Rückversicherung und Risikostrukturausgleich als Instrumente der Risikoallokation in der gesetzlichen Krankenversicherung

Within the context of the Health Care Reform Act from 1992 a risk adjustment mechanism was introduced. The risk adjustment mechanism should reduce risk selecting that has increased with the introduction of greater choice for insured persons. With the redistribution of income for the risk factors age, gender, numbers of disabled people and the way to get sick-pay, competition should be developed with the aim of reduced competitive distortion and a fairer distribution of income. However, the risk adjustment mechanism has missed it aims partially, and it also has not increased the efficiency of the health care system. It is therefore necessary to ask for alternative solutions. The authors see an alternative in private reinsurance as an additional and substitute instrument to the risk adjustment mechanism.     

Kundenzufriedenheit als Steuerungsinstrument in einem Versicherungsunternehmen – nur Schall und Rauch oder ökonomisch sinnvoll?

Customer behavior is managed by customer satisfaction in two dimensions: Insurer can profit by a higher customer loyalty und in addition, by a sensitive price behavior of customers. The findings of moderating effects are mean considered and thus, customer satisfaction is a too strong indicator of economic success in established concepts. To mange an insurance company effective, it is a good advice to implement a model that is specific for each company. This model should respect the heterogeneous factors of influence due to customer satisfaction by multidimensional instruments. Hence, insurer may identify drivers of service and work with analysis of correlations to describe the coherence between customer satisfaction and economic success exactly. The alignment for customer satisfaction is worth for traditional insurance companies, but only, if customer satisfaction is understood as an economic valued management that is culturally based in the firm. Manager should account for this suggestion to follow a sustainable story in a saturated competitive environment.     

„Insuring the Agents“ – Managerdisziplinierung und Rolle der D&;O-Versicherung als Instrument der Corporate Governance

Directors' and officers' (D&;O) insurance can play an important role in disciplining managers in the interest of the shareholders' goals. I investigate the current status of the discussion on D&;O insurance in Germany and the role of D&;O insurance as well as D&;O insurers as a corporate governance instrument. Using the agency theory, the paper argues that shareholders of large German corporations delegate the monitoring to the board (Aufsichtsrat), to the independent auditor, but also to D&;O insurers. Given the German Managed Governance system with a traditionally high degree of debt financing and bank control, the monitoring role of the D&;O insurers can therefore be interpreted as being similar to creditor monitoring.     

Die offene Mitversicherung als Outsourcing

Transfer of tasks to the leading insurer when establishing a co-insurance is common. German insurance supervision law classifies this delegation as an outsourcing and provides legal requirements regarding its performance. After the full installation of the Solvency II-regime this form of outsourcing will have to meet changed legal requirements. Fulfillment of legal requirements needs to be harmonized with the legal specifities of co-insurance, which evolve from the legal relationships of the co-insurers with each other.     

Zunehmende Unsicherheit als Risiko für die Versicherung: Risikotransfer zwischen Unternehmen,Banken, Versicherungen und Märkten

The increase in natural and human catastrophes is well documented. For risk averse private customers this increase in risks implies an increase in the willingness to pay for insurance which in turn increases the business possibilities for insurers. However, this argumentation can not be transferred to firm insurance, as, following the work by Modigliani and Miller, companies are in general not to be regarded as being risk averse. In this article we discuss with the example of the demand for reinsurance why firms might want to shift risk to other firms. An empirical study for the German market for reinsurance is presented. The results are then used to discuss whether an increase in risk might lead to an increase in risk transfers between firms and insurers.     

Elektronische Datenträger als Informationsmedium

The insurer may meet his obligation to inform the insured by using a CD-ROM or an USB-Stick instead of using a paper form. Although the information’s content doesn’t depend on the used medium, special questions arise in respect of some information-parts when an electronic data medium is used. For instance, the practical question how to put the “Produktinformationsblatt” (product fact sheet) in front. Further problems in connection with the use of an electronic data medium concern the information in due time and to the burden of proof.