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Failures expected in German life market.
(From Insurance Day)
Byline: Adrian Ladbury
INSOLVENCIES are expected in the German life insurance industry, mainly because of a E20bn ($23.3bn) "tax trap", according to credit rating agency Fitch.
Fitch believes that beleaguered German life insurers have gained little from the recent uplift in global equity markets, as the industry holds only roughly 7% of equity shares in its collective portfolio. Hidden reserves among the life companies have also been falling, because of the impact on bond values from increases in long-term interest rates.
And huge potential tax charges caused by losses in shares and investment funds of up to E20bn could hammer the German life sector this year, says the agency.
"[The charge] is another external shock that some insurers have been unable to cover from their equity and reserves. ...
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