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Die vorliegende Masterarbeit behandelt die Bewertung der eingegangenen Unternehmensrisiken im Rahmen der Lebensversicherung und die hiervon abgeleiteten Auswirkungen zur Unternehmenssteuerung.
Dabei wird einerseits die Angemessenheit der sog. „Standardformel“ nach Solvency II überprüft, die in den europäischen Mitgliedsstaaten einen weitestgehend einheitlichen Ansatz bei der Bewertung der Risiken von Versicherungsunternehmen verwendet. Andererseits werden unter ökonomischen Überlegungen versicherungsmathematische Methoden vorgestellt, wie ein Lebensversicherer seine Risiken unternehmensindividueller ermitteln und damit seinen tatsächlichen Risikokapitalbedarf bestimmen kann.
Zur Quantifizierung der Ergebnisse werden die Berechnungsvorgaben der Standardformel für ausgewählte Risikomodule nachgebildet und mit den in dieser Arbeit vorgestellten unternehmensindividuellen Berechnungen verglichen und analysiert. Es zeigt sich, dass trotz der Komplexität des Solvency II-Modells eine noch differenziertere Herangehensweise notwendig ist, damit ein einzelnes Unternehmen seine Risiken adäquat und möglichst individuell bestimmen kann. Zur Gewährleistung einer nicht bestandsgefährdenden Unternehmensfortführung müssen die Versicherungsunternehmen bei Betrachtung ihrer Risiken mithilfe des EU-weiten Aufsichtssystems Solvency II in der Lage sein, die korrekten Rückschlüsse zur Unternehmenssteuerung zu ziehen. Die in dieser Arbeit vorgestellten versicherungsmathematischen Ansätze können dabei den Prozess zur unternehmenseigenen Risiko- und Solvabilitätsbeurteilung (ORSA) unterstützen.
The reinsurance market continues to face major challenges – at this point we would like to outline just two of these. While renewal of the reinsurance contracts as at 1st January 2019 was largely ‘riskadjusted flat’, renewal of the retrocession contracts was decidedly late. As at the date when this Annual Report 2018 went to press (2nd January 2019), the final trend is still not yet discernible. However, there are signs of a substantial hardening in prices and conditions in the retrocession area. Reinsurers, which are depend on the resource of retrocession capacity, would then be placed in an even more difficult position of increasing the price of retrocession, yet these additional costs cannot be passed on to the assignors under their active reinsurance contracts. Not least the German Federal Financial Supervisory Authority [BaFin] is also certain to set its sights on this aspect in its analysis of the prevailing reinsurance price level, which has been announced for 2019. Of particular interest with regard to a potential determination of insufficient market conditions would also be the resulting reaction by BaFin (and the basis on which this would occur). A decisive factor for a possible strengthening of the retrocession market would be a changed attitude on the part of alternative capital, which in recent years already provided 50-70% of the retrocession capacity – and rising – via ILS funds and other mechanisms. Unlike traditional reinsurers, ‘innocent investors’ such as pension funds were increasingly nervous as a result of the high number of claims again in 2018 – particularly the California wildfires in Q4 2018 – as well as the drop in the fund share price of numerous ILS funds prior to the renewal at 1st January 2019.
A further substantial burden on the business climate lies in the utter ambiguity with regard to the modalities of Brexit on 29th March 2019. A no-deal Brexit would seem to be a real – and perhaps even a probable – alternative. This would create a large vacuum
in legal certainty by eliminating many EU-UK contracts and agreements. The Cologne Research Centre for Reinsurance analyses the latest developments in the reinsurance market and, where appropriate, monitors these through research projects. In the process, the Cologne Research Centre for Reinsurance links its research activities with practices in the reinsurance sector. Hereby, and facilitated through organisation
of the annual Cologne Reinsurance Symposium and the Annual Meeting of the Sponsoring Group Reinsurance [Förderkreis Rückversicherung], a bi-directional
transfer of knowledge between theory and practice is pursued. The content of these two scientific events, as well as the completed research projects, are incorporated into scholarship and instruction at the Institute of Insurance Studies, rounding out practice-oriented training in the field of reinsurance.
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Currently, there are nine researchers and two employees responsible for science management on the staff of the Cologne Research Centre for Reinsurance. Thereby, all
material and personnel costs are fully financed by third-party funds provided by the Sponsoring Group Reinsurance.
We want to thank the Sponsoring Group Reinsurance, the University leadership and administration, ivwKöln [the Institute of Insurance Cologne] and the employees of the
Cologne Research Centre for Reinsurance for all their support for the research projects and events of the past year.
Life cycle assessment is a crucial tool in evaluating systems performances for sustainability and decision-making. This paper provided environmental impact of integrating renewable energy systems to the utility-grid based on a baseline optimized energy production data from “HOMER” for renewable systems modelling of a site in northern Nigeria. The ultimate goal was to ascertain the best hybrid option(s) in sustaining the environment. Different assumptions and scenarios were modelled and simulated using Ganzleitlichen Bilanz (GaBi). Uncertainty analysis was ensured to the impact data based on pedigree-matrix and Excel-program, as well as overall policy relevance. The results of the impact categories revealed first scenario (i.e., conventional path-based) with the highest impacts on global warming potential (GWP), acidification potential (AP), human toxicity potential (HTP), and abiotic depletion potential (ADP fossils). The lowest impacts arise in
the renewable-based scenarios for all the considered categories except the Ozone-layer depletion potential Category where the highest contribution falls in the third scenario (i.e., photovoltaic (PV)/biomass-biogas system) although all values being infinitesimal. In quantitative terms, the reduction in the GWP from the highest being the first scenario to the lowest being the fourth scenario (i.e., wind/biomass-biogas system) was 96.5%. Hence, with the outstanding contributions of the hybrid renewable systems, adopting them especially the lowest impact scenarios with expansions is relevant for environmental sustainability.
For use in a landfill, a laboratory reactor for safe and environmentally friendly biological utilization of low-concentration methane gas will be further developed. The current principle of denitrification-coupled aerobic methane oxidation will be replaced by methane oxidation under anaerobic conditions. Anaerobic methane oxidation offers the advantage that, in addition to methane, nitrate also undergoes biodegradation. Another advantage is that the oxygen content can be significantly lower. This reduces the risk of the formation of an explosive atmosphere in the reactor. Currently, the principle of anaerobic methane oxidation is known. However, organisms capable of doing so are not yet available as a pure culture. Therefore, several biomasses were probed for the ability of anaerobic methane oxidation. It was found that moor-heavy sediment, activated sludge from the leachate treatment plant and biomass from the local biogas plant oxidize methane after the natural carbon source (C source) was been removed.
Comparative analysis of non-natural acceptor glucosylation with sucrase enzymes of family GH 70
(2019)
Mutan- and alternansucrase were analyzed for their non-natural glucosylation potential with catecholic compounds caffeic acid and nordihydroguaiaretic acid (NDGA) as well as with non-catecolic p-coumaric acid and umbellic acid. Mutansucrase accepted both catecholic substrates and high glucosylation yields of 92 % with caffeic acid and 81 % with NDGA were obtained. The enzyme showed a clear regio-preference for the catechol 4-OH, which corresponds to findings from our previous work with Leuconostoc and Weissella derived glucansucrases. The substrate spectrum of the alternansucrase was broader and all substrates were successfully glucosylated with a preference for the catechols. Interestingly alternansucrase possessed a different regio-specificity. With caffeic acid the 3-O-α-D-glucoside was the major product. A similar substrate spectrum and regioselectivity pattern was observed in previous glucansucrase screenings only with glucansucrase from strain Weissella beninensis DSM 22752. Therefore it may be concluded that the W. beninensis enzyme is an alternansucrase type enzyme as well.
In dieser Arbeit wird die Frage nach der Zusammensetzung einer aus konservatorischer Sicht unbedenklichen Stempelfarbe untersucht. Es konnten vier Kategorien von Stempelfarben ermittelt werden: die leinölhaltigen, die mineralölhaltigen, die glykol-/glycerolhaltigen und die harzhaltigen. Neun Stempelfarben aus diesen vier Kategorien wurden in einer umfangreichen Testreihe auf ihre Licht- und Klimabeständigkeit, ihre Löse- und Bleichmittelfestigkeit, ihre Wischfestigkeit und ihr Durchschlagvermögen überprüft. Drei rein pigmenthaltige Stempelfarben haben diese Tests bestanden. Von diesen hatte nur die leinölhaltige Stempelfarbe eine gute Dokumentenechtheit. Zudem werden im letzten Kapitel Möglichkeiten zur Entfernung von Stempelfarben auf Papier vorgestellt.
Im Blickpunkt stehen ältere Menschen, die in ihrer privaten Lebensführung zurückgezogen leben, wenig in lokale Beziehungsnetzwerke involviert sind und die von Informationen und Angeboten der Altenhilfeträger bisher nicht erreicht werden. Für diese Menschen wurde die Idee einer „kommunikativen Informationsinfrastruktur“ im Sozialraum des Wohnviertels und Stadtteils entwickelt. Mit dem Infrastrukturmodell soll vermieden werden, dass solche Personen unerkannt in Notsituationen geraten, aber auch sichergestellt werden, dass sie kontinuierlich über Gelegenheiten zur erfolgreichen Bewältigung ihrer Lebenssituation informiert werden. Das Buch beschreibt das entwickelte Modell und die Erfahrungen mit der praktischen Umsetzung. Das Modell zeigt Perspektiven für die Sozialplanung auf, dass zwischen privater Lebensführung im Alter und öffentlicher Daseinsvorsorge der Altenhilfe wirkungsvoll vermittelt werden kann. Zurückgezogen lebende ältere Menschen werden aus dem lokalen Umfeld unterstützt, sich umfassend zu informieren und Chancen zur Mitgestaltung von Angeboten gemäß ihren Bedürfnissen wahrzunehmen.
The 12th Annual Meeting of the Sponsoring Group Reinsurance [Förderkreis Rückversicherung] was held 5th July 2019 in Niederkassel, near Cologne. Some 80
representatives of the (re)insurance companies involved in the Sponsoring Group took part in the meeting, along with guests. Offered for the fifth time as part of the
Annual Meeting, the Researchers’ Corner gave eight members of academic staff at the Cologne Research Centre for Reinsurance an opportunity to deliver a presentation on their respective current research projects. In three sessions – each featuring 2-3 parallel lectures with posters – the most important results of the scientific studies by the Cologne Research Centre for Reinsurance were presented and discussed. The heterogeneity of the topics presented by academic staff reflects the dovetailing of Cologne Research Centre with reinsurance practice.
Session 1
a) Manuel Dietmann (M.Sc.): The increasing importance of the riskmanagement function in insurance companies
b) Robert Joniec (M.Sc., FCII, cand. PhD): How is the reinsurance cycle doing?
c) Wolfgang Koch (M.Sc., FCII): Information asymmetries between reinsurance brokers and assignors
Session 2
a) Jörg Dirks (M.Sc., FCII): Unmanned aircraft – Evolution of the market for aviation (re-)insurance
b) Fabian Lassen (M.Sc., FCII): Reducing volatility through use of an insurance swap
c) Fabian Pütz (M.Sc., cand. PhD): Transferring cat risks from emerging markets from a macroeconomic perspective Session 3
a) Kai-Olaf Knocks (M.A., FCII): The ILS market in 2019 – discouragement or wait-and-see?
b) Lihong Wang (M.Sc., FCII, cand. PhD): China InsurTech development
With the publication series, ‘Proceedings of the Researchers’ Corner’, the Cologne Research Centre for Reinsurance meets the desire for publication of the research results of our scholars together with the accompanying posters and discussions. The titles are reproduced in keeping with the above agenda of the Researchers’ Corner for the 12th Annual Meeting of the Sponsoring Group Reinsurance. As part of the event, Prof. Materne also conducted an interview with Mr Ingo Wichelhaus (Senior Director, Mount Street) on the topic of risk management and portfolio management. Particular attention was devoted to the broad spectrum of risk for financing in the shipping sector.
Pseudozyma antarctica Lipase B catalyzed esterification and transesterification in deep eutectic solvents (DES) was investigated in reaction systems with alcohols of different polarity. Coconut oil and crude biodiesel were deacidified successfully with non-immobilized CALBL and final acid values of 1.2 for biodiesel and 0.5 for coconut oil were obtained, while no esterification with ethanol was observed without DES. Water depletion of the lipid phase in the presence of water adsorbing DES causes this difference. Analysis of water contents revealed a 10 fold lower water content of the lipid phase in the presence of a second DES phase than in trials without utilization of DES. In contrast reactions of hydrophilic polyols are suppressed in the presence of DES. While the esterification of fructose and the transesterification with glycerol worked well in the polar solvent 2-methyl-2-butanol, almost no fructose esterification and a decreased transesterification with glycerol were observed in the presence of DES. Analysis of logP values of the substrates explains the substrate dependent differences in reactivity. The polar alcohols are probably bound strongly in the hydrogen-bonding network of the DES phase and are thus not available for lipase catalyzed reactions.
Before transporting the landfill leachate to municipal wastewater treatment plant it has to be treated in a landfill leachate treatment plant, as it comprises high concentrations of ammonium. The elimination of ammonium load in the leachate is usually done by the combined processes of nitrification and denitrification with a specially adapted biocenosis in the activated sludge (AS). For each of the steps, specialized bacteria such as Nitrosomonas, Nitrobacter and Paracoccus are used to transfer the ammonia to gaseous nitrogen. The aim of this investigation was to find suitable process parameters for a complementary treatment of fermentation water from a biogas plant together with landfill leachate. The processed water of the biogas plant consists of a higher concentration of ammonium and carbon sources or easily degradable volatile fatty acids. It can save the usage of external carbon source (acetic acid) and additionally it could also compensate the missing volumes of leachate in times of low rain and low leachate flows. To maintain the high workload for the existing leachate treatment pilot plant (LTPP), a combined treatment of landfill leachate and process water is also of economic and of ecological interest. The long-term adaption process of the biocenosis needs to be done step-by-step. Innovative process monitoring is needed to prevent biocenosis collapse. In our study, we present our set-up, a closer look at the ongoing experiment and the long-term changes in the biocenosis.