The Cost of Life Distribution in Europe

Klotzki, Udo; Gatzert, Nadine; Muenstermann, Bjoern

doi:10.1057/s41288-016-0036-x

Cited by 9 publications

(4 citation statements)

References 25 publications

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“…As fewer undertakings report their asset exposure in detail compared to the expenses reporting, Table 7 slightly (and prudentially) overestimates the ratios. 81 Note that Finland and UK both also restrict remuneration but did not report asset exposures and could therefore not be included within Table 8 (see Oxera 2015;Klotzki et al 2017). 82 France, Germany and Italy account for 49.32% of the total reported written premiums (net without reinsurance), while UK would add another 25.14% (see EIOPA 2021c).…”

Section: Costsmentioning

confidence: 99%

“…K respective percentages are not included in Table 8. 83 To this regard and in the context of life insurance distribution in Europe, Klotzki et al (2017) investigate several key drivers of distribution costs based on a dataset for the European insurance market. They also analyze the effects of commission bans in the case of Denmark and Finland, where they observe an increase in life penetration and life density for both countries in the years that follow the introduction of those bans.…”

Section: Costsmentioning

confidence: 99%

“…For the above calculations, only data for K Reported acquisition expenses as share of total asset exposure in life insurance for selected countries. (Representation based on Oxera 2015;Klotzki et al 2017; EIOPA 2021c)…”

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confidence: 99%

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The pan-European Personal Pension Product: key characteristics and main challenges

Bär

2022

ZVersWiss

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Against the background of increasing challenges within the European Union related to ageing societies, a prevailing low interest environment, increasingly mobile life and work across the EU and the general distribution of wealth, several stakeholders within the EU have acknowledged the need to support the adequacy of national public pension schemes. This resulted in the conception of a Pan-European Personal Pension Product (PEPP), voluntary and portable across the European Economic Area (EEA), aiming at combining profitability, transparency as well as the security and quality of the related investments. Embedded into the greater scheme of the aspired European Capital Markets Union, PEPP is intended as simple and affordable savings option for everyone with the goal of closing the pension gap. This paper revisits the process towards the current, finalized state of PEPP, exploring its product features, regulatory requirements and key challenges with regard to the possible emergence of products since 2022.

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Section: Costsmentioning

confidence: 99%

Section: Costsmentioning

confidence: 99%

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The pan-European Personal Pension Product: key characteristics and main challenges

Bär

2022

ZVersWiss

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“…It can be concluded that sometimes the reactions of regulators reflect 17 Fujitsu (2016); Capgemini and Efma (2016); TNS (2012). 18 This was shown for the life insurance segment by Klotzki et al (2017). Irrespective of the difficulty of finding comparable distribution data and of comparing the heterogeneous markets, the complexity of the relationships between the variables is very high: for insurance density, insurance penetration and the degree of concentration, the difficult interpretation was briefly indicated, but it likewise applies to the endogenous variable of distribution costs.…”

Section: Heterogeneous Distribution Regulationmentioning

confidence: 99%

The New Insurance Distribution Regulation in the EU—A Critical Assessment from a Legal and Economic Perspective

Köhne

Brömmelmeyer

2018

Geneva Pap Risk Insur Issues Pract

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The new Insurance Distribution Directive (IDD) regulates insurance distribution more precisely and more comprehensively than the former Insurance Mediation Directive (IMD). For one thing, all insurance distributors will now be encompassed; for another, there will be a substantial increase in the obligations relating to information, advisory services, documentation and business conduct. Considering the effort and expense involved, this raises the question of possible benefits. In this article, the IDD provisions are assessed for the first time with a focus on Europe and from both a legal and an economic perspective. There are regulations that are considered positive from both perspectives (e.g. the Insurance Product Information Document in the non-life segment), others that are viewed rather critically from both perspectives (e.g. product oversight and governance requirements) as well as those that are partly assessed differently (e.g. conduct of business rules). All in all, the IDD appears to be associated with over-regulation in some areas. The legislator should subject these areas to critical scrutiny at the time of the IDD review after 3 years.

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The New Frontiers of Insurance Distribution

Cappiello

2018

Technology and the Insurance Industry

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The Cost of Life Distribution in Europe

Cited by 9 publications

References 25 publications

The pan-European Personal Pension Product: key characteristics and main challenges

The pan-European Personal Pension Product: key characteristics and main challenges

The New Insurance Distribution Regulation in the EU—A Critical Assessment from a Legal and Economic Perspective

The New Frontiers of Insurance Distribution

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