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.