Abstract Helmut Gründl discusses in his paper the effects of the present low interest rate environment on the German life insurance industry. By referring to a recent study of the “International Center for Insurance Regulation”, he assesses insolvency probabilities for life insurers with...

Die Arbeit untersucht die derzeit auf europäischer Ebene im Rahmen des Solvency II-Projektes reformierte Finanzaufsicht über Versicherungsunternehmen aus betriebswirtschaftlicher Perspektive, wobei von der Anwendung von Solvency II auf deutsche Lebensversicherungsunternehmen ausgegangen wird....

The valuation of insurance liabilities has traditionally been dealt with by actuaries, who closely monitored underlying illiquid features, assumed a long-term perspective, and exercised their own subjective, expert judgment. However, the new EU regulatory regime of Solvency II (S2) has come to...

In August 2020 we published "Comprehensive Internal Model Data for Three Portfolios" as an outcome of our work for the committee "Actuarial Data Science" of the German Actuarial Association. The data sets include realistic cash-flow models outputs used for proxy modelling of life and health...

Most insurers in the European Union determine their regulatory capital requirements based on the standard formula of Solvency II. However, there is evidence that the standard formula inaccurately reflects insurers' risk situation and may provide misleading steering incentives. In the second...

This study investigates the factors driving the development of the UK equity release market. The results of a thematic review of semi-structured interviews with industry stakeholders (comprising senior representatives of product providers, advice providers and regulators) suggest that the...

The capital requirements of Solvency II allow insurers to make discretionary choices. Besides extensive possibilities regarding the choice of a risk model (ranging between a regulatory prescribed standard formula to a full self-developed internal model), insurers can make use of transitional...

Innovative Lebensversicherungsprodukte wie fondsgebundene Lebensversicherungen, Hybrid-Lebensversicherungen und Variable Annuities erfreuen sich rasch zunehmender Nachfrage und haben einen großen Anteil am Neugeschäft in Deutschland. Da traditionelle Versicherungsprodukte weiterhin den...

Compact tariffs are not only used in pension insurance, but also in life insurance. However, in many cases it is necessary to have separate views on those tariffs, since policy management systems developed for life insurance companies are based on tariffs which have separate tariff components,...

Empirical evidence suggests that asset returns correlate more strongly in bear markets than conventional correlation estimates imply. We propose a method for determining complete tail-correlation matrices based on Value-at-Risk (VaR) estimates. We demonstrate how to obtain more effi cient...