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Insurance intermediation — Theoretical analysis and practical issues in the european market

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Zeitschrift für die gesamte Versicherungswissenschaft

Zusammenfassung

Der vorliegende Beitrag untersucht Versicherungsintermediäre. Sie sind in der Wertschöpfungskette zwischen den Produzenten und den Konsumenten von Versicherung angesiedelt. Verschiedene Typen von Intermediären werden unterschieden und im Lichte der gegenwärtigen Entwicklung des Kapitalmarktes untersucht. Es handelt sich dabei insbesondere um Konzentrationsprozesse und einen Trend hin zu Finanzdienstleistungen aus einer Hand. Bei der Bewertung der strategischen Optionen stehen die Anreize der Akteure im Mittelpunkt. Einerseits besteht eine Prinzipal-Agent Beziehung zwischen Intermediär und Versicherungsproduzent, andererseits besteht eine solche zwischen Intermediär und Konsument. In der Praxis ist, vielfach nicht näher begründet, oft das Werbeargument der Unabhängigkeit anzutreffen. Leistungsfähigkeit und Stabilität des Kapitalmarktes könnten verbessert werden durch klare Regeln wann ein Versicherungsintermediär als unabhängig anzusehen ist. Kriterien der Unabhängigkeit eines Intermediäres werden entwickelt. Aufsichtsbehörden und / oder private Rating-Agenturen können anhand der im vorliegenden Artikel dargelegten Kriterien die Unabhängigkeit Versicherungsintermediäre überprüfen.

Abstract

This paper studies intermediation between consumers and providers of insurance. Different types of intermediaries are distinguished and investigated in the light of recent market dynamics in Germany and elsewhere in Europe, in particular concentration and the trend towards one-stop finance. Intermediaries’, the insurance providers’ and the consumers’ strategic options are evaluated with a focus on the incentive problems caused by an intermediaries double principal-agent relationship with insurance providers and consumers. Criteria for an intermediary’s independence, which is often aggressively advertised without transparent justification, are developed. It is argued that performance and stability of the market could be improved by well-specified levels of independence in insurance intermediation which are to be verified by regulation authorities and / or private rating agencies.

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Authors and Affiliations

  1. Frankfurt/Bonn

    Sebastian Aschenbrenner-von Dahlen

  2. Boston/Hamburg

    Stefan Napel

Authors
  1. Sebastian Aschenbrenner-von Dahlen
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  2. Stefan Napel
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Additional information

The authors are grateful to Manfred J. Holler (Hamburg), Alfred Müller (Karlsruhe), Stefan Seifert (Karlsruhe), and Mogens Steffensen (Copenhagen) for constructive comments on an earlier draft of this paper and to the anonymous referees. The paper presents the authors’ personal opinions. S. Aschenbrenner-von Dahlen acknowledges financial support by the Stifterverband der Deutschen Wissenschaft. S. Napel acknowledges financial support by the DAAD.

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Dahlen, S.Av., Napel, S. Insurance intermediation — Theoretical analysis and practical issues in the european market. ZVersWiss 93, 67–99 (2004). https://doi.org/10.1007/BF03216997

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