Explicit guarantees are good for shareholders, policyholders and regulators: increased transparency. The risk management of capital market risks embedded in life (re) contracts is non-trivial. A bank-like operation (hedging platform) is needed for quantification, hedge design and controlling of...

Mass litigation, risk and losses, short and long term; Globalisation of mass litigation; Mass litigation game; Mass litigation development risk: Time dimension and interaction...

Die vorliegende Studie bewertet die Effektivität der Risikokommunikation des Bundesinstitutsfür Risikobewertung (BfR) im Rahmen von empirischen Evaluationen. Die Studie verfolgtezwei Ziele: Zunächst wurde untersucht, ob die Kommunikationsziele Verständlichkeit, Transparenzund Nutzbarkeit bei...

Over the last decade or so, addressing financial instability has become a policy priority. Despite the efforts made, policymakers are still a long way from developing a satisfactory operational framework. A major challenge complicating this task is the "fuzziness" with which financial...

This study is the latest edition of the International Private Banking Study pub-lished in 2005 and 2003. In total 253 financial institutions focusing on priv-ate banking were analyzed. Data covers the period from 1990 to 2006. Thesample includes banks from Austria, Benelux, France, Germany,...

Dimension reduction techniques for functional data analysis model and approximate smooth random functions by lower dimensional objects. In many applications the focus of interest lies not only in dimension reduction but also in the dynamic behaviour of the lower dimensional objects. The most...

The aim of this paper is to discuss different methods for risk assessment in theGerman automobile industry. We present the traditional approach for classifyingrisks, which is actually applied in the German market, and discuss one crucial difficulty inherent to this approach for proper risk...

Life insurers often claim that the life settlement industry reduces theirsurrender profits and leads to an adverse shift in their portfolio of insuredrisks, i.e., bad risks remain in the portfolio instead of surrendering.In this paper, we aim to quantify the effect of altered...

In this paper, we first discuss the characteristics and major benefits of the Swissrisk-based capital standards for insurance companies (Swiss Solvency Test), introduced in 2006. As the insurance industry is one of the largest institutional investors in Switzerland, changes to its asset and...

Das Preis-Leistungs-Verhältnis herkömmlicher Rentenversicherungen steigt mitder Lebenserwartung des Versicherten. Derartige Produkte sind damit nur für Personen mit relativ hoher Lebenserwartung attraktiv. Der Nachteil für Versichertemit reduzierter Lebenserwartung wird durch steuerliche...