existing national regulations on lawyers, notary publics, tax consultants and accountants concerning minimum contents of compulsory cover provisions and agreed exclusive clauses.     

Legitimationsdefizite und Kompetenzen der EIOPA im Lichte der Meroni-Rechtsprechung

The establishment of the European (Financial) Supervisory Authorities (ESA) represents a new peak in the process of agencification of the administration of the European Union. The European legislator has granted the newly founded European Insurance and Occupational Pensions Authority (EIOPA) numerous far-reaching powers in relation to national supervisory authorities and market participants. In this regard the question arises if the European Union was duly empowered by primary law to found this supervisory authority. It has, hitherto, also remained unclear if the extent of the powers entrusted to EIOPA is in conformity with other founding principles of European primary law and the case law of the ECJ.     

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.     

Wann lohnt sich die Beschaffung zusätzlicher Informationen? Darstellung des Entscheidungsproblems und der Ermittlung des Wertes von Informationen am Beispiel des Kalküls einer Versicherung

Insurance companies decide on refusal or acceptance (and in this case: the conditions) of a potential policyholder. This paper deals with the question whether the use of genetic testing is advantageous or not. Insurance companies have to consider costs and benefits of the additional information gained by genetic testing. The science of economics, in particular decision theory, helps investigating how insurance companies are able to optimize their outcomes. This paper deals with relevant basics of decision theory and solves the problem by making use of Jakob Marschak’s approach of information economics. The value of additional information attainable from genetic testing is calculated and integrated in the decision process of an insurance company. In doing so, the model is applied to the hemochromatosis disease. Nevertheless, the model is demonstrated in a general manner. It should be easy to adapt the approach to other illness syndromes, medical checkups or medical decision problems.     

Die Rolle der Versicherungsmathematik innerhalb der gesamten Wissenschaft und Praxis der Versicherung

Abstract

Der überraschenden ehrenvollen Einladung in den drei skandinavischen Hauptstadten im Verein der Aktuare einen Vortrag zu halten, bin ich zwar gern aber nicht ohne Bedenken gefolgt; weiss ich doch nicht, ob ich in einem solchen Kreise von Sachverstandigen der Wissenschaft und Praxis der Versicherung etwas bieten kann. Aber die so überaus liebenswürdige Schreiben Ihrer Herrn Vorsitzenden geben mil' den Mut hier zu sprechen. Ich will kein speziell versicherungsmathematisches Thema behandeln: rch will vielmehr den Rahmen weiterspannen und iiber die {iRolle der Versicherungsmathematik innerhalb del gesamten Wissenschaft und Praxis der Versicherung sprechen.