Darstellung und Abgrenzung des deutschen Versicherungsvermittlungsmarktes

Insurance intermediation is mostly known as a distribution entity of insurance companies. Therefore only limited research has focused on German insurance intermediaries as an independent market. The business of insurance intermediaries can not only be limited on selling policies, they also offer other services to policyholders. The aim of this paper is threefold. First, we explain the structure as well as the legal and the fiscal characteristics within the insurance intermediation market. Second, we describe the business of German intermediaries. Third, we show that this market can be defined as an independent market.     

Rechnungslegung und Aufsicht von Versicherungsunternehmen — Zur Vereinbarkeit von IFRS und Solvency II

Current discussions of Insurance Accounting and supervisory regulation present some major challenges for insurance companies. The International Accounting Standards Board (IASB) started a project on Insurance Accounting to apply the principles of fair value to insurance liabilities. At the same time ‘Solvency II’ contains a fundamental and wide-ranging review of the insurance solvency regime in the light of adequate risk consideration. The paper discusses the aims and problems of both projects. The separate illustration presents the basis to identify the essential interdependences of ‘Insurance IFRS’ and ‘Solvency II’.The main problem is to create a unique valuation basis for Insurance Liabilities which makes allowance for relevant and reliable accounting rules as well as for solvency margins. On the basis of an actuarial approach an adequate model is shown. The construction of Fair Value contains the deviation of a Market Value Margin (MVM), which reflects the premium that a marketplace participant would demand for bearing the uncertainty inherent in the cash flows. For the purpose of solvency additional risk components must be integrated due to the fact that the Market Value Margin basically does not allow for all parts of volatility and uncertainty risk in insurance liabilities.     

Das Shareholder-Value-Prinzip im Spannungsfeld von Theorie und Praxis

The socio-political debate about the shareholder value concept has been going on since twenty years and has partly been characterized by an indistinct assignment of the used economic terms. In a first step, this article undertakes a formal concretion of the shareholder value based on finance theory and thus aims to contribute to an objectification of the ongoing discussion. In recent years, an increasing number of controlling concepts have been developed and implemented in insurance practice, which are linked to the shareholder value concept. In a second step, the paper analyzes to what extent differences arise between the shareholder value as a construct of financial theory and its practical applications. Further, possible consequences are discussed that can be drawn from these differences.     

Wertorientierte Steuerung von Versicherungsunternehmen im Lichte des normativen Managements

The values, standards and ?pictures“ defined by normative management determine the fundamental conditions to a substantial extent, eventually leading to the choice of the appropriate management approach. Two fundamentally distinct leadership models are available:

• — the constructivistic-technomorphe approach, e. g. in the specific shape of value orientation and
• — the systemic-evolutionary approach, e. g. in the shape of system-oriented management.

Investigations of corporate biographies support the assumption that aspects of the systemic-evolutionary management approach tend to be more suitable to lead corporations to a successful development. This does not necessarily imply that value orientated management is not applicable. However, a comprehensive tailor made combination of various leadership models to meet specific demands of the insurance industry seems to be advisable.     

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.     

Die Abgrenzung beitragsbezogener Pensionspläne aus Sicht des Asset-Liability-Managements

As a first step towards establishing models for the asset liability management (ALM) of contribution based pension plans of German pension funds it is important to characterize the essential properties of such plans. It is shown that it is not appropriate to assume an equivalence between such plans and a ?Beitragszusage mit Mindestleistung” (contribution based pension plan with investment guarantee). Although the plans under consideration grant the participation in the asset returns generated by the pension fund, they also guarantee a benefit level. This shows clearly that it is impossible to apply traditional ALM models for defined contribution plans — which in general provide no minimum benefit guarantee — to German pension funds without substantial alterations.     

Zur Bedeutung von Gentests beim Abschluß von Lebens- und Krankenversicherungsverträgen

The investigation deals with constitutional and insurance law problems of gene tests on completion of life and health insurance contracts. There are predominate reasons for the admissibility of a fundamental prohibition of predictive gene tests as a requirement of the completion of an insurance contract. Exceptions from the prohibition are only thinkable in special cases. Gene tests that were already performed should be allowed to be used by the insurer (only) if the insurer offers an expectancy insurance to the person affected. Furthermore the person must be informed about possible insurance related and legal risks before commencement of the test by the physician.     

Prognose des Sicherheitspotenzials von Fahrerassistenzsystemen — Methodik und Datengrundlagen

For the prediction of the safety potential of driver assistance systems as a tool in automotive product development a variety of methods have been established. This paper describes different methodological approaches and the underlying data required.     

Zur Theorie und Praxis der Berechnung des effektiven Zinsfusses bei Anleihen

§ 1. Einleitung.

Die folgende Darstellung des in der Überschrift genannten Problems schliesst sich direkt einem Vortrage des Verfassers im schwedischen Aktuarverein am 2.2. 1939 an, in welchem er schon die Hauptresultate des § 3 mitteilen konnte.     

Das Gesetz von Gauss und die Theorie des Risikos

Abstract

1. Die Theorie des Risikos in der Lebensversicherung hat für die Praxis bisher wohl nie die Bedeutung erlangt, die man von verschiedenen Seiten für sie beansprucht hat. Die Beurteilung der Stabilität einer Versicherungsanstalt gegen Sterblichkeitsschwankungen, die Festsetznng von Höchstbeträgen auf eigenem Risiko, die Bildung und Verwaltung der Sicherheitsreserven — alles dies wird wohl im allgemeinen nach verhältnissmässig wenig durchgedachten praktischen Erwägungen geregelt, ohne dass dabei die Theorie zur Sprache kommen darf.     

Entwicklung des Nebeneinanders von Privat- und Sozialversicherung in den Niederlanden

In the Netherlands, a “dual system” with a public and private sector has been established for health insurance. The advantage of this system is that the positive aspects of a good social policy with room for the employer are combined in order to avoid the buroc-racy and rigidity of a purely public system. In spite of the good experiences with this system over the last years, the Public Health Service is changing and innovations must be given a chance. This explains the willingness of the Netherlands to exchange practical experience with other countries and to discuss with other EU members the possibility of a combined orientated development of the Public Health Service system within the EU.