Reuß, Andreas; Ruß, Jochen; Wieland, Jochen - In: Risks 4 (2016) 2, pp. 1-18
Traditional participating life insurance contracts with year-to-year (cliquet-style) guarantees have come under pressure in the current situation of low interest rates and volatile capital markets, in particular when priced in a market-consistent valuation framework. In addition, such guarantees...