This article provides an overview and comparison of risk-based capital (RBC) requirements as they currently exist in the United States, the European Union, Switzerland, and New Zealand. These four systems are representative of different ways capital standards are implemented around the globe....

The purpose of this paper is to provide an overview and new empirical evidence on frontier effi-ciency measurement in the insurance industry, a topic of great interest in the academic literature during the last several years. In the first step, we review 87 studies and put them into a joint...

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...

The value concept is one of marketing theory’s basic elements. Identifying andcreating customer value (CV) - understood as value for customers - is regarded asan essential prerequisite for future company success. Nevertheless, not until quiterecently has CV received much research attention....

We analyze the effect of enhanced annuities on an insurer engaging in individualunderwriting. We use a frailty model for the heterogeneity of the insured populationand model the individual underwriting by a random variable that positivelycorrelates with the corresponding frailty factor. For a...

It is frequently noted that investment funds with a nonnormal return distributioncannot be adequately evaluated using the classic Sharpe ratio. However, recent research compared the Sharpe ratio with other performance measures and found virtually identical rank ordering using hedge fund data. We...

In dieser Arbeit werden die systematischen Risiken von Distressed-Securities-Hedgefonds untersucht. Es finden sich vier Faktoren, die das systematische Risiko dieser Strategiegruppe weitgehend erklären: Das sind die Renditen zweier Optionsstrategien, (1.) einer Short-Put-Positionen auf einen...

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...

The purpose of this article is a qualitative economic impact assessment of the SolvencyII proposals. In a first step, we elaborate the economic foundations of insurancemarket regulation. Based on three sources of market failure, we derive economicobjectives of regulatory intervention. In our...

Annuity contracts transfer the risk of an individual outliving available assets to aninsurance company. Thus, the insurance company has to value and manage longterm risks. Interest rate risk and longevity risk are the two most important risks forannuity providers. In this paper, we develop a...