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Auswirkungen der anhaltenden Niedrigzinsen auf das Versicherungswesen

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  • Gründl Helmut

    (Goethe-Universität Frankfurt, Stiftungsprofessur für Versicherung und Regulierung, Geschäftsführender Direktor International Center for Insurance Regulation, Theodor-W.-Adorno-Platz 3, 60323 Frankfurt am Main)

Abstract

This paper discusses 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”, we assess insolvency probabilities for life insurers with different capital endowments under different interest rate scenarios. Based on that, we discuss measures of insurance regulation that try to cope with the imminent problems of the life insurance industry. Finally, we have a look at product developments and investment strategies of life insurers in the presence of low interest rates. Hereby, life insurance products with lower investment guarantees that are granted for a shorter period of time are regarded as the best remedy to avoid low interest rate problems in the future. Such product development also allows for a more risky investment policy of life insurers that can make life and annuity products more attractive.

Suggested Citation

  • Gründl Helmut, 2015. "Auswirkungen der anhaltenden Niedrigzinsen auf das Versicherungswesen," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 64(2), pages 191-201, August.
    • Handle: RePEc:lus:zwipol:v:64:y:2015:i:2:p:191-201
    DOI: 10.1515/zfwp-2015-0205
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    Cited by:

    1. Bofinger, Peter & Schnabel, Isabel & Feld, Lars P. & Schmidt, Christoph M. & Wieland, Volker, 2015. "Zukunftsfähigkeit in den Mittelpunkt. Jahresgutachten 2015/16 [Focus on Future Viability. Annual Report 2015/16]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201516.
    2. 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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