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Traditional participating life insurance contracts with year-to-year (cliquet-style) guarantees have come under pressure in the current situation of low interest rates and volatile capital markets, in particular when priced in a market consistent valuation framework. In addition, such guarantees lead to rather high capital requirements under risk-based solvency frameworks such as Solvency II or the Swiss Solvency Test (SST). We introduce several alternative product designs and analyze their impact on the insurer’s financial situation. We also introduce a measure for Capital Efficiency that considers both, profits and capital requirements, and compare the results of the innovative products to the traditional product design with respect to Capital Efficiency in a market consistent valuation model.

Participating Life Insurance Contracts under Risk Based Solvency Frameworks: How to Increase Capital Efficiency by Product Design