Im Nachgang zur Finanzkrise wurde die Regulierung in der Assekuranz deutlich ausgebaut, weitere Projekte stehen derzeit an. Dabei wäre nicht mehr Regulierung angebracht, sondern wirksamere.
Ausgehend von Bilanzgrössen werden in unserem Beitrag zunächst repräsentative Anlageklassen abgeleitet, die einen Einblick in die Kapitalanlagepolitik der deutschen Lebensversicherer geben. Auf dieser Grundlage werden dann repräsentative Indizes ausgewählt, mit denen eine Performancemessung der Kapitalanlagen durchgeführt wird. Dies erlaubt schliesslich einen Vergleich der theoretischen und tatsächlichen Kapitalanlagepolitik und Performance sowie eine Analyse der Wirkung verschiedener Regulierungsmassnahmen auf die Performance.
First, using balance sheet data, we derive representative asset classes, which give an impression of the actual asset allocation of the German life insurers. Second, representative indices are selected and a performance measurement is accomplished. Finally, the results are used to compare the theoretical and actual investment politics and performance as well as to analyse the effects of different regulatory measures on the performance.
We analyse intended and unintended solidarity transfers between the young and the old in the Swiss retirement system. In addition to the intended solidarity transfers in the pay-as-you-go system, we identify a systematic unintended solidarity transfer from the active population to new retirees in the occupational pension system, which occurs due to the statutory conversion rates not being actuarially fair. After providing an overview of intergenerational transfers in Switzerland, we briefly review the Swiss retirement system. Then, we quantify the unintended transfer in the occupational pension system and finish by discussing several policy measures that could be implemented to avoid this intergenerational transfer. The unintended solidarity transfer casts some doubt on the financial stability and social acceptability of the Swiss retirement system, which is often considered one of the best in the world. As such, the problems of and recommendations for the Swiss system are of interest to other pension systems as well.
