Die Analyse und Beurteilung der Kapitalanlagepolitik deutscher Lebensversicherer istvon außen – insbesondere für Anteilseigner und Versicherte – sehr schwierig, da hierzuim Allgemeinen nur wenige Informationen zur Verfügung stehen. Der folgende Beitragwidmet sich diesem Informationsmangel...

Fair pricing of embedded options in life insurance contracts is usually conducted by using risk-neutral valuation. This pricing framework assumes a perfect hedging strategy, which insurance companies can hardly pursue in practice. In this paper, we extend the risk-neutral valuation concept with...

Es wurde die Kapitalanlageperformance der deutschen Lebensversicherer unter Performance- und Risikoaspekten untersucht. Dabei hatte Albrecht festgestellt, dass der erhobene Vorwurf einer unbefriedigenden Kapitalanlageperformance der deutschen Lebensversicherer aus empirischer Sicht unbegründet...

Guarantee insurance is used by the state to solve some questions of consumer protection. To be specific it is insurance of tour operators against bankruptcy and insurance of employment agencies against bankruptcy. In both cases the insurance covers business risks of businesses and legal entities...

This document is a flow chart form is created to give a high-level view of the Life Insurance business from a shareholder’s point of view. This explains the role of capital that shareholders inject in relation to the achievement of profit and how risk management helps in the optimization of...

The study assesses the influence of company policy on the buying intentions of life insurance policyholders. The influence of agent behaviour and financial self-sufficiency on buying insurance products is measured as well. An attempt is also made to trace the impact of demographic factors like...

VaR_Delta-Normal fails in two counts: subadditivity and potentially producing losses larger than its portfolio value. This paper solves the second inconsistency developing formulas derived from a put option, named PVaR_Delta-Normal and Put_Expected_Shortfall, PSF_Delta-Normal; the latter also...

The existing replication policies at top finance journals are far weaker than the policies at top economics journals. This paper explores both the costs and benefits of having a stronger replication policy in the context of my failed 2010 initiative to develop a unified policy across all top...

Die seit nunmehr 20 Jahren geführte gesellschaftspolitische Debatte zum Konzept desShareholder-Value ist vor allem auch durch eine unklare Belegung und Abgrenzung derverwendeten betriebswirtschaftlichen Begriffe gekennzeichnet. Im vorliegenden Beitragwird in einem ersten Schritt eine formale...

This paper looks for evidence of adverse selection in the relationship between primary insurers and reinsurers. We test the implications of a model in which informational asymmetry – and therefore, its negative consequences – decline over time. Our tests involve a data panel consisting of...