Enthusiasts: No faster interest rate increase in life insurance

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Most life insurance customers can not hope for an increasing interest rate of the classic pension, despite the turnaround of interest on the capital market. Because of the high inflation, consumers must also prepare for the fact that damage and accident insurance become more expensive.

Wann macht sich die Zinswende bei Lebensversicherungen bemerkbar? © Jens Büttner/DPA Central picture/dpa When is the interest reversal of life insurance noticeable?

"I would not expect an increase in current interest over the next three to five years with classic capital life insurance," said the CEO of the German Autertain Association, Herbert Schneidemann, the news agencies dpa and dpa-AFX. A faster interest rate increase is conceivable for life insurance, in which customers only pay a contribution once.

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Old Treaties

In order to secure the high guarantees for old contracts of up to four percent, insurers had to put up money during interest. This money could not be distributed to customers. Because the interest rates of government bonds have recently increased, the capital buffer - in the technical jargon interest rate reserve - has now been sufficiently filled. "The interest rate reserve is on average at around 100 billion euros at the end of 2021," said Schneidemann. This means that many insurers no longer have to put more money back.

, on the other hand, creates so -called silent loads in the balance sheet due to the turning point. Schneidemann expects that many assecourances “the careful repay” initially reduce the quiet loads before increasing the excess participation for your customers.

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Excess participation

The surplus participation, the life insurers, depending on the economic situation and success of their investment strategy, set up every year, is part of the ongoing interest rate of the classic pension. In addition, there is the guaranteed interest rate, which the Federal Ministry of Finance, according to calculations by the timer association and recommendations from the financial supervision Bafin. This so -called maximum calculation interest for new contracts that have been concluded since the beginning of the year is 0.25 percent. "I believe that it will take a few more years before the maximum calculation interest rises again - provided that the interest rate level continues to stabilize," said Schneidemann, the board leader of the insurance group is the Bavarian.

The ongoing interest rate from excess participation and guarantee interest, which only refers to the savings share after deducting the costs, is currently on average over 2 percent.

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These insurance companies become more expensive

more expensive due to the increased inflation of damage and accident insurance. For example, building insurance is affected by the extremely strong increase in construction costs. "Personally, I assume that we will see faster and higher premium adjustments through changes to the change in non-mandatory insurance," said the insurance mathematician Schneidemann (actuar). For example, insurers could terminate contracts in residential building insurance and enforce higher premiums from their customers.

In the car insurance, "complicitly added that in addition to inflation, the hail events increase so much," said Schneidemann. That is why Kasko insurance in particular is likely to be more expensive for customers. In contrast to life insurance, the vehicle

liability and private health insurance, insurance companies can terminate insurance companies that are not mandatory, such as household or building insurance.

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