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Learning more about the ways in which market participants in the reinsurance market interact based on the logic of a game requires a realisation that the main research that exists is in the mathematical/actuarial direction in which mathematicians deal with ‘optimal reinsurance contracts’. In this connection, negotiations between cedants and reinsurers are viewed in different ways, but always as a strategic game.
The method of operation of auctions and their use in
a variety of economic sectors is already well documented. Auctions are already in use for the Placement of reinsurance on a small scale. So why is it important to revisit
this field, which has already been studied in such considerable detail?
• Two researchers, Paul R. Milgrom and Robert B. Wilson of Stanford University, were honoured with the Nobel Prize in Economics in 2020 for their improvements in auction theory and the invention of new auction formats.
• A trend towards automation is in the Placement of reinsurance is emerging. In this connection, a variety of InsurTechs and market initiatives, such as B3i and
Ritablock, are dealing with various fields of application of blockchain technology.
• The persistent low-interest-rate environment, together with existing competition
and cost pressures from primary insurers, mean that insurers are in search of savings potentials.
• Auctions are proving to be a successful model in many areas of the economy, e.g. in the allocation of frequencies in mobile communication, subsidies for wind farms or energy pricing.
This year’s research topic concerns the allocation mechanism in the reinsurance market and the potential disadvantages it can entail. The project can thus be classified in the discipline of ‘market design’, which builds upon microeconomics and game theory. As the project progresses, first the theoretical framework will be established and placed in the reinsurance context. The second part will offer insight into and an outlook upon current research questions.
The ‘cyber’ threat is regarded as a growth area in the
primary and reinsurance sectors worldwide and for the past five years has been developing more dynamically than any other hazard. This major topic concerns both primary and reinsurance companies in all areas, whether in property, liability, transport or accident insurance. Services (prevention, risk-based pricing models and claims processing, for example) present a global growth market for the reinsurance industry. The complexity of the cyber threat and the evolving nature of the risk involved present a host of challenges for the design of insurance products, for underwriting, for risk management and for cumulative control – for both primary and reinsurance companies. Correct assessment of cyber risk is therefore indispensable, and the right approach must always be developed further. Special attention needs to be given to the variety of forms a cyber event can take. Thus, primary and reinsurance companies can incur not only the costs of data loss, but also the costs of
reconstructing IT infrastructure, the costs of network and business interruptions, costs of crisis management, costs of reputational risk, and the costs of third-party liability claims.
Die Kriterien zur Nachhaltigkeit werden unter der Abkürzung ESG zusammengefasst und sind somit nicht nur auf den reinen Klimawandel begrenzt. Grundsätzlich versteht man unter sogenannten ESG-Kriterien per Definition einen Standard nachhaltiger Investments in den Bereichen Environment/ Umwelt, Social/ gesellschaftliches Engagement und Governance/ Unternehmensführung. (vgl. Haberstock et al., 2019)
Sowohl Erst- und Rückversicherungsunternehmen als auch Retrozessionspartner und Investoren beziehen bei ihrer Geschäftsentscheidung zunehmend Nachhaltigkeitsaspekte mit ein. Sie achten unter anderem auf die Nachhaltigkeit der Kapitalanlagen und die entsprechenden Entscheidungen im Underwriting oder bewerten das soziale Engagement eines Vertragspartners. Deshalb kann sich ein überzeugendes Nachhaltigkeitsprofil auch sukzessive zu einem Wettbewerbsvorteil entwickeln.
Das Kerngeschäft der Rückversicherungsbranche wird immer wieder von neuartigen Risiken und globalen Herausforderungen geprägt.
Eine ESG-konforme Geschäftsausrichtung und eine entsprechende Anpassung im Underwriting stellt den Rückversicherungs- und Retrozessionsmarkt vor neue Herausforderungen, da gewisse ESG-Kriterien eine Hürde für fortlaufende Geschäftstätigkeiten im Underwriting darstellen.
Die Umsetzung einer ESG-konformen Geschäftsausrichtung in der Retrozession geht einher mit der Rekalibrierung des Risikoappetits und mit der Aufnahme von einheitlichen zukünftigen ESG-Ratings, die sowohl zu Vorteilen als auch Nachteilen in der Wettbewerbsfähigkeit führen können.
Vergleicht man die ESG-Faktoren zwischen Retrozedenten und Retrozessionären lässt sich feststellen, dass die ESG-Faktoren für Retrozedenten bei der Kapazitätssuche wichtig sind. Hingegen die Faktoren beim Kapazitätsangebot für Retrozessionäre weniger wichtig sind. Diese Erkenntnis wird dadurch begründet, dass sich Retrozedenten bereits im vorgelagerten Underwriting der eingehenden Risiken mit den ESG-Kriterien beschäftigen müssen und dadurch bereits einen besseren Überblick über diese Faktoren haben. Zudem müssen sich die Retrozedenten im Detail mit den möglichen Retrozessionären und deren ESG-Strategie beschäftigen, damit die ESG-konforme Geschäftsausrichtung gewahrt wird.
Eine ESG-konforme Geschäftsausrichtung und die Berücksichtigung der ESG-Risiken führt zwangsläufig zu einer Anpassung der Geschäftsstrategie, der internen Aufsichtsstrukturen, des Risikomanagements und zu einer Änderung des Pricings von Retrozessionsrisiken.
The brief lecture addresses reinsurance-relevant aspects of ecosystems in the automotive and mobility field. Specifically, the following aspects will be considered:
• Definition and description of the roles within an ecosystem, paying particular
attention to the role of insurance companies;
• Status and potential drivers of evolving automotive and mobility ecosystems;
• Opportunities for the strategic positioning of reinsurance companies.
The 11th Annual Meeting of the Sponsoring Group Reinsurance (Förderkreis
Rückversicherung) on the topic of reinsurance was held 13 July 2018, in
Niederkassel near Cologne. Some 85 invited representatives of the (re)insurance
companies supporting the Sponsoring Group took part in the meeting, together with
guests. Offered for the fourth 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 individual
research projects.
Professor Materne also conducted interviews with Dr. Falk Niehörster (Climate Risk
Innovations) and Dr. Magnus Kobel (YAS.life). Dr. Niehörster reported on his
research and consulting activities in regard to maritime climate change and Dr. Kobel
on the business model of his InsurTec, YAS.life, and his general experience in the
establishment and development of start-ups.
In three sessions – each with 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 research theory with practice.
The 16th Annual Meeting of the Sponsoring Group Reinsurance [Förderkreis Rückversicherung] was held 16 June 2023 in Niederkassel, near Cologne. Some 90 representatives of the (re)insurance companies involved in the Sponsoring Group
took part in the meeting, along with guests. Offered for the ninth time as part of the Annual Meeting, the Researchers’ Corner gave the six academic researchers at the Cologne Research Centre for Reinsurance an opportunity to deliver a presentation on the research project in which each is involved in 2023. Over the course of three sessions, 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 reflects the dovetailing of Cologne Research Centre with reinsurance practice.
The 14th Annual Meeting of the Sponsoring Group Reinsurance was held 25 June 2021. Due to COVID-19, the event was held in an online format again this year. Some 80 representatives of the (re)insurance companies involved in the Sponsoring Group
took part in the meeting, along with guests. Offered for the seventh time as part of the Annual Meeting, the Researchers’ Corner gave the seven academic researchers at the Cologne Research Centre for Reinsurance an opportunity to deliver a
presentation on the research project in which each is involved in 2021. Over the course of three sessions, 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 reflects the dovetailing of Cologne Research Centre with reinsurance practice.
The 13th Annual Meeting of the Sponsoring Group Reinsurance was held 26 June 2020. Due to COVID-19, the event was held online this year. Some 80 representatives of the (re)insurance companies involved in the Sponsoring Group took part in the meeting, along with guests. Offered for the sixth time as part of the Annual Meeting, the Researchers’ Corner gave the seven academic researchers at the Cologne Research Centre for Reinsurance an opportunity to deliver a presentation on the research project each in which each is involved in 2020.
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.): Preventive recovery planning for insurance companies
b) Robert Joniec (M.Sc., FCII, cand. PhD): Capital is fungible, the market is
growing more efficient – But how valid are research results?
c) Jörg Dirks (M.Sc., FCII): Cyber risks in reinsurance – Insurable on a parametric basis through AI?
Session 2
a) Wolfgang Koch (M.Sc., FCII): Trend in sovereign cat pools in emerging and developing economies
b) Fabian Lassen (M.Sc., FCII): Environmental social governance – A look at reinsurers
Session 3
a) Fabian Pütz (M.Sc., PhD): Reinsurance aspects of product recalls in the automobile sector
b) Lihong Wang (M.Sc., FCII): China’s Belt and Road Initiative (BRI) – Its impact
on the global (re)insurance industry
Poster session
a) Fabian Lassen (M.Sc., FCII): Private-public partnership – The solution for the insurability of pandemics?
b) Christian Serries (B.Sc.): Silent Cyber as a challenge for the (re-)
insurance industry
c) Frank Cremer (B.Sc. / FCII): Digital ecosystems – Relevance for reinsurance?
d) Harald Kurtze (B.Sc.): Sharing economy – Impacts for reinsurance?
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 13th Annual Meeting of the Förderkreis Rückversicherung [Sponsoring Group Reinsurance].
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.
The 10th Annual Meeting of the Sponsoring Group Reinsurance was held 7 July 2017, in Niederkassel
near Köln. Some 80 representatives of the (re)insurance companies involved in the Sponsoring Group took part in the meeting, together with invited guests. Offered for the third time as part of the Annual Meeting, the Researchers’ Corner gave nine members of academic staff at the Cologne Research Centre for Reinsurance an opportunity to deliver short presentations on their individual research projects. Professor Materne also conducted interviews with Messrs Lorenz Kielwein and
Frank Baumann. Kielwein reported on the application of mathematical systems theory to processes in change management, and Baumann on his 30 years of experience at Gothaer. During each of three sessions, three short lectures with posters were held in parallel and discussed afterwards. The heterogeneity of the topics presented by the staff members reflects the dovetailing
of research theory with practice.
In the sessions, the following speakers presented in German and English:
Round 1
a) Fabian Pütz (M.Sc.)
Alternative Capital and Basic Risk in the Standard Formula (Non-Life) of Solvency II
b) Manuel Dietmann (M.Sc.)
SFCR: Findings for Initial Publication
c) Jan Böggemann (B.Sc.)
Optimising the Purchase of Optional Reinsurance by an Industrial Insurer
Round 2
a) Robert Joniec (M.Sc.)
Actuarial swap
b) Lucas Kaiser (M.Sc.)
The Impact of Different Determinants on the Rating of Reinsurance Companies
c) Lihong Wang (M.Sc., FCII)
Chinese Automobile Vehicle Recall Insurance
Round 3
a) Sebastian Hoos (M.Sc., FCII)
Critical Analysis of the Practical Application of the Definition of an Event
b) Fabian Lassen (B.A.)
Employees in the Reinsurance Industry: Germany and the USA.
c) Kai-Olaf Knocks (M.A., FCII)
[Autonomous Driving: Evolution or Revolution?
The presentations also featured the work of another member of our staff who unfortunately, for
logistical reasons, was able to present his research project in poster form but was not able to deliver
a brief lecture.
Poster
d) Wolfgang Koch (B.A.)
Public-Private Partnership in Emerging and Developing Countries.
We would like to thank the funding bodies who make this event possible to begin with and provide our scholars an opportunity to conduct their research.
Die Bedeutung von Cyber-Versicherungen als Instrument zur finanziellen Absicherung, um die zunehmenden Unternehmensverluste durch Cyber-Risiken abzumildern, nimmt zu. Es mangelt jedoch an standardisierten Wordings und gegenseitigem Verständnis bei Cyberversicherungs-Policen. Mit weniger als einem Drittel der 2017 in den USA ausgezahlten Cyberversicherungsansprüche besteht eine erhebliche Lücke zwischen den Cyber-Risiken, die Unternehmen abdecken müssen, und denen, die tatsächlich durch ihre Cyberversicherungspolicen abgedeckt sind. Im Jahre 2018 wurde von Lloyds of London eine Schätzung mithilfe von Szenario-basierten Modellen durchgeführt, um zu ermitteln, wie groß die Versicherungsschutzlücke im Hinblick auf Cyber-Risiken ist. Man ist dabei zu dem Ergebnis gekommen, dass die Versicherungsschutzlücke ungefähr 90 % beträgt. Der Begriff bezeichnet die Differenz zwischen dem Versicherungsschutz, welcher ökonomisch benötigt wird und dem tatsächlich gekauften.
Diese Forschung befasste sich mit den deutschen Cyber-Versicherern, welche Cyber-Schutz für kleine und mittelständische Unternehmen (KMU) anbieten. Im Rahmen dieser Forschung wurden nur die Ausschlüsse von Cyber-Versicherungen betrachtet. Zusätzliche erweiterbare oder kostenpflichtige Einschlüsse wurden nicht berücksichtigt. Als Grundlage für die Forschung wurde ein Datensatz erstellt, welcher auf Informationen der BaFin basiert. Durch mehrere Segmentierungsstufen wurden 50 Cyber-Versicherer ermittelt, welche Cyber-Schutz für KMUs angeboten haben. Von diesen 50 Cyber-Versicherern konnten 41 Cyber-Bedingungswerke für das Forschungsprojekt herangezogen werden. Im Rahmen der Forschung wurden nun die Bedingungswerke mittels einer induktiven qualitativen Inhaltsanalyse auf die bestehenden Ausschlüsse analysiert. Die Ergebnisse wurden kategorisiert und beschrieben. Innerhalb der Analyse konnten 15 Ausschlusskategorien sowie deren Häufigkeiten in den Cyber-Bedingungen ermittelt werden. Diese Ergebnisse können dazu beitragen, dass Unternehmen eine Vorstellung davon erhalten, was nicht in den Cyber-Versicherungen enthalten sein könnte. Zudem liefern die Beschreibungen eine Informationsgrundlage und tragen so dazu bei, dass der Versicherungsschutz bzw. die Ausschlüsse besser verstanden werden.
Diskussionen über Gleichwertigkeitsbeschlüsse und bilateral ausgehandelte Abkommen wie z. B. das Covered Agreement zur Regelung des Betriebs von Rückversicherungsgeschäft zwischen der EU und den Vereinigten Staaten könnten für international tätige Versicherungsgruppen zukünftig der Vergangenheit angehören. Als Vereinigung von Versicherungsbehörden aus über 200 Ländern arbeitet die International Association of Insurance Supervisors (IAIS) seit 2013 an der Entwicklung eines risikobasierten, global anwendbaren Kapitalstandards (Insurance Capital Standard – ICS). Übergeordnetes Ziel ist die Schaffung eines übergreifenden Regulierungsrahmens für große international tätige Versicherungsgruppen mit Mindeststandards für die Bewertung von Risiken und daraus resultierenden Anforderungen an die Kapitalausstattung.
Es liegt in der Natur der Sache, dass bei der Entwicklung eines globalen Kapitalstandards die Interessen aus vielen verschiedenen Jurisdiktionen mit unterschiedlichen Systemen aufeinandertreffen (insbesondere trifft die verschiedenen Aufsichtsregime aus Europa und den Vereinigten Staaten aufeinander). Das IAIS hat sich zum Ziel gesetzt, die Interessengruppen zusammen zu bringen und ohne die lokalen Aufsichtsregime in den Jurisdiktionen auszuklammern, einen globalen Mindestkapitalstandard für international tätige Versicherungsgruppen zu entwickeln.
Der ICS wird im Rahmen der Konsolidierungsmethode berechnet und weist daher viele Ähnlichkeiten mit Solvency II auf. Der US Alternativansatz wird im Rahmen der Aggregationsmethode berechnet und soll ähnliche Ergebnisse zur Konsolidierungsmethode liefern.
Am Ende stellt sich für die europäischen (Rück-)Versicherungsunternehmen die Frage, ob man akzeptiert, dass US Ansatz äquivalent zum ICS ist, um das Ziel eines globalen Kapitalstandards als Level Playing Field zu etablieren.
In its Renewables 2022 Report, the International Energy Agency (IEA) projects that the share of renewable energies in the global energy mix will increase from 22.8% in 2015 to 38.1% in 2027. This trend goes hand-in-hand with increasing construction of plants for the generation of renewable energies, leading to increased demand for (re)insurance. Comparable to the development of traditional energy sources, the hedging of current risks is a key element in the further development of renewable energies. According to projections by the IEA, by 2027 most of the energy from renewable sources will be generated using photovoltaics or solar as well as onshore and offshore wind.
Das Thema Environmental Social Governance (ESG) gewinnt auch im Rückversicherungssektor aufgrund gestiegener aufsichtsrechtlicher Anforderungen an Relevanz. Dabei wurde in der Vergangenheit der Schwerpunkt auf Investments gelegt. Nun existieren immer mehr ESG-Kriterien, die das Underwriting betreffen. Welche Effekte dies auf die Branche hat, lässt sich heute noch nicht abschätzen. Klar ist, dass wir uns am Anfang einer langen Transformation befinden. ESG-Kriterien werden zukünftig vermutlich als ein weiterer Aspekt neben der versicherungstechnischen Risikobewertung berücksichtigt
Lihong Wang reported on the rapid expansion of Chinese Online Insurance. With the ongoing lifestyle and demographic changes, online insurance is becoming one of China's key distributional and operational business models. More than 140 Chinese insurance companies had launched an online business by 2021, with a total premium of 298 billion Yuan (US$45 billion) or 6% of the industry total. Over 7741 enterprises are registered and involved in online insurance. Despite ongoing pandemic issues and lockdowns, online insurance became the accelerators for premium growth in China, especially in the life and health insurance sectors. While the opportunities are enormous, online insurers are facing a number of challenges, such as tightening regulations, a shortage of competent advisors, rising fraud and global recessions. With over 900 million mobile users in China and a population that is ageing and witnessing a reduction in fertility, online insurance will keep growing.
Due to their unpredictable nature and sweeping impacts make cyber risks, including cyber warfare and state-sponsored cyber-attacks, present a considerable challenge to many areas of our daily lives. In today’s connected world, the threat of cyber risk is omnipresent. Cyber warfare and state-sponsored cyber-attacks are of particular concern, as they are initiated or supported by governments or state actors. Often, the purpose of such attacks is to compromise critical infrastructure, government systems, businesses, or citizens’ privacy. The impacts can be devastating. They range from financial losses for businesses to theft of intellectual property, disruptions of public order and threats to national security.
This presentation briefly introduces my research project: The Covid-19 impact on the Chinese insurance and reinsurance industry. In the following, I will give you some background information, an overview of the macro implications and some details on the impact on each line of business. Finally, I will end with an outlook for the industry following COVID-19.
Am Beispiel von Naturkatastrophen (NatKat) Rückversicherung lässt sich erkennen, dass wesentliche Elemente klassischer Rückversiche¬rungs-transaktionen darauf abzielen, Informationsprobleme zwischen Erst- und Rückversicherer zu reduzieren. Aktuell gibt es in der Rückversicherungs¬literatur keinerlei Hinweise auf ein Verständnis darüber, wie sich der klassische Transaktionsprozess auf Ergebnisse auswirkt, noch darauf wie sich Auktionen in ihrer Wirkung unterscheiden / wie sich diese auf Ergebnisse auswirken. Ein wichtiges Ziel ist somit die Grundlagenschaffung für die zukünftige Entwicklung einer Marktdesign Diskussion im Rückversicherungskontext.
Anhand bestehender Erkenntnisse in der Auktionstheorie ist nicht eindeutig, ob und in welchen Fällen Einheitspreise oder individuelle Preise zu besseren Ergebnissen für die Verkäufer (Versicherer) führen würden. Weiterhin ist nicht klar, ob öffentliche Auktionen oder verdeckte Auktionen bessere Ergebnisse liefern würden.
Ein Auktionsdesign, das der klassischen Brokerplatzierung nahekommt, ist die Ausubel Auktion (Ausubel, 2004). Dennoch lassen sich keine generellen Aussagen darüber treffen, ob die klassische Platzierung oder Auktionen bessere Allokations¬mechanismen darstellen (vgl. Bulow and Klemperer 1996).
Unter Berücksichtigung von klimatischen und sozioökonomischen Trends ist ein besseres Verständnis der beschriebenen Zusammenhänge für die Stärkung des Rückversicherungsmarktes zunehmend dringend.
Catastrophe insurance without premium payment – The concept of contigent liability in Switzerland
(2023)
No later than with the heavy rainfalls of 2021, discussions in Germany have resumed around the introduction of compulsory insurance for natural hazards. Natural hazards exhibit a high potential for loss, and insurance is a building block with which to bolster resilience. In practice, there are already a host of functioning solution concepts to provide cover for natural hazards, including insurance pools and state guarantees. All of the concepts, however, are predicated on payment of an ongoing insurance premium.
To compensate the shortage of cyber risk data and offer some indication of the status quo on the data available on cyber risks, the researchers prepared a systematic overview to offer cyber risk stakeholders a database of publicly accessible data on cyber risks and cybersecurity. The study focussed on the data sets used in the academic literature.
Assessment of the BaFin Guidance Notice on Dealing with Sustainability Risks in Risk Management
(2021)
The elaboration of research addressed the sustainability risks identified in the BaFin Guidance Notice with regard to risk management. Sustainability risks (ESG risks) must be
divided into the three areas: ‘Environment’, ‘Social’ and ‘Governance’. ‘Environment’, which is potentially the largest area of the three, is divided again into physical risks
and transition risks. Physical risks describe the possible impacts of extreme weather events, and transition risks are those that can arise as a result of the transition to a
low-carbon economy (through political decisions or technological developments, for example). According to the BaFin, the Guidance Notice is a ‘compendium of non-binding procedures’ and the measures to be taken by the companies should be based on the type, magnitude and complexity of the risks involved (principle of proportionality).
The challenges facing the reinsurance industry remain considerable. For the reinsurance sector, 2022 was marked not only by the ongoing coronavirus pandemic and claims due to natural disasters but also by the war in Ukraine, the energy crisis and inflation.
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 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. Unfortunately the Cologne Reinsurance Symposium for 2022 had to be cancelled due to COVID-19.
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.
There are eight researchers and four professors currently 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. This funding helped facilitate the doctorate of Mr Frank Cremer, among other things.
At the 14th Annual Meeting of the Sponsoring Group Reinsurance held in 2021, the decision was taken to continue to provide financial support to the non-profit organisation ‘Hilfe für Guinea e.V.’ Through its annual donation to this project, the Cologne Research Centre for Reinsurance fulfils the criterion of ‘social commitment’ required of an official research focus. The donation will benefit the La Lumière Scolaire project. This project finances the construction and operation of schools for the children of disabled and homeless people in Guinea.
The Cologne Research Centre for Reinsurance is accredited as an official research focus of the Cologne University of Applied Sciences.
The challenges facing the reinsurance industry remain considerable. For the reinsurance sector, 2021 was marked by claims for natural disasters (Hurricane Ida, flooding in Europe, etc.) and the coronavirus pandemic.
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 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.
There are ten researchers and four professors currently 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. This funding helped facilitate the doctorate of Mr Frank Cremer, among other things.
At the 14th Annual Meeting of the Sponsoring Group Reinsurance held in 2021, a decision was taken to provide financial support to the non-profit organisation ‘Hilfe für Guinea e.V.’ The donation will benefit the La Lumière Scolaire project. This project finances the construction and operation of schools for the children of disabled and homeless people in Guinea.
The Cologne Research Centre for Reinsurance is accredited as an official research focus of the Cologne University of Applied Sciences.
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 Research Centre for Reinsurance links its research activities with practices in the reinsurance sector. The year 2020 was dominated by the global COVID-19 pandemic. There were numerous substantial challenges that arose not just in general but also for the (re-)insurance industry in particular. Naturally, interaction and practical, bidirectional knowledge transfer at the Cologne Research Centre for Reinsurance was also hard-hit by the many event cancellations and their makeshift relocation to online formats. We particularly regretted the cancellation of the 17th Cologne Reinsurance Symposium. The 13th Annual Meeting of the Sponsoring Group Reinsurance was quite a success in the chosen online format – but of course we would like to return to the traditional event format at Clostermannshof as soon as possible. A complete success, on the other hand, with 178 participants, was the webinar series hosted by the Research Centre for Reinsurance on the European Insurance and Occupational Pensions Authority (EIOPA) initiative on risk mitigation techniques that could alter the effects of reinsurance under Solvency II.
There are twelve people currently employed at the Cologne Research Centre for Reinsurance. All of the personnel, material and travel costs for the Research Centre for Reinsurance are fully financed by third-party funds provided by the Sponsoring Group Reinsurance. The special circumstances were scarcely an impediment to the research, communication and cooperation among the employees of the Research Centre for Reinsurance. As most employees do not live and work in Cologne, anyway, working from home and online had been the rule for them even before the coronavirus crisis hit. The transition to a setting working from home was (nearly) a smooth one for the other employees as well. As every year, we would like to express our appreciation to the Sponsoring Group Reinsurance, the University leadership and administration, and the Institute of Insurance Studies for their support of our research work.
The reinsurance market continues to face major challenges – at this point we would like to outline just one of these, by way of example. The renewal of reinsurance contracts effective 1st January 2020 seems to present an-other disappointment for the reinsurance sector. This development is surprising for a substantial hardening of prices and conditions, not only in the retrocession area but also in the primary (corporate) insurance market. As a rule, a price increase in the retrocession sector is initially followed by a price rise in the reinsurance industry, which then ultimately also occurs in the primary (corporate) insurance market. Yet the trend we are currently witnessing seems to have skipped over the reinsurers. This confronts the reinsurance market with the question of whether – and, if so, when – the price adjustments will also take effect in the case of reinsurance contracts. The Cologne Research Centre for Reinsurance analyses the latest developments in the reinsurance market and, where appropriate, monitors these through research pro-jects. In the process, the Cologne Research Centre for Reinsurance links its research activities with practices in the reinsurance sector. Hereby, and facilitated through or-ganisation 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. There are seven researchers, two employees responsible for research management and one administrative employee currently on the staff of the Cologne Research Cen-tre for Reinsurance. Thereby, all material and personnel costs are fully financed by third-party funds provided by the Sponsoring Group Reinsurance. Within the scope of its social and environmental responsibility, this year the Cologne Research Centre for Reinsurance dealt with the topics of climate protection, sustaina-bility and equality. Because these topics are at once global, national and individual missions, the Cologne Research Centre for Reinsurance developed ideas and took measures to actively practice climate protection, sustainability and equality. In this ef-fort, great importance was attached to maintaining the level of quality while at the same time pursuing the objectives the Research Centre had set for itself in the above-men-tioned areas. While it is still in its beginnings, our initiative in the field of climate protec-tion and sustainability is manifested particularly in the most sustainable management of resources and travel we can achieve.
We want to thank the Sponsoring Group Reinsurance, the University leadership and administration, ivwKöln [the Institute of Insurance Studies 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.
Folgende Aspekte lassen sich im Rahmen dieser Forschung festhalten:
• Im ORSA Bericht 2022 dient eine Anlehnung an die Klimawandelszenarien des „Network for Greening the Financial System (NGFS)“ (ein Zusammenschluss der Aufsichtsbehörden und Zentralbanken) als erste Orientierung.
• In Anlehnung an das NGFS sind zwei langfristige (mind. 30 Jahre) Temperaturanstiegsszenarien (< 2°C und ≥ 2°C) zur weiteren Analyse auszuwählen.
• Hierfür bietet sich ein Szenario mit hohem Transitionsrisiko (z.B. „Delayed Transition“) und ein Szenario mit hohem physischen Risiko (z.B. „Current Policies“) an.
• Im ORSA 2022 dienen einfach gehaltene, quantitative Analysen als Basis, um daraus qualitative Aussagen abzuleiten, z.B.:
o Neubewertung per heute (Sensitivitätsanalyse)
o Stresstest mit instantanen Schocks („Zeitreise“)
o Projektion (statisch oder mit Managementregeln)
• Schließlich sind bei der Ableitung von Ergebnissen die Besonderheiten der verschiedenen Bereiche/Sparten zu berücksichtigen:
o die Kapitalanlagen könnten beispielsweise langfristig durch Transitionsrisiken geprägt sein (z.B. steigende Energiepreise)
o die Schaden/Unfallversicherung ist geprägt durch das reformierte Baurecht (klimabewusstes Bauen)
o die Personenversicherung ist geprägt durch lange Vertragslaufzeiten.