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.     

Ein Regressionsmodell zur sparten- bzw. marktbezogenen Analyse der Eigenkapitalkosten von Unternehmen am Beispiel der Versicherungsbranche

In this paper we present a regression model which is fitted in the cost of equity of stock market companies. In this way we can estimate the cost of equity for companies which are not listed on the stock market based on the weights of line of business and market. Thus the cost of equity used for a value based management of strategic business units can be derived on the basis of these economic parameters. The theoretical model is introduced in a general setting for companies of any industry sectors. Then the model is applied to the insurance sector based on the lines of business Life and Non-life as well as on markets for Germany, Europe and the United States of America.     

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 Mitgliedschaft EG-ausländischer Versicherungsunternehmen im Sicherungsfond der Lebens- und Krankenversicherung

The present regulation of the German guarantee funds for life and health insurance offers no possibility for insurance enterprises from other memberstates of the EC to become a member of these funds. Whereas an obligatory membership for EC-foreign insurance enterprises would violate the single-license-principle for financial supervision in the EC, community law requires a possibility to become a member of the German guarantee funds on a voluntary basis. The absence of the possibility of such a voluntary membership in the German insurance supervision law leads to an inadmissible restriction of the fundamental economic freedom rights of the common market. Therefore, the German legislator has to add the possibility of a voluntary membership to his national regulation of the guarantee funds to secure an undistorted competition on the common market for insurance in the EC.     

Die Geschäftsleiterkontrolle im Versicherungsaufsichtsrecht

The material risks, which can derive from insurance companies, legitimate the severe limitation of the insurance company manager’s constitutional right of the freedom of work. The reliability in insurance company managers is basically assumed. It can regularly only dispensed with a qualified infringement of law, not by a decline in moral standards. In this context the eligibility of infringements has to be detected by a valuation. Therefore the criteria besides the whole purpose of the German Insurance Supervision Act (VAG) are met in: The gravity of the offence, the reference to the occupation, frequency, the future comportment as well as the time lapse. Business judgements are categoricaly not approachable to the supervision of reliability.     

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.