Garantieversprechen für Gebrauchsgüter als erlaubnispflichtige Versicherungsgeschäfte aus deutscher und europäischer Sicht

The article deals with the conditions under which the provider of guarantees for consumer goods operates an insurance business and therefore needs a permit. This question is of fundamental academic importance as it concerns the limits of insurance. Secondly, it is of practical relevance, as is reflected in court decisions in Germany as well as in other European countries. A comparative analysis supports the following rules: An extension of the statutory warranty offered by the seller or manufacturer is normally to be regarded as ancillary to the purchase agreement, which does not lead to regulatory licensing requirements. By contrast, if a third party offers a guarantee this is to be considered as an insurance business and therefore requires a permit.     

Översikt av utländska aktuarietidskrifter

Abstract

In this paper a continuous-time model of a reinsurance market is presented, which contains the principal components of uncertainty transparent in such a market: Uncertainty about the time instants at which accidents take place, and uncertainty about claim sizes given that accidents have occurred.

Due to random jumps at random time points of the underlying claims processes, the absence of arbitrage opportunities is not sufficient to give unique premium functionals in general. Market preferences are derived under a necessary condition for a general exchange equilibrium. Information constraints are found under which premiums of risks are determined. It is demonstrated how general reinsurance treaties can be uniquely split into proportional contracts and nonproportional ones.

Several applications to reinsurance markets are given, and the results are compared to the corresponding theory of the classical one-period model of a reinsurance syndicate.

This paper attempts to reach a synthesis between the classical actuarial risk theory of insurance, in which virtually no economic reasoning takes place but where the net reserve is represented by a stochastic process, and the theory of partial equilibrium price formation at the heart of the economics of uncertainty.     

Översikt av utländska aktuarietidskrifter

Abstract

Zwischen den Leibrentenwerten bestehen sehr zahlreiche Ungleichungen. Sie folgen meist schon aus dem Umstand, dass die einfache und die höheren Leibrenten als Laplace-Transformierte aufzufassen sind. Die beziiglichen Ungleichungen sind daher durchans nicht an einen besonderen versicherungsmathematischen Inhalt derselben gebunden. Sie enthalten die Erlebenswahrscheinlichkeiten nur unter der Voraussetzung positiver Grössen. Bindet man diese Grössen aber an eine bestimmte Absterbeordnung, dann ergeben sich, wie zu erwarten, sehr wesentliche Verschärfungen dieser Ungleichungen, so dass diese dann hinreichen, numerisch wertvolle Aussagen zu gestatten.