Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Eine Plattform für die Wissenschaft: Bauingenieurwesen, Architektur und Urbanistik
Theoria cum praxi – essays in times of crisis on Solvency II, yield forecasts and alternatives for asset managers in the low interest environment
The aim of this cumulative dissertation is to examine the quality and reliability of existing theories bearing particular focus on the subject matters of Solvency II, the accuracy of interest rate forecasts and the historically low interest environment paired with unconventional monetary policy. This empirically-based scientific contribution should hold practical use to asset managers working in the insurance industry due to the results that it provides: put briefly, to act as build a bridge between theory and practice. In times of historically low interest rate phases, one question is often repeated, namely the whys and the wherefores regarding interest rate forecasts. Here, it has been shown that particularly in times of market volatility the precision of these forecasts decreased. Even though it would have held significant importance during such a phase to concentrate on it. The worsening of the asset crisis was not only a result of decreasing yields but also due to a regime change regarding regulatory requirements. Solvency II can be seen as a paradigm change and its introduction underlines the necessity of appropriate capital reserves of insurance companies that already existed. The regulatory framework increased the short- and long-term work of asset managers in the field of capital investment, which resulted in the postulation that conventional life insurance products are – now more than ever – in need of explanation due to their declining guaranteed interest rates. In addition, this has also brought new challenges and a need for rethinking when considering the marketing and realization of (interest) earnings to the industry for the product “life insurance” to be attractive to the customer. Furthermore, the policies have continued to develop in structure, whereby in some cases only contribution guarantees are offered where the guaranteed interest rate does not play a role for individual companies or product offers. These observed correlations can be found in both theoretical and practical considerations. ...
Theoria cum praxi – essays in times of crisis on Solvency II, yield forecasts and alternatives for asset managers in the low interest environment
The aim of this cumulative dissertation is to examine the quality and reliability of existing theories bearing particular focus on the subject matters of Solvency II, the accuracy of interest rate forecasts and the historically low interest environment paired with unconventional monetary policy. This empirically-based scientific contribution should hold practical use to asset managers working in the insurance industry due to the results that it provides: put briefly, to act as build a bridge between theory and practice. In times of historically low interest rate phases, one question is often repeated, namely the whys and the wherefores regarding interest rate forecasts. Here, it has been shown that particularly in times of market volatility the precision of these forecasts decreased. Even though it would have held significant importance during such a phase to concentrate on it. The worsening of the asset crisis was not only a result of decreasing yields but also due to a regime change regarding regulatory requirements. Solvency II can be seen as a paradigm change and its introduction underlines the necessity of appropriate capital reserves of insurance companies that already existed. The regulatory framework increased the short- and long-term work of asset managers in the field of capital investment, which resulted in the postulation that conventional life insurance products are – now more than ever – in need of explanation due to their declining guaranteed interest rates. In addition, this has also brought new challenges and a need for rethinking when considering the marketing and realization of (interest) earnings to the industry for the product “life insurance” to be attractive to the customer. Furthermore, the policies have continued to develop in structure, whereby in some cases only contribution guarantees are offered where the guaranteed interest rate does not play a role for individual companies or product offers. These observed correlations can be found in both theoretical and practical considerations. ...
Theoria cum praxi – essays in times of crisis on Solvency II, yield forecasts and alternatives for asset managers in the low interest environment
Rudschuck, Norman (Autor:in)
01.01.2018
Hochschulschrift
Elektronische Ressource
Englisch
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