The purpose of this article is a qualitative economic impact assessment of the SolvencyII proposals. In a first step, we elaborate the economic foundations of insurancemarket regulation. Based on three sources of market failure, we derive economicobjectives of regulatory intervention. In our...

As early as the 1970s, European Union (EU) member countries implemented rulesto coordinate insurance markets and regulation. However, with the more recentmovement toward a general single EU market, financial services regulation hastaken on new meaning and priority. Solvency I regulations went...

Unabhängige Vermittler erbringen im Rahmen Ihrer Tätigkeiten wichtige Dienstleistungen fürVersicherungsunternehmen und Versicherungsnehmer. Zum einen soll für Versicherungsnehmerin vielen Bereichen passender Versicherungsschutz besorgt werden (Produktauswahl). Darüber hinauskönnen...

In our article we consider insurance as a means of allocating terrorism risk. Terrorism poses a significant challenge for insurers worldwide. In terms of possible losses it fits into the same category as earthquakes and hurricanes. Yet as a result of the uncertainty surrounding these risks...

This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of...

In our article we consider insurance as a means of allocating terrorism risk. Terrorism poses a significant challenge for insurers worldwide. In terms of possible losses it fits into the same category as earthquakes and hurricanes. Yet as a result of the uncertainty surrounding these risks...

This paper studies the evolution of hurricane insurance in Florida over the last decades. Hurricanes (and other natural catastrophes) are typically referred to as “uninsurable” risks. The more exposed property owners find it difficult to obtain insurance cover from the private market and/or...

This article deals with the actual development and changes in the regulatory approach in a financial services area. Especially it focuses on process of identification of the weaknesses of the regulatory environment in the EU by The High-Level Group On Financial Supervision In The EU chaired by...

We examine the market reaction and shift in risk from nine prominent government interventions in response to the crisis between February 2007 and July 2009 on four types of institutions: banks, savings and loan associations (S&Ls), insurance companies, and real estate investment trusts (REITs)....

This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of...