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Hard times for life insurers

27/09/2010 ProConcept the AG reported a few weeks ago, self-Munich Re CEO Bombard doubts about the sustainability of life insurance, according to FTD and says that the German life insurance "economically not very productive" is.

Fewer new contracts


Currently, the FTD reported that insurers recorded an average of fewer new contracts, as contracts expire and be terminated prematurely. This gives the insurer less money available, but must pay more money. As a consequence, the insurance industry invests in short-term and thus receives less income. In addition, companies with contracts can only against current contributions plan accordingly and create the money in the long term and profitable. The business, with contracts for regular premiums "crumbling visible," the FTD. There was a so-called run it in the past few months on the one-off transactions. These bring the insurers while liquidity, but no planning security. For with changes in interest rates, the one-savers withdraw their money at any time and are likely to do so.


prepares low interest life insurance problems
The room is also the question of whether the one-savers are subsidized by the monthly savings. In addition, numerous media reports in the past Days that the guaranteed interest rate for new contracts could decline as early as next summer to 1.75 percent. In the past, higher interest promises were made, but because the companies have to nibble now. These Jens Heidenreich, head of the LV-doctor team and director of the ProConcept AG: "The fact is that interest rates are currently in the cellar and this applies to government bonds as well as mortgage bonds. Therefore, life insurers have to do properly in order to generate the promised profits. In our opinion, there is now much more profitable investment opportunities, as the endowment life insurance. "Furthermore, the AG ProConcept
a free online calculator
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The project LV Doctor deals Jens Heidenreich for many years with the professional end of the life insurance. More info: www.lv-doktor.de

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verdict against Allianz life: ex-customers hoping for more money

Annina Reimann Business Week 10/06/2010

have the Stuttgart court said: The contract clauses of the Allianz Leben are transparent to a large extent. Customers have canceled their life or pension insurance may even afterwards hoping for more money.

This also applies to former customers of Ergo, Generali, Iduna and the German ring. is controversy over large losses after the termination of a life or pension insurance it again and again. Since insurers deduct in the first five years are the acquisition costs, customers can see at first hardly a € back their premiums paid.

life insurance company secure this right extensively into the contracts. In the alliance, which reads like this: "In the early days of settlement of your insurance because of acquisition costs for the Zillmerverfahren (cf. § 19) is not a contribution-free guarantee capital available." Or: "For your insurance policy is the settlement procedure pursuant to § 4 of the insurance provision Regulation (Zillmerverfahren) provided "not too bad". If your insurance premium payment period is shorter than the delay time, the above-listed percentages reduced each in the ratio of premium payment period for the deferral period.
not understand you? Why have you signed it then?



court ruling in favor of the insured

The also asked the Consumer and Hamburg won in the fight against the opaque clauses now won a stage on the Alliance: The judges of the District Court of Stuttgart ruled that the since 1 July 2001 clauses used to terminate the exemption review and cancellation trigger-transparent and thus are ineffective (AZ 20 O 87/10). "Consumers can use the financial consequences do not understand the terms," said the presiding judge, Kevin Groner WirtschaftsWoche. The alliance should the clauses in future no longer use and for a contract settlement and not rely on it. The ruling, however, is not yet final. The Alliance considered if an appeal is appropriate.
customers who have already terminated their alliance agreement, advises consumers headquarters to demand a second helping of precaution. The surrender value would be recalculated, as well was a reversal deduction is not allowed. "We estimate that the alliance has to report to at least 1.3 billion euros of its ex-customers," says Edda Castelló by the Consumer Hamburg. Ex-Customers should therefore immediately lodge their claims.
It is not the first decision against life insurers. The Hanseatic Higher Regional Court had in July, in the case of the clauses of Ergo, Generali, Iduna and German adopted a similar ring The last word will have the Federal