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Auswirkungen der anhaltenden Niedrigzinsen auf das Versicherungswesen

Author

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  • Ketzler Rolf

    (Gesamtverband der Deutschen Versicherungswirtschaft, Abt. Volkswirtschaft / Economics, Wilhelmstraße 43/43G, 10117 Berlin)

  • Schwark Peter

    (Gesamtverband der Deutschen Versicherungswirtschaft, Mitglied der Hauptgeschäftsführung, Wilhelmstraße 43/43G, 10117 Berlin)

Abstract

The very accommodative monetary policy of the ECB and the related extremely low interest rates are involved with major challenges for the German insurance sector, in particular for life insurers. As long-term investors, insurers are not only affected in their capital investment strategy, but also by different households’ retirement saving patterns in response to the low interest rate environment. Several significant steps have already been taken in order to ensure the long-term viability of life insurance. These include changes in the product portfolio as well as new approaches in the investment strategy. In addition, new regulatory requirements have been established to strengthen the risk bearing capacity of life insurers. Given the substantial risks of low interest rates, from an economic point of view the question concerning an appropriate exit from the low interest rate environment needs more attention in the public debate. In this context, further progress regarding the economic reform policies in the euro zone is still necessary as a condition for the ECB to normalize its monetary policy as soon as possible.

Suggested Citation

  • Ketzler Rolf & Schwark Peter, 2015. "Auswirkungen der anhaltenden Niedrigzinsen auf das Versicherungswesen," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 64(2), pages 202-212, August.
    • Handle: RePEc:lus:zwipol:v:64:y:2015:i:2:p:202-212
    DOI: 10.1515/zfwp-2015-0206
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    Cited by:

    1. Michael Wolgast, 2016. "Das gegenwärtige Niedrigzinsumfeld aus Sicht der Sparkassen," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 85(1), pages 11-29.

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