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Adverse selection with individual- and joint-life annuities

Pech, Susanne - 2004

the annuity market. First, we examine the pooling equilibrium for individual-life annuities and show that in the presence … a separating equilibrium may exist. These results are obtained in a framework where couples are mandated to buy joint … between individual- and joint-life annuities, we find that in equilibrium couples with long-lived partners buy individual …

Persistent link: https://www.econbiz.de/10009748292

Recent competition in the Japanese life insurance industry

Souma, Toshiyuki; Tsutsui, Yoshiro - 2005

This paper examines a change in the level of competition in the Japanese life insurance industry over the last 17 years. We estimate the first order condition for profit-maximizing insurance oligopolies to obtain the degree of non-competition and collusion. Estimation results suggest that: 1)...

Persistent link: https://www.econbiz.de/10010332256

When gambling for resurrection is too risky

Kirti, Divya - 2018

Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers hit less hard by the crisis. Capital requirements alone do not explain this risk reduction: insurers hit hard reduced risk within assets with identical regulatory treatment....

Persistent link: https://www.econbiz.de/10011984852

The intra-industry effects of life insurance company demutualizaton

Meador, Joseph W.; Trahan, Emery A. - In: Journal of Risk and Financial Management 1 (2008) 1, pp. 77-99

We examine the impact of demutualization announcements by 13 life insurance companies during 1996-2000 on the value of existing stock-owned life insurance companies and companies in other segments of the insurance industry. Demutualization announcements are associated with negative stock price...

Persistent link: https://www.econbiz.de/10011843213

Exploring the market risk profiles of U.S. and European life insurers

Grochola, Nicolaus; Browne, Mark Joseph; Gründl, Helmut; … - 2021

Market risks account for an integral part of life insurers' risk profiles. This paper explores the market risk sensitivities of insurers in two large life insurance markets, namely the U.S. and Europe. Based on panel regression models and daily market data from 2012 to 2018, we analyze the...

Persistent link: https://www.econbiz.de/10012626529

Interaction effects between dynamic hybrid products and traditional deferred annuities in the German life insurance market

Moretti, Nikolaj; Bartels, Johannes - In: Financial Markets and Portfolio Management 35 (2021) 2, pp. 193-224

Dynamic hybrid products emerged in 2007 and are now well established in the German life insurance market. In this article, we study interaction effects between dynamic hybrid products and traditional deferred annuity contracts, that are sold by the same insurance company. The key question we...

Persistent link: https://www.econbiz.de/10014502055

Versicherungswirtschaft und Niedrigzinsumfeld: Risiken, Nebenwirkungen und Anpassungsstrategien

Wiener, Klaus; Ketzler, Rolf - In: Vierteljahrshefte zur Wirtschaftsforschung 85 (2016) 1, pp. 65-79

In Deutschland, aber auch im Euroraum hat die historisch beispiellose expansive Geldpolitik der Europäischen Zentralbank den rückläufigen Zinstrend beschleunigt und zu einem ausgeprägten Niedrigzinsumfeld geführt. Mittlerweile gehen von der Geldpolitik aber kaum noch realwirtschaftliche...

Persistent link: https://www.econbiz.de/10011739543

Uncertain bequest needs and long-term Insurance contracts

Fei, Wenan; Fluet, Claude; Schlesinger, Harris - 2008

We examine how long-term life insurance contracts can be designed to incorporate uncertain future bequest needs. An individual who buys a life insurance contract early in life is often uncertain about the future financial needs of his or her family, in the event of an untimely death. Ideally,...

Persistent link: https://www.econbiz.de/10003805992

Single- versus multi-channel distribution strategies in the German life insurance market : a cost and profit efficiency analysis

Trigo Gamarra, Lucinda - 2007

Until its liberalisation in 1994 exclusive agents dominated the distribution of products in the German life insurance industry. Since then, their importance has been declining for the benefit of both distribution via direct distribution channel and independent agents. However, the market shares...

Persistent link: https://www.econbiz.de/10003886047

The effects of liberalization and deregulation on the performance of financial institutions : the case of the German life insurance market

Trigo Gamarra, Lucinda - 2008

The German insurance market was liberalized in 1994 by the introduction of the "single passport" allowing European insurers to operate throughout the entire European Union. The European directive put also an end to price and insurance contract terms regulation. These measures were meant for...

Persistent link: https://www.econbiz.de/10003886293

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