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Probleme einer steigenden Lebenserwartung in der privaten Rentenversicherung: Theorie und Empirie für Deutschland


  • Johannes Leinert
  • Gert G. Wagner


An unexpected increase in life expectancy has implications for private pensions (annuities). These can be offset by reducing pension payments, cross-subsidization of the pension payments, risk-taking of insurance companies or combining these policies. An empirical study of the German market of annuities shows that most of the companies under investigation dealt with the problem of an unexpected increase of life expectation in the 90ies by significant cross-subsidization of the pension payments from young policy holders. This paper discusses the implications such polices can have when the importance of private pensions increases in the future. Eine unerwartet steigende Lebenserwartung führt bei privaten kapitalgedeckten Rentenversicherungsverträgen zu sinkenden Rentenzahlungen und/oder einer Belastung des Versicherungsunternehmens, das verschiedene Möglichkeiten hat, dieser Belastung zu entgegnen. Für Deutschland wird anhand der Umstellung der Rechungsgrundlagen auf die Sterbetafel DAV 1994 R gezeigt, dass es zu einer nicht unbeträchtlichen Quersubventionierung der Rentenbezieher durch die jüngeren Versicherten kam. Diese Quersubventionierung wird im Hinblick auf die steigende Bedeutung privater Altersvorsorge diskutiert.

Suggested Citation

  • Johannes Leinert & Gert G. Wagner, 2001. "Probleme einer steigenden Lebenserwartung in der privaten Rentenversicherung: Theorie und Empirie für Deutschland," Discussion Papers of DIW Berlin 258, DIW Berlin, German Institute for Economic Research.
  • Handle: RePEc:diw:diwwpp:dp258

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    References listed on IDEAS

    1. Homburg, Stefan, 1988. "Theorie der Alterssicherung," EconStor Books, ZBW - German National Library of Economics, number 92902, March.
    2. Cochrane, John H, 1995. "Time-Consistent Health Insurance," Journal of Political Economy, University of Chicago Press, vol. 103(3), pages 445-473, June.
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    Cited by:

    1. Richter, Andreas & Weber, Frederik, 2009. "Mortality-Indexed Annuities," Discussion Papers in Business Administration 10994, University of Munich, Munich School of Management.

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    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination


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