Betriebswirtschaftliche Rahmenbedingungen für eine nachhaltige Entwicklung von „New Economy-Unternehmen” in der Versicherungswirtschaft

While a whole set of ?new economy enterprises” in the insurance business were successfull, many of them left the market after a very short life span. What are the substantial conditions for the success of these enterprises? The answer to this analisis can be summarized in three aspects:

1. The business model should contain a sufficient information-economic transaction benefit.
2. The branding strategy should create in the sense of Informationssurrogates sufficient confidence and generate respectable traffic.
3. The supply of sufficient investment capital must be guaranteed during the entire starting period.

     

Industrieversicherung in der Türkei im Vergleich zu Deutschland

In conjunction with the rapidly advancing industrialization of Turkey, the segment of industrial insurance has also steadily gained in importance. People seeking cover for industrial risks situated in Turkey, however, face several rather significant constrictions. Whilst some of those may be circumvented at least partially, the Turkish situation raises the question of the need for legislative reform (possibly inspired by German law) in this area. Such would foster the development of more innovative and adequate insurance products by the Turkish insurance market.     

Die Bedeutung der Haftpflichtversicherung für die Annahme konkludenter Haftungsausschlüsse

The article covers the practically important question under which circumstances the construction of implied exclusions of liability is influenced by the liability insurance of the injuring party. It is focused on the two practically most relevant case groups in which the jurisdiction considers implied exclusions of liability possible (liability in accommodation agreements and liability in sports). The author firstly shows that under tort law, the consideration of liability insurance is both possible and necessary. Secondly, the author demonstrates that possible objections based in insurance law (such as the principle of separation) are not convincing. This is not limited to compulsory insurances, but applies to all types of liability insurances.     

Ein Reservierungsverfahren für die Rechtsschutzversicherung nach Art der Lebensversicherung

In this paper we introduce a new approach to the calculation of claims reserves (known and IBNR cases) which is particularly adapted to the business model of legal expense insurance. An essential aspect here is the split into two model components: case numbers and average claim costs. In contrast to other reserving methods for case numbers and claims cash flows which are frequently used in practice without checking the validity for application we introduce a model in which the time until case settlement is described by a lifetime distribution according to the principles of life insurance. The split of model components also allows for a simple implementation of cost inflation effects which is required by German law. Finally, the approach proposed here can readily be transferred to the calculation of IBNR reserves.     

Zur Variationsrechnung für die Verteilungsfunktionen

Abstract

Die Variationsrechnung hat zur Aufgabe, unter den Funktionen F(x), die einer gewissen Klasse C angehören, diejenige zu finden, welche ein Funktional J[F] zum Maximum oder Minimum macht. In der allgemeinen Variationsrechnung enthält die Definition der Klasse C gewöhnlich nur derartige Bedingungen, die erforderlich sind, urn die Existenz von J[F] zu sichern, z. B. Kontinuität oder Differentierbarkeit bis zu einer gewissen Ordnung, und ausserdem eventuell gewisse “Nebenbedingungen” von der Form J_v [F] = c_v (v = 0, 1, ..., n).     

Pay-As-You-Drive Angebote von Erstversicherern für Privatkunden

“Pay-as-you-drive” (PAYD) concepts for car liability insurances envisage that real driving behavior and situation data are captured and processed via car sensors and tracking systems in order to calculate case-specific insurance rates which better correspond to the risk profiles of policy holders (PH) than conventional tariffs. The present article provides an outline of PAYD insurance variants, of legal arrangements with particular relevance for PAYD offerings in Germany and of the international dissemination of PAYD concepts. It shows that although PAYD offerings of direct insurers (DI) for private customers are not barred by insurmountable technical or legal barriers, they so far have little practical relevance in Germany. Against this background expected PAYD impacts on revenues and costs of DI are discussed in detail in order to analyze the extent to which DIs’ cautious PAYD offering strategies may be qualified as economically reasonable. The investigation suggests that the profitability effects of PAYD insurances of DI targeted at private customers are far from being definitely and clearly positive. Thus, it is very unlikely that DI will make significant investments on their own in order to create a large German residential market for PAYD insurances. Rather such a market will not emerge without accompanying state interventions.     

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.     

Ein Risikoausgleichsmodell für den Wettbewerb um Bestandskunden in der PKV

The capital funded health insurance system in Germany (the PKV) is afflicted with a lack of competition because insurants lose their ageing provisions if they switch their insurer. So far an adequate model for the transfer of ageing provisions regarding economic as well as actuarial aspects is missing. In this paper we develop a model for the transfer of ageing provisions in the German PKV, which is consequently based on the existing calculation methods. We show the necessity of a new risk adjustment reserve providing a signal for the the risk level of health insurance collectives. From a calculative point of view, the risk adjustment reserve is connected with the basis for actuarial calculation of the PKV collectives. Further studies should concentrate on quantifications of the derived model components.     

Aus der Sterblichkeitserfahrung einer Heilanstalt für Lungenschwindsüchtige

Abstract

Die im folgenden angegebenen Zahlen sind aus dem in dem Sanatorium Takaharju (Finnland) während der 20-jährigen Periode 1903–1923 angesammelten Material hergeleitet worden. Das Sanatorium ist eine Heilanstalt nur für Lungenschwindsüchtige.     

Pflichthaftpflichtversicherung für Hersteller von Medizinprodukten – überfällig oder überflüssig?

Given actual legislative initiatives in the German Bundestag the question arises as to whether in the interest of patient safety-compulsory liability insurance for producers of medical devices should be implemented. At present, these proposals for reform are incompatible with the constitutionally-guaranteed principles of professional freedom and freedom of contract. Furthermore, it is questionable whether compulsory liability insurance would in fact improve the situation of patients taking into consideration the insurer’s status and possible release from obligation. Should compulsory liability insurance pass constitutional review due to new factual findings in the future, a direct claim against the liability insurer is not advisable. A possible victim compensation fund is not to be financed by the producers or their liability insurers.     

Ausgleichung der Sterblichkeit der Versicherten in der schwedischen lebensversicherungsanstalt “Trygg” für die Periode 1899–1916 (Volksversicherung)

Abstract

Die vorliegende Ausgleichung der Sterblichkeit in der “Trygg” ist von mir im ersten Halbjahr 1921 im Auftrag des Kgl. Schwedischen Aufsichtsamts für Privatversicherung vorgenommen worden.     

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.     

Solvenzkapital für FLV unter Berücksichtigung von dynamischem Storno

Der vorliegende Beitrag zeigt ein Verfahren zur Modellierung dynamischen Stornos im Rahmen eines partiellen internen Modells zur Bestimmung des Solvenzkapitals auf. Dabei wird das Stornoverhalten der Versicherungsnehmer von der Entwicklung des Kapitalmarktes und somit des Fondswertes einer fondsgebundenen Lebensversicherung beeinflusst. Das partielle interne Modell erm?glicht es dem Versicherungsunternehmen stochastische Bewertungen durchzuführen, ohne dabei auf die Vorteile der Standardformel zur Bestimmung des Solvenzkapitalbedarfs zu verzichten. Es konnte nachgewiesen werden, dass die Berücksichtigung dynamischer Stornorisiken unter bestimmten Annahmen erhebliche Auswirkungen auf die H?he des Solvenzkapitalbedarfs haben kann. Eine genaue Untersuchung des tats?chlichen Stornoverhaltens der Versicherungsnehmer erscheint vor dem Hintergrund dieser Ergebnisse notwendig.     

Über die herleitung einiger formeln für mittlere fehler

Abstract

In meiner Arbeit »Zur Korrelationstheorie»¹ habe ich u. a. Formeln zur Berechnung des mittleren Fehlers eines partiellen Regressionskoeffizienten und eines partiellen Korrelationskoeffizienten abgeleitet. Die hierbei angewandte Methode liefert zwar das Resultat in aller Strenge, sie lässt aber noch an Einfachheit zu wunschen ubrig, und es geht aus den Entwickelungen nicht hervor, inwieweit sie auf andere gleichartige Aufgaben anwendbar ist. Im folgenden wird eine Darstellung dieser Methode gegeben, indem versucht wird, dieselbe so einfach wie moglich zu gestalten und die Tragweite derselben zugleich moglichst klar hervortreten zu lassen.     

Neue Sterblichkeitstafeln der “Varma” für minderwertige Leben

Abstract

Die in der Versicherung minderwertiger Leben angewendeten hypothetischen Sterblichkeitstafeln zerfallen ihrem Klassifizierungsgrunde nach in zwei Gruppen: die Klassifizierung gründet sich 1:0 auf die Art der Minderwertigkeitsursache, 2:0 auf den geschatzten Grad der Minderwertigkeit.