Captives zur Absicherung von Extremrisiken? Eine Untersuchung am Beispiel der OIL Insurance Limited

The use of captive insurance companies (captives) is quite common among big and international companies. Generally, captives are used to insure against high frequency/low severity risks. However, we can find captives which have been founded to deal with extreme risks as well. An example is the OIL Insurance Limited (OIL Insurance). In this context, we examine from a theoretical perspective whether captives are suitable for insurance against catastrophe risks. We show that regarding actuarial aspects captives have advantages in comparison to internal self-insurance and disadvantages in comparison to external insurance. The foundation of industry captives through the association of several companies can solve some of the problems, but further criteria especially costs have to be considered. Based on the developed arguments, we analyse whether our case example OIL Insurance is an appropriate instrument to transfer extreme risks.     

Kritische Betrachtung marktorientierter Kapitalkostenbestimmung bei der Bewertung von Versicherungsunternehmen

Increasingly modern discounted cash flow approaches are used for valuing insurance companies. An essential feature of these approaches is the discounting of prospective cash flows with an interest rate deduced from capital markets. Due to its generality and objectivity such an interest rate is preferred. However this article demonstrates that operationalizing this interest rate is highly subjective, preventing the goal of objectivity from being achieved.     

Einfluß der Besteuerung in der wertorientierten Performancemessung im Kompositversicherungsunternehmen

The tax regulation framework is an important influence factor for value based management. So the implications of taxation on management decisions have to be explicitly verified and quantified within the valuation concepts. In this paper we take that point into account by extending the model for value based management of a composit-insurance company developed in the article from Schmautz and Hartung (ZVersWiss 98(4):411–430, 2009) by the framework of taxation. In the discussion we focus the effects of taxation and creation of provisions on the shareholder cashflow. Again the study examines theoretical aspects on the one hand and practical aspects with the special focus on an examplary implementation on the other hand.     

Grüne Gentechnik im Kontext der Haftpflichtversicherung

Genetically modified organisms (GMOs) play regularly an important role in the negotiations on cross-border trade agreements (e.?g. TIPP). Especially the so-called “green genetic engineering” is in the focus of attention because it comprises the development of novel or modified plants and food. However, GMOs are in the public perception still barely accepted and are also heavily regulated by law. Therefore, it is unclear, which liability risks GMOs contain and for which potential claims producers are liable. The aim of the paper is to illuminate the extent to which green genetic engineering is a particular challenge for liability insurance. Also an overview shall be given, which possible damage scenarios can trigger liability cases.     

Comparative evidence about the verbal and analytical aptitude of accounting students

Concern over the declining quality of accounting students has led to widespread changes in accounting education. Yet, surprisingly little evidence exists to indicate that we can draw better students by changing curricula and teaching methodologies. This study adds to the rather small sampling of work on the relative quality of accounting majors. It focuses on the retention and attraction of high quality students with both analytical and verbal skills. The results show that the accounting major attracted and retained top students from the University. Students who chose an accounting major, however, tended to be stronger in analytical than verbal skills and this gap widened with attrition. Analytical skills related more strongly than verbal to performance in the introductory accounting course, although verbal skills became more important in more advanced coursework.