Similar Search Results

Is one plus one always two? : insuring longevity risk while having multiple savings accounts

Hurwitz, Abigail; Sade, Orly - 2021

Persistent link: https://www.econbiz.de/10014297006

Lethal lapses : how a positive interest rate shock might stress German life insurers

Feodoria, Mark; Förstemann, Till - 2015

Life insurers typically grant policyholders a surrender option. We demonstrate that the resulting lapse risk could materialise in the form of a "policyholder run" if interest rates were to increase sharply. An inverse stress test based on a unique set of regulatory panel data suggests that...

Persistent link: https://www.econbiz.de/10011285414

How is the low-interest-rate environment affecting the solvency of German life insurers?

Kablau, Anke; Weiß, Matthias - 2014

find themselves in a position in which their solvency is at risk. A scenario analysis is used to examine the stage at which … German life insurers would no longer be able to fulfil the currently prevailing Solvency I own funds requirements owing to … yields on investments were also to come under pressure, 32 enterprises would no longer be able to meet the Solvency I own …

Persistent link: https://www.econbiz.de/10010432256

Inter-cohort risk sharing with long-term guarantees : evidence from German participating contracts

Hombert, Johan; Möhlmann, Axel; Weiß, Matthias - 2021

Long-term minimum return guarantees sold by European life insurers increasingly become binding as interest rates decline. While participating contracts embedding these guarantees are designed to share market risk across investor cohorts when guarantees are not binding, we study how binding...

Persistent link: https://www.econbiz.de/10012497374

Arbitraging the Basel securitization framework : evidence from German ABS investment

Efing, Matthias - 2015

This paper provides evidence for regulatory arbitrage within the class of assetbacked securities (ABS) based on individual asset holding data of German banks. I find that those banks operating with tight regulatory constraints pick the securities with the highest yield and lowest collateral...

Persistent link: https://www.econbiz.de/10011391709

On the exposure of insurance companies to sovereign risk : portfolio investments and market forces

Düll, Robert; König, Felix; Ohls, Jana - 2015

reflected in current insurance regulation (incl. upcoming Solvency II in Europe). …

Persistent link: https://www.econbiz.de/10011373080

Why hedge? : a critical review of theory and empirical evidence

Ammon, Norbert - 1998

Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial … corporate hedging: equity value maximising strategies and strategies determined by managerial risk aversion. The first category … distress and costs of external finance or to replace home-made hedging by shareholders. The second category considers that …

Persistent link: https://www.econbiz.de/10013428154

Endogenes Wachstum und Altersvorsorge : Wachstum, Effizienz und polit-ökonomischer Prozess

Veit, Marc D. - 1995

Persistent link: https://www.econbiz.de/10000911307

Better be careful : the replenishment of ABS backed by SME loans

Fenner, Arved; Klein, Philipp; Mössinger, Carina - 2021

We investigate the replenishment of 102 asset-backed securities (ABS) backed by more than 1.7 million small- and medium-sized enterprise loans. Based on our extensive data set from 2012 to 2017 obtained from the first and only central loan-level repository for ABS in Europe, we reveal that loans...

Persistent link: https://www.econbiz.de/10012617561

Interest rate risk of life insurers : evidence from accounting data

Möhlmann, Axel - 2017

, there is a wide dispersion across the sector. I find that insurers' size, growth and solvency are negatively correlated with …

Persistent link: https://www.econbiz.de/10011648952