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Auswirkungen der anhaltenden Niedrigzinsen auf das Versicherungswesen

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  • Schradin Heinrich R.

    (Universität zu Köln, Seminar für Allgemeine Betriebswirtschaftslehre, Risikomanagement und Versicherungslehre, Kerpener Straße 30, 50937 Köln)

Abstract

Focusing the perspective of German life insurance industry, this article starts with a brief description and discussion of the financial impact of the persistently low interest rate environment. Based on an empirical data set of German life insurers, the author illustrates actual limitations to generate sufficient investment income for to meet the given specific financial guarantees. Moreover, the core problem, caused by the use of volatile timingrelated interest rates for to evaluate long-term cash flows, becomes obvious. The currently observed regulatory interventions are trying to overcome the existential consequences of the so-called fair value measurement. In consequence, the author derives four central theses: 1. Life insurance in Germany suffers from insufficient capital adequacy. 2. Persistent low interest rates threaten the fulfillment of financial guaranty commitments of German life insurers. 3. The generally accepted principals of economic evaluation do not satisfy to the traditional business model of German life insurers. 4. Under a business perspective, the development of new life insurance products is inevitable.

Suggested Citation

  • Schradin Heinrich R., 2015. "Auswirkungen der anhaltenden Niedrigzinsen auf das Versicherungswesen," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 64(2), pages 213-223, August.
    • Handle: RePEc:lus:zwipol:v:64:y:2015:i:2:p:213-223
    DOI: 10.1515/zfwp-2015-0207
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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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