Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘Insurance’

Climate change could put insurance firms out of business

Posted by hkarner - 19. September 2019

Date: 18-09-2019
Source: The Economist

That would leave customers without cover, even as it is needed more than ever

The third in a series of articles on the impact of global warming on the world

THE PILOTS of the Port of London Authority are the cabbies of the Thames estuary. Based in Gravesend, 33km from the capital, they navigate some 10,000 ships into London terminals every year. Dispatched offshore on fast patrol boats, they use rope ladders to board ships as tall as buildings. Much like London’s black-cab drivers, who know its 25,000 streets by heart, they must recall every sandbank and wind farm at the mouth of the river.

They are essential cogs in supply lines relied on by 18m people in south-east England for everything from food to fuel. But sometimes the weather halts operations. When winds are too fierce, pilots cannot board ships. If delays accumulate, terminals get clogged. The fiercer storms that could soon come to British shores could paralyse trade for days. Such a chain reaction is an example of the costs that fossil-fuel emissions may bring. Den Rest des Beitrags lesen »

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The future of insurance is happening without insurance firms

Posted by hkarner - 21. Juli 2019

Date: 18-07-2019
Source: The Economist

The industry’s plodding giants face mounting threats from restless reinsurers and Big Tech

Every morning, from a room in Birmingham, some of the world’s largest firms are briefed by phone on the weather in store. As continents, arrows and weather fronts flicker across their screens, meteorologists at The Weather Company (twc) help British grocers decide whether to stock soups or salads, and Chinese energy firms when to operate wind turbines. Yet such sessions are getting rarer. Computed by 172 models crunching 400 terabytes of data—33 times the amount Twitter stores every 24 hours—most of twc’s 25bn daily forecasts now feed directly into customers’ computer systems.

Big data has turned weather into a big business. twc, which was bought by ibm in 2016, serves governments, media channels and 40% of the world’s airlines. But many property insurers, whose fortunes rely on forecasting climate-induced losses, are still learning how to use the information, says Leon Brown of twc. Their cluelessness is symptomatic of a problem for all insurance lines, including casualty, life and health. Reinsurance firms (which insure the insurers) and Asian insurance champions are almost the only innovators in an industry that is moving at a glacial pace. Den Rest des Beitrags lesen »

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Your policy is arriving in three minutes

Posted by hkarner - 6. April 2018

Date: 05-04-2018
Source: The Economist

Insurance and the gig economy

How insurance policies are being adapted to fit freelance working

THE rise of the gig economy means not only workers, but those who insure them, are having to adapt. Take third-party liability insurance—the sort that would pay out if, for instance, a courier hit and injured a pedestrian. An employee driving a company van would be covered by a standard commercial-insurance policy. But “gig” couriers, working when they wish and using their own cars, must often insure themselves. Even if they have personal cover, it will not usually pay out for accidents that happen while they are driving for work.

Among the firms seeking to fill this gap is Zego, which sprang up to serve scooter couriers such as those working for Deliveroo, a food-delivery service. Deliveroo and its rivals require proof of insurance from couriers, but had no easy way to check it was valid. Couriers, meanwhile, were often loth to pay stiff premiums. Harry Franks, formerly of Deliveroo and co-founder in 2016 of Zego, spotted an opportunity and convinced insurers that a different model could be profitable.

Zego now brokers third-party liability insurance for couriers working in Britain for nearly a dozen different firms such as Amazon or Quiqup (it plans to expand to Ireland and Spain). Couriers pay by the working hour. Coverage starts when they activate the courier’s app on their phone, and stops when they sign off. Den Rest des Beitrags lesen »

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INSURANCE: WHERE HUMANS STILL RULE OVER MACHINES

Posted by hkarner - 25. Mai 2017

Date: 24-05-2017
Source: The Wall Street Journal

American International Group Inc. uses one of the industry’s leading algorithmic models to determine how much companies should pay for insurance.

It just doesn’t trust what the model computes on its own.

As part of an approach it started rolling out last year, the global insurance conglomerate pairs its models with human underwriters. The approach reflects the company’s belief that human judgment is still needed in sizing up most of the midsize to large businesses that it insures. AIG even has a nickname for underwriters who keep the same price as the model every time: “flat liners.”
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xperte: „Versicherungen sind Korinthenkacker“

Posted by hkarner - 17. April 2017

E Bettina Pfluger17. April 2017, 14:00 derstandard.at

Walter Benda ist Versicherungsvermittler und übt harte Kritik am System. Er verrät Tricks der Branche und entschädigt einige seiner „Opfer“

STANDARD: Sieht man sich die Anzahl der Versicherungsverträge an und, das wir jährlich mehr als 2000 Euro dafür ausgeben, stellt sich die Frage: Sind wir überversichert?

Benda: Ja. In einigen Bereichen. Die Österreicher sind aber nicht ganz so überversichert wie die Deutschen, weil der Markt hier vor ein paar Jahren schon besser reguliert wurde. Dennoch gibt es oft überflüssige Policen.

STANDARD: Wo liegen wir falsch?

Benda: Wir haben in Summe zu viele Sachversicherungen, das persönliche Risiko wird zu wenig bedacht. Sachversicherungen sind im Vergleich preiswert und betreffen Güter, die man anfassen kann. Da ist die emotionale Bindung höher. Eigentlich ist es obskur, das Menschen ihr Auto höher absichern, als die eigene Familie oder die eigene Arbeitskraft oder Gesundheit. So passiert es aber. Den Rest des Beitrags lesen »

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The coming revolution in insurance

Posted by hkarner - 11. März 2017

Date: 09-03-2017
Source: The Economist

Technological change and competition disrupt a complacent industry

IN THE stormy and ever-changing world of global finance, insurance has remained a relatively placid backwater. With the notable exception of AIG, an American insurer bailed out by the taxpayer in 2008, the industry rode out the financial crisis largely unscathed. Now, however, insurers face unprecedented competitive pressure owing to technological change. This pressure is demanding not just adaptation, but transformation.

The essential product of insurance—protection, usually in the form of money, when things go wrong—has few obvious substitutes. Insurers have built huge customer bases as a result. Investment revenue has provided a reliable boost to profits. This easy life led to a complacent refusal to modernise. The industry is still astonishingly reliant on human labour. Underwriters look at data but plenty still rely on human judgment to evaluate risks and set premiums. Claims are often reviewed manually. Den Rest des Beitrags lesen »

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The insurance sector and systemic risk

Posted by hkarner - 27. Juli 2016

Gaston Gelos, Nico Valckx

Division Chief of the Global Financial Stability Analysis Division, IMF

Senior Economist, Global Financial Stability Analysis Division, IMF

27 July 2016, voxeu

Insurance companies – life insurers, as well as providers of property, casualty, health, and financial coverage – perform important economic functions and are big players in financial markets. Traditionally, however, they were not considered to pose systemic risks. Insurers have longer-term liabilities than banks, a greater diversification of assets, and less extensive interconnections with the rest of the financial system. However, the near-collapse of AIG during the Global Crisis prompted a rethinking of the sector’s systemic riskiness. A number of insurance firms were subsequently among the financial institutions designated as globally systemically important. Den Rest des Beitrags lesen »

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Stresstest: Europäische Versicherungsaufsicht will intensiver prüfen

Posted by hkarner - 25. Mai 2016

Deutsche Wirtschafts Nachrichten  | 

Die europäische Versicherungsaufsicht EIOPA will die Branche in diesem Jahr genauer unter die Lupe nehmen. An ihrem Stresstest, in dem alle zwei Jahre die Widerstandsfähigkeit der Versicherer auf die Probe gestellt wird, sollen mehr mittelgroße und kleine Unternehmen teilnehmen.

In jedem Land sollten damit 75 Prozent des Marktes abgedeckt werden, erklärte EIOPA-Präsident Gabriel Bernardino am Dienstag in Frankfurt. Vor zwei Jahren hatte die Behörde 50 Prozent für ausreichend gehalten. Versicherer mit weniger als einem Prozent Marktanteil sind von dem Stresstest allerdings befreit. Die Versicherer müssen die Daten bis Mitte Juli bei der Behörde einreichen, Ergebnisse sollen im Dezember vorliegen.

Es gehe nicht darum, wer den Test bestehe oder nicht, sagte Bernardino, sondern um die Auswirkungen von externen Schocks auf die Branche. Wie vor zwei Jahren testet die EIOPA, wie es den Versicherern in zwei Szenarien ergehen würde, die die Branche hart treffen dürften: zum einen eine lang anhaltende Phase von niedrigen Zinsen, zum anderen ein „Doppelschlag“, bei dem die Niedrigzinsphase für Staatsanleihen mit einem Verfall von Aktienkursen, Währungen und Immobilienpreisen verbunden wäre. „Das derzeit herausfordernde wirtschaftliche Umfeld muss sich in einem solchen Stresstest widerspiegeln“, sagte Bernardino. Nur so lasse sich zeigen, wo die Branche am verwundbarsten sei.

Vor zwei Jahren hatte sich gezeigt, dass fast ein Viertel der größeren Versicherer in Europa ihre Kapitalanforderungen bei Dauer-Niedrigzinsen wie in Japan nicht mehr erfüllen könnten. In acht bis elf Jahren bekämen sie dann Schwierigkeiten, ihre Zusagen an die Versicherten zu erfüllen. Das Problem treffe vor allem Länder, in denen die Zinsversprechen weit in die Zukunft reichten. In Deutschland etwa kämpfen die Lebensversicherer mit ihren lebenslangen Garantien, so Reuters.

Die EIOPA will zwar die Namen der teilnehmenden Versicherer veröffentlichen, aber – anders als bei Banken üblich – keine Einzelergebnisse. Getestet werden einzelne Unternehmen, auch wenn diese zu großen Versicherungsgruppen gehören, die ihnen notfalls unter die Arme greifen könnten.

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The fallout from low interest rates

Posted by hkarner - 21. Februar 2016

Date: 20-02-2016
Source: The Economist

The lowdown

Insurers regret their guarantees

FINANCIAL markets may be drawing breath after their recent falls, but one industry in particular has little reason to feel calm. The life-insurance industry has deeper problems than just temperamental markets. Years of doling out goodies from a seemingly bottomless sack are now catching up with these actuarial Santa Clauses, who in their worst nightmares did not imagine that the interest income from their investment portfolios could stay so low for so long.

Insurers tend to be prudent investors who like steady returns, which is why around 80% of their assets are in fixed-income securities. This served them well during the financial crisis, but today—with bond yields at historic lows, and even in negative territory—it hurts their investment income. This is particularly true for life insurers, which own over $21 trillion of the industry’s $28 trillion assets, and rely heavily on this investment income to pay policyholders. Den Rest des Beitrags lesen »

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Mini-Zinsen sorgen bei Vienna Insurance für Verluste

Posted by hkarner - 26. Januar 2016

Deutsche Wirtschafts Nachrichten  | 

Kunden bekommen auf ihre angelegten Beiträge bei Lebensversicherern kaum noch Zinsen und suchen sich andere Anlagemöglichkeiten. Den Versicherern bricht damit eine wichtige Einnahmequelle weg. Die Branche braucht neue Geschäftsmodelle und orientiert sich nach Osteuropa.

Niedrigzinsen machen dem österreichische Finanzkonzern Vienna Insurance zu schaffen. Die Prämieneinnahmen sanken im vergangenen Jahr um 1,5 Prozent auf 9,2 Milliarden Euro, wie Vienna Insurance Group (VIG) am Dienstag mitteilte. Besonders stark sei der Rückgang im Einmalgeschäft in der Lebensversicherung gewesen, da Kunden angesichts der niedrigen Zinsen an den Kapitalmärkten zurückhaltender geworden seien. In der Schaden- und Unfallversicherung seien die Prämien dagegen leicht angestiegen.

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