The German insurance industry had to skins in the past few years. Classic life insurance policies with guarantee, in times of ultra low interest rates, and in view of stricter prudential rules is hardly more economical. However, the industry does not want to lose its leading Position in the pension plan. So, the past few years many forms of money the customer more and more risky to create than classic policies, but the capital market risk not completely to the consumer to leave.
Philipp Krohn
editor in the economy.
F. A. Z.
A variant are index policies, where the customer can choose at the beginning of the year, whether he receives the Income contribution from the hedging asset or assets, or in the same volume on the success of a stock index. Insurers have designed these policies so that the customer can never lose. This is a concession to security-oriented customers who would have purchased in the past, perhaps a classic policy, with this, but not enough earnings potential would have to close their pension gap.
In return, can not achieve the consumer but also the yield of an Index, because the insurer greater security with an upper limit (Cap) or a percentage participation in the Performance pay. In short: a product that combines a slightly higher return opportunities with lower security.
“Below the line, the index policies are classic rates, although in many cases, it is assumed that the entire contribution will be invested in an Index,” says Miriam Michelsen, head of product management Provision of financial distribution MLP. They were made quite clear for safety-oriented savers. Will pulled at the 3 percent annual return, a Cap, am taking part of the customer to a possible development of the Index of 10 percent, but must also fear no losses. Therefore, the training of the MLP consultant pointed out this fact to the customers.
On the capital market, no money
lost Only in the year 2018, for some customers, perhaps the value of an index policy is shown. Because no matter how he has chosen at the beginning of the year, in losses he has not retracted his Investment. Because despite a net loss of 18 percent in the Dax, the credit is either 0% (index of participation), or in the case of the profit participation of the insurer. “Thus, customers have lost in comparison to a direct investment in the capital market, no money,” says Michael Hauer, managing Director of the Institute for Prevention and financial planning.
The independent Advisory house, has submitted at the beginning of the week a short analysis about the market. This shows that in the year 2017, the index policies, the majority of yields of more than 5 percent, which is far above the excess of participation in the market. In the past year, a Zero, in contrast, was everywhere. 18 German providers index policies in the offer. Their Performance depended strongly on the start date of the twelve month measurement: The policy of the HDI was to a start in October 2017 – so for nine of the twelve phases in the Plus. Allianz Euro Stoxx 50 achieved in any of the periods of time a Plus. Stuttgart was, after all, during eight periods in the positive return range.
