Zur Verteilung der Abschlusskosten in deutschen Lebensversicherungen

It will be shown that an amortization spread of the acquisition costs to the first N years of a classical german life insurance policy or lifelong annuity always leads to a non negative technical provision at the end of the first year if \( N\,{=}\,5 \) (and the technical provision starting with zero). For usual combinations of the age at entry and the policy duration even \( N\,{=}\,3 \) is sufficient for this purpose. The legal specification given by the new version of VVG in Germany concerning surrender value (i.e. positive value even in case of early lapse) is therefore consistent with the requirement of a amortization spread to 5 years. Additionally a recursion formula for the technical provision with N years spreaded acquisition costs is proven.     

Hedge-Fonds als Asset-Klasse: Betrachtungen aus der Perspektive der deutschen Versicherungswirtschaft

The over performance of hedge funds until the current financial market turbulences led to a large number of insurers increasing their hedge funds quota. In the following this asset class is examined and particularly analyzed with respect to its adequacy for an insurance company's asset allocation by focusing on the axiom of safety, as demanded by national law. The problem of survivorship-bias and the Markowitz requirements of normal-distribution and constant correlations among the asset classes and their impact on a strategic asset allocation are studied.     

Eignung von Hedgefonds für das Asset Management der deutschen Versicherungsindustrie

Zeitschrift für die gesamte Versicherungswissenschaft - Seit Beginn des Jahres 2004 besteht in Deutschland durch das Investmentmodernisierungsgesetz die Möglichkeit zur Gründung und...     

Kapitalanlagepolitik und -performance der deutschen Lebensversicherer im Spannungsfeld von Buch- und Zeitwerten

The analysis of the investment politics of German life insurers is very difficult, as there is only few information for it available. The following contribution focuses this lack of information and gives a view both of the investment politics and of the performance of these investments. First, using balance sheet data, we derive representative asset classes, which give an impression of the actual asset allocation of the German life insurers. Second, representative indices are selected and a performance measurement is accomplished.     

Indirekte Immobilienanlagen im Portfoliomanagement am Beispiel des deutschen Marktes

Ohne Zusammenfassung     

Effizienz und Eigentümerstruktur: Eine empirische Analyse des deutschen Lebensversicherungsmarktes

We provide new insights into the effect of ownership on efficiency by analyzing the German life insurance market over the period 2002–2005. Previous research on alternative organizational forms in the life insurance industry has focused on stock and mutual ownership only. Due to the uniqueness of the German insurance market, where privately-owned companies face competition by public insurers, we add to the recent literature the well known debate on public versus private ownership, by investigating stock, mutual and public ownership forms. Using traditional DEA, we calculate technical efficiency and cost efficiency scores to test the efficient structure hypothesis as well as the expense preference hypothesis. Our results give strong support to the latter, while we find no evidence that public ownership is an efficient corporate structure for life insurers. The group of stock firms dominates both, mutual and public insurers, although differences between stock and mutual companies are smaller than differences between stock and public firms. Analyzing within-group results, our findings suggest that high efficiency scores can be associated with certain firm characteristics which are publicly available: high returns on assets, low cancellation rates and low costs.     

Systemlücken im deutschen und europäischen Haftungs- und Schadensrecht

The european liability systems differ widely. The divergences arise in the liability systems themselves, the extent of compensation in relation to damaged property and personal injury claims and the costs of bringing about an action. It is particulary problematic that the person having suffered damages (could say: injured party) cannot insure an unforeseen event and in addition the (tortfeasor) wrongdoer will often have to bear the costs for his own damages.The essay develops a concept of compensation that aims to close the liability gaps through private insurance contracts. In the context of these insurance contracts it is possible to choose the preferred legal system. The european liability and compensation systems can be harmonized without straining the european legislator. Furthermore, the article goes on to show that class action is going to gain more importance in Europe.     

Empirische Untersuchung zur Bedeutung makroökonomischer Faktoren für Aktienrenditen am deutschen Kapitalmarkt

Ohne Zusammenfassung     

Anwendung der Volterra'schen Integralgleichungen in der mathematischen Statistik

Abstract

In der vorliegenden Abhandlung, welche einen Auszug aus den in den Abhandlungen der tschechoslowakischen Akademie für Wissenschaften (Rozpravy ?eské akademie) veröffentlichten Arbeiten darstellt ¹ Pon?iti Volterrových integrálnich rovnie v matematické statistice Jahrg. XXVI. No. 26, Praha 1917. O jisté integrodifferenciálni rovnici Jahrg. XXIX. No. 15, Praha 1920. wird die Theorie der Integral- und Integrodifferentialgleichungen auf die Lösung wichtiger Probleme der mathematischen Statistik angewendet. Das Ziel der Arbeit ist zu zeigen, dass die Volterra'schen Integral- und Integrodifferentialgleichungen die mathematische Grundlage für die Beschreibung zahlreicher sog. Kollektiverscheinungen bilden. Es handelt sich dabei um Probleme, welche die Praxis bereits seit langer Zeit mittels angenäherter Methoden durch Rekursionsprozesse oder mit, Hilfe von Hypothesen, die dem heutigen Stande unseres Wissens nicht mehr entsprechen, löst. Diese Probleme, wenn wir sie genau formulieren und auf alle Erkenntnise der Praxis und Theorie Rücksicht nehmen wollen, führen zu den Integral- und Integrodifferentialgleichungen, ohne deren Studium die Lösung also nicht vollständig ist.     

Rechtsnatur und Zuordnung der Alterungsrückstellungen in der PKV

Discussions about the inclusion of the previously privately insured into the statutory government health insurance abound. Specifically, questions regarding the transfer of specific rights under the private contract persist. In particular this article addresses the ageing reserve into which the insured contributed as part of their original policies. Since contractual claims are protected by fundamental property rights, it was first investigated whether the ageing reserve would allow the insured to claim a reimbursement. However, this disbursement cannot be supported as long as the ageing reserve is still being accrued and has not yet been dissolved since the monies paid into the reserve cannot be traced to their individual sources. The legal principles of trust (Treuhand) and reversion (Anwartschaftsrecht) are also not applicable to this situation as they are based on different factual premises. While the expectation of a constant premium throughout old age is not protected by German Basic Constitutional Law, the insured’s right to expect a continuance of the contract is protected; in addition, required services and remuneration in case of a claim are guaranteed by article 14.