Life Insurance

Life insurers put to the test – not all passed

At regular intervals, the Association of Insureds takes a closer look at the German life insurance providers and the results of the latest test are anything but good. The insurers were rated according to their solvency, profit expectations and the transparency of their contracts. It is frightening that only a small fraction, more precisely 17 of 84 life insurers, got a “good” rating.

A bad quality

When it comes to the solvency of German life insurers, see it doesn’t look too good. The Association of Insured, which carried out the investigation together with Research Consult GmbH, mainly criticized the very poor quality and the lack of transparency in the insurance companies’ solvency reports. Only 17 out of 84 companies were able to provide a report on their finances that was understandable, easy to understand and also comprehensive. What is striking is that there was not a single so-called “run-off company”. Especially with these insurances, which do not sell new contracts, but only process old contracts, the insured have to worry whether they will actually get the promised benefits in the end.

What other shortcomings were there?

For the investigation of the life insurers, the equity of the company also played an important role, as well as the transparency of the contracts, the profit expectations as well as the investments and the handling of surpluses. However, the focus was on solvency and thus the big question of whether the insurers also have sufficient financial resources. The result is worrying, because 23 of the insurance companies examined are dependent on so-called transitional rules so that they can even meet their solvency requirements. The profit expectations are also worrying, because 13 of the insurance companies expect losses in the future, 40 others have major problems with profit expectations, which are also acceptable from the point of view of consumers.

The evaluations in detail

{ 1} Only two insurance companies can adorn themselves with a “good” for transparency, namely the Alte Leipziger and the Berlin-Brandenburg public life insurance company. Debeka, Württembergische and Karlsruher Lebensversicherung performed poorly. In the area of ​​solvency and profit expectations, Zurich Deutscher Herold LV AG, Ideal LV a. G., the public LV Sachsen-Anhalt AöR and the LVM LV AG convince with a good result. Life insurers who only inform their customers in a non-transparent manner are violating one of the three basic principles of the new supervisory law, the Debeka in particular is a very bad example.

Image: © / DragonImages

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