Managerial risk-taking incentives and the systemic risk of financial institutions

Review of Quantitative Finance and Accounting - This paper examines whether the systemic risk of financial institutions is associated with the risk-taking incentives generated by executive...     

Sterblichkeits-Statistik der Varma über erhöhteRisiken mit Anomalien hinsichtlich derKreislauforgane

Abstract

Die Lebensversicherungsgesellschaften haben fast während ihrer ganzen Tätigkeit auch solche Personen in die Versicherung angenommen, denen man die Lebensversicherung nicht zu tarifmässiger Prämie hat bewilligen können. Dessen ungeachtet ist die Erweiterung der Lebensversicherungstätigkeit auf solche Personengruppen, deren Sterblichkeit in wesentlichem Masse die Bevölkerungssterblichkeit überschreitend geschätzt wird oder die eigentliche Versicherung erhöhter (anomaler) Leben sehr neu. In Europa kann sie nur einige Jahre über 20 zählen. In Amerika hat sie schon eine etwas längere Erfahrung hinter sich. Aus der Neuheit der Tätigkeit folgt, dass es nur wenige Versichertensterblichkeitsuntersuchungen über diese Risiken gibt, weshalb man bei der Herleitung der Tätigkeitsgründe in vieler Hinsicht gezwungen ist sich auf Erfahrungen aus ziemlichfernen Kreisen zu stützen. Dazu kommt, dass die Verhältnissein den verschiedenen Ländern vielfach unterschiedlich sind, weshalb auch die Bedeutung einer Anomalie hinsichtlichder Sterblichkeit in verschiedenen Ländern eine andere sein kann.     

Erhöht Solvency II den Bedarf an Rückversicherung im Schaden-/Unfallgeschäft in Deutschland?

Reinsurers and reinsurance brokers are often of the opinion that the introduction of Solvency II will lead to changes in how re-insurance is purchased. Our analysis of these assumptions for the German property and casualty insurance market lead to a market survey. This survey revealed that overall the participating insurance companies expect no significant changes for their companies, although they do anticipate changes in buying patterns of the rest of the market and in the overall market environment. This paper examines the reasons for this difference in expectations between those of individual companies and those of the overall market.     

Prämienanpassungen im Risikoklassenmodell der Privaten Krankenversicherung

In Zähle (Blätter DGVFM 31:39–64, 2010), a risk class model for the portability of the reserves for increasing age in Germany’s private health insurance system was introduced. In the present article, this model is extended in such a way that also successive premium adjustments are taken into account. In our model, the current risk class of an insurant does not play any role for a premium adjustment. In fact, only the risk class, to which the insurant belonged at the beginning of the contract, matters for a premium adjustment. From a mathematical point of view, our model provides a neat solution for the problem of the portability of the reserves for increasing age. In particular, the presented model is a real extension of the conventional model of Germany’s private health insurance system insofar as the conventional model can be recovered by restricting to a single risk class. So the well-tried premium calculation principle will basically remain.     

Bedrohlicher Wirtschaftspatriotismus

Ohne Zusammenfassung     

Developing Organizational Trust Through Advancement of Employees’ Work Ethic in a Post-Socialist Context

The paper highlights the dependence of the level of organizational trust on work ethic and aims to show that development of trust in organizations can be␣stimulated by raising the level of work ethic with organizational practices. Based on the framework by Kanungo, R. N. and A. M. Jaeger (1990, ‘Introduction: The Need for Indigenous Management In Developing Countries’, in A. M. Jaeger and R. N. Kanungo (eds.), Management in Developing Countries (Routledge, London), pp. 1–23), historical–cultural analysis of the Lithuanian context is carried out. The country is chosen as an example of a post-socialist context where work ethic and trust in the society tended to be rather low. The authors discuss organizational practices, particularly the ones related to people management, which can facilitate development of work ethic, and thus, trust in organizations operating in a post-socialist context. The importance of a processual approach to the development of organizational trust and the ethical content of organizational practices, which are aimed at developing organizational trust is highlighted. Directions for further research are indicated.