Insurance AIG will pay back debts to the State

The Prudential business has a value of 35.5 billion dollars.
By the financial crisis seriously damaged the U.S. insurer AIG
dissolves to some extent from state custody.

Through the $ 35.5 billion ($ 26.2 billion) sale of its heavy Asian
business to British competitors Prudential he may pay a portion of its
debt to the taxpayer. This is the single most important step on the
way back to independence, said AIG CEO Robert "Bob" Benmosche on
Monday in New York.

From the purchase price in cash flow $ 25 billion. This money goes
entirely to the American government. The rest are shares and other
securities from the Prudential. AIG also wants to make this liquid
over the short or long. The U.S. government had to pump more than 182
billion dollars over the once world's largest insurance company in
order to keep him in the financial crisis to collapse. Thus the state
is now about 80 percent of the largest shareholders.

The brokers cheered the prospect of again independent AIG: The
premarket price jumped up by about 14 percent. The buyer it Prudential
went down to the same extent. Because for the purchase of the British
for their part, fall in costs: On the issue of new shares are to come
in $ 20 billion in debt for another 5 billion dollars of the company.

The AIG subsidiary American International Assurance Company (AIA)
sells mainly life insurance. She has more than 23 million customers in
Asia. 23 500 people work for the company.

With the acquisition of Prudential will become the market leader in
Southeast Asia. "This transaction is very exciting and unique
opportunity to change the Group," said CEO Tidjane Thiam. He has been
building for years from the Asian business: 44 percent of the profits
from new business comes from the region. Now it should be 60 percent.

Of profits, the parent company AIG currently only dream of. Last year,
the insurer lost $ 10.9 billion. 2008, the insurer had run in with the
highest loss of $ 99.3 billion in U.S. economic history. Since
mid-2009 to the Acting CEO Benmosche bring AIG back on its feet. For
this, he retreated from risky transactions. To pay the debt to the
State, he sold the family silver.

In addition to the Asia division Benmosche has its U.S. life insurance
business American Life Insurance Co. (Alico) put up for sale. The
frontrunner is the domestic competitors Metlife. Negotiations are
currently hanging but because tax law questions. Alico, experts expect
an income for 14 to 15 billion dollars. An amount of a similar size,
they had predicted for AIA - but in the end it was more than double.

The sale reduces the likelihood that the state must step in AIG again.
The group had raised these concerns with the submission of its weak
annual figures. AIG is not only one of the largest life insurer in the
world, but also the largest financier of aircraft.

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02/09/2011 08:56:10 -

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Who restrains the greed of the state?

Guest Commentary:
02.09.2011, 14:42 clock

All the world swears unleashed on financial markets. The role of the state has no place in the common critique of capitalism. Why not? The new critics have short memories ..
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Insecure stockbroker in Frankfurt. Source: AP

DüsseldorfDie Financial markets sink in panic, the critique of capitalism flourishes, remorse and mea culpa are booming. "Does not the Left at the end right?" asks the conservative British journalist Charles Moore in the "Daily Telegraph", and the German feuilleton called "Yes and Amen". Law making, and who's to blame? Thousands of lines of print about the same answer: the "unchained financial market economy." But the answer is as illuminating as: "The murderer of the Austrian throne, has caused the First World War." Only: The man who shot, but the field have prepared the States.

Unfortunately, the role of the state, which now distributes about half the national product, no place in the common critique of venture capitalism embodies, but the good of the State: general interest and distributive justice. Objectionable is that he based on the "too big to fail" rescues bankrupt countries and moves such as banks, so investors and shareholders. True that this is endlessly enriched - like it would do any of us if he could. Unforgivable for friends of the market is that at least some financial institutions are contrary to good faith by the same time have speculated with and against their clients.

But the revamped critique of capitalism remains blind to the state (Karl Marx knew better, but the government has condemned as stooges of the capital). Why the banks in the country's deepest financial acrobatics have fallen? "Greed" and "excess" are apparently also public vices. A nice punch line. The truth is that the state has prepared the table at which the "unfettered markets" have eaten.
Euro in the crisis

   * €-crisis: The bailout splits EU
   € crisis *: Weidmann criticized European governments - and the ECB
   * Euro rescue package: Schäuble wants good behavior of parliamentarians

The mega-bubble that without the aid (see, Penal Code) not occurred. The largest bowl has filled the country with cheap money - in the foolish, but vote-oriented faith, that such a recession would be abolished. The cornucopia spilled out first about America, then across Europe. 2003 U.S. Federal Reserve lowered the key interest rate to a 40-year low of one percent.

Who would eat the soup? Laid down in advance of the state under Clinton, the cutlery - away with the separation of investment banks, commercial banks and insurance companies. Now everyone could mitlöffeln. For the stimulus also caused the state, in the name of social justice: home ownership for all. Since 1977, the Community Reinvestment Act had "encouraged" banks to serve poor neighborhoods also with mortgages - a good idea, but the first to raise the credit quality problems should.

In the nineties, began to spin a huge wheel, again in the name of justice. The two state-secured mortgage institutions Fannie Mae and Freddie Mac were encouraged by Congress to fund more mortgages for poorer. Starting in 2007 should fill the two for 55 percent of their portfolios by subprime mortgages. Fannie and Freddie had been guaranteed to hundreds of billions.
Thus, in the land of "predatory capitalism" is a home ownership rate of 70 percent (in Germany 43 percent). But who asked now by credit rating? What wonder that "greed and excess" a worldwide roulette set in motion, no matter how opaque the "asset-backed securities" were. Uncle Sam stood behind it.
Josef Joffe is editor of "Time" columnist and the "Handelsblatt". Source: picture alliance / ZB
Josef Joffe is editor of "Time" columnist and the "Handelsblatt". Source: picture alliance / ZB

As with the mortgage debt of bankrupt countries today. Who made them? The politicians who wanted to buy more, pay more than they could - be it for social equality, be it for the clientele. Or to enrich themselves. Why deserves a representative in Rome € 14 000, and for 15 hours a week? Why roll 86 000 official car in Italy? The euro, also a product of politics, made it possible: with low interest rates, invited to the waste.

So what the Left is right? The "unfettered financial market economy" was the bold eye, which has now triggered deadly stomach cramps. But the soup, the state has done - negligence, benevolent or irresponsible. But where would the critics of capitalism, although he would prefer the government to account? But embodies the promise is also the cause of so much research to be complicated. For the prosecution it is sufficient if the investment bankers may opt for a $ 40 million apartment on Central Park afford.

We take away his property taxes, we put together the financial markets. The state will judge it. But who bridles the state, which has made it possible? A nice feature for the series.

My child, a Fidgety Philipp, a wrongdoer?

"Were you a 'harm-inclined child'?" - "Non!" - "Then maybe your descendants and your grandchildren ..." - Sorry, but it is now in the parents and even about that no damage is to replace has added a child to someone else physically or taught about things. For when children cause damage, often begins and usually armed with their own liability. For controversial is often the duty of supervision, but are not practiced by parents at any minute as well.
What was recently on the sidewalk? The Titch with helmet, bicycling on the sidewalk, accompanied by her mother, with them on the wheel of the road. The Small varies falls against a parked vehicle. The mother is worried both about the shoot as well as to the potential harm. For sheer surprise, she provides her bike down so that this rumbling from the car ...

How, then such damage is regulated? pay the civil liability of the parents must be: For the injured no question. And feel "off the hook" because such insurance is actually running for years. Such damage caused by children, but are not always regulated. The facts of liability in fact, depends on the age of the child and the question of whether the parents have violated the duty of supervision.

Limited rights - limited liability

Just as the fact that only occurs with the age of seven, the limited capacity in connection with the pocket money-paragraphs of the BGB, are children under seven years is not capable of crime. Result, the parents can not be held liable for claims caused by the child. Except if the child is extremely detrimental inclined, which is also striking, and requires constant supervision.

So whether Bagatellschaden or accident in the marketing of property, or even damage to person - not in every case, parents must pay for the consequences of accidents or damage to property. This tort protection for children in road traffic is even extended: Until the age of ten must for any damage they cause in moving traffic not stuck.

Junior, where are you, what are you doing?

However, the supervision of parents hurt provable, they are liable and regulates the private insurance. The legislature has not regulated, from what age children home alone, may be playing in the garden or on the road. These freedoms must make the parents by the age and mental and spiritual development of the child. For a healthy socialization and have children to play. This is true even if traded impulsive and rash, when running after a ball that rolls into the street and have the parents do not therefore necessarily violated its duty of supervision. Injured but can also mean that you your loss is not replaced.

This is disturbing in the long term, if there are neighbors or friends who have been harmed. Since then a good relationship so far is at stake. Wrong so the parents attitude that the insurance does not pay if you have not taken care properly for his child. Wrong! Only those who have breached its duty of supervision, responsible parents and to take out insurance. Who has not subsequently determined paying attention, should indicate this to the insurer and not just assert the claim, that he / she had seen all the time and the injury happened, when there was not looking for a minute.

Who now shy away from possible trouble with neighbors, can make arrangements for children under seven years in additional liability protection of their parents. Here, the insured sum is usually but not limited to 3,000 to 5,000 euros, or afflicted with an excess of claims. An extra protection, but so far offered only every other insurer.

As for the Vandals?

An HP will pay but then not cover damage if a child over seven years this has caused intentionally. The now known as 'hooliganism'. Lubricates the offspring walls with paint full or he throws a window panes, this counts as 'harm-inclined', for which the child or the parents just stick. Evidence that the damage with intent or with gross negligence was, however, is difficult and therefore, whether intent was present and whether the child was able to assess his actions.

Police drill for oil on the open sea

The sinking of the rig Deepwater Horizon "in the Gulf of Mexico and the resulting environmental disaster involved the insurance industry. Holes are at sea so far covered more than the normal insurance companies, the damage covers up to about 1.5 billion U.S. dollars, will in future policies specifically for such projects to be completed or must. That it is not done with a single-digit billions, if that is the real thing, has now been sadly. BP must be solely responsible for the compensation funds 20 billion U.S. dollars to raise, in addition to about eight billion U.S. dollars were already invested in dealing with the oil-Pest.

The world's largest reinsurer, Munich Re is therefore planning to insurance solutions that move in a frame 10:00 to 8:00 p.m. billion U.S. dollars and are met by several insurers. Presented the idea in the industry meeting in Monte Carlo. The oil companies and drilling companies could protect themselves with such a policy for each hole. It hopes the insurance industry on a little pressure from government side, particularly the United States. Munich-Re board member Thorsten Jeworrek said: "We expect the oil companies to commit themselves either to the conclusion of such insurance or even better that the state requires it." Safe and conversation were the new liability rules already.

To potential it would be no lack of insurance for the damage caused by oil drilling leading to insurance claims from the companies. The need for the "black gold" is great. This leads alone in the Gulf of Mexico each year to 300 new oil wells, which - unless liability insurance should be mandated, all individually protected. The cost of developing new sources of oil rose by estimates of the Munich Re's board of around ten percent. This is very little compared to the threatening loss payments. The insurance companies themselves would have to apply to contracts in these dimensions to look for cooperation partners in order to cover the risks. The Munich Re would pay in their own words for two billion euros per hole. The remaining sum must be other insurers and reinsurers to cover.

Auto insurance: Expected Increase in Sales for 2011

The past years have been particularly marked in the field of car insurance of a real price war in the battle for customers. Insurance industry made losses in particular. That should change in 2011, however.

The expected GDV for the year 2011, a rise in sales at the car insurance.
The General Association of German Insurers (GDV) is optimistic about the coming year. After losing the previous fiscal years that tried to undercut the insurance industry, especially in the automotive sector with low rates will continue to get each other to the premium - and thus the revenues - the insurers get back in perspective. This is true across industries, but especially for car insurance.

GDV is even talk of a real turnaround. This is expected for the first time in six years, a slight increase in sales. In the field of life insurance to substantial increases in new customers are expected, this mainly due to the huge demand for policies with single amounts that are often used as short-term investment. Overall, the revenue of the German insurer will in 2011 increase by 4.7 percent.

Significant growth is expected also in the field of credit insurance, legal expenses cover and accident insurance. Nevertheless, to the underwriting profit in the property and casualty insurance companies to contract. This GDV justified by the still unfavorable loss ratio. German insurer must pay for any damage to more and more, the industry association. It was in this form since the Elbe flood in 2001 has been there.

children accident insurance

B. Significant Aspects
Arguments about reporting deadlines are not uncommon. Disability must have normally occurred within one year and must be within 15 months from the doctor stated in writing and reported to the insurer after the accident. It may take longer for certain whether a collision damage is permanent, or until the doctor is the appropriate diagnosis. Better contracts are characterized by prolonged periods of findings and reports.

C. Details
Last, further details of the offers will be used to distinguish, with the personal life decides to get the importance of these aspects. If you opt for an accident, you should first pay attention to the fine print in the terms, because it often has great impact. Therefore, you should look closely. What should be on paper, we tell you here:

    * Improved member tax for single or multiple damages. Enhanced protection of the hands or eyes may make sense.
    * Capital Suffrage: 65 years in the insured usually only one pension, no principal payment. Good contracts make the customer the choice entirely, or at least up to the 75th Year of life.
    * No limitation of performance in sport or professional activity in a claim.
    * Hedging diving health damage (eg caisson disease, eardrum injury, drowning or suffocation under water).
    * Costs for cosmetic surgery: If an accident body surface is affected, so that after completion of treatment the appearance permanently impaired, takes over the insurer to the operation and the clinical treatment-related costs, at least up to the amount of 3,000 € .
    * Co-insurance for health damage caused by sudden flowing gases and vapors, fumes, dust, acids and the like. Professional and industrial diseases are not normally included.
    * Rescue measures: health effects suffered by the insured in the lawful defense or in effort to save people or things are suffered as involuntarily and are included in the insurance.
    * Radiation injury: The insurance also covers damage to health by laser or maser radiation and by high-energy rays with a hardness of 100 electron-volts.
    * Food poisoning are also insured.

What you do not need

For accident insurance, a dynamic service. This means that the sums insured are increased as per the pension insurance contributions or for an agreed fixed percentage of the year. Accordingly, increasing premiums. We believe it is appropriate to start by agreeing on large policies, particularly because there are large gaps in his early years, later becoming smaller by rising pension and pension claims and rising wealth.

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Absurd is the inclusion of the many extras that provide some societies only to their offers so as to enhance optical and hide their often twice or three times over-priced premiums, for example, accident allowance, accident, hospital benefit, accident-recovery money, transitional compensation. Those depending on the replacement of his income, should take out health insurance allowance (see leaflet for supplementary health insurance).

Accident insurance with premium return should be terminated or made contributions. The savings associated with a process accident insurance is a delusion. There is no "insurance at no cost" or an insurance policy "when you get back the contributions to profit-sharing." You will only receive the additional contributions paid back to the savings portion of your insurance premiums - with a poor return.

Relation to occupational accident insurance

Accident insurance is not well suited to avoid the loss of labor-financial cushion. Significantly better serves this purpose, the disability insurance. The disability insurance provides for accident or illness, a monthly pension - if it leads to disability of at least 50 percent (standard rules). Accident insurance offers on the other hand only very limited protection. Only a small percentage of disability is an accident, that is well below 10 percent. Only about 2 percent of severely disabled people in Germany have fallen by accident into this situation, of which about half again by a work accident. In a work accident insurance cover by the statutory accident insurance. This provides a 100 percent disability pension of two thirds of the last gross salary, at 50 percent amounting to one third, at 25 percent of 1 / 6.

The five most common causes of disability are

    * Mental disorders
    * Disease of the spine, muscles and joints,
    * Cardiovascular diseases
    * Cancer and
    * Nerve disease.

The accident is therefore of little importance to the protection of disability.
 
Child Accident

The right risk protection for children is sufficient protection of the first parents to risk life and disability insurance. If the family financially secured in the event of death or serious illness of a parent who is the insurance on the children.

Accident insurance for children makes sense. If a child as a result of
Accident are not working all his life can be, his parents may pay up to her death on maintenance. However, accidents during the development of severe disability are extremely rare, only about 0.6 percent of all children are severely disabled due to accident, fall into this situation.

Statutory accident insurance does not provide adequate protection
There is the pupil studinte accident insurance providing services to schoolchildren in accidents and during the normal curriculum. The statutory insurance ensures that only inadequate from an area of life, most accidents in the home and at play. Moreover, arising from the statutory accident insurance low pensions, which you can not dispute the maintenance of an invalid. Depending on the care-term care insurance pays a maximum of 215 to 675 €. However, the higher levels of care are paid actually rare, is reimbursed for the additional needs of care that a sick child requires in comparison to healthy. The child is the only form of casualty insurance to provide for a potentially life-long disability of a child, unfortunately only in the event of a disability caused by accident (see below on child disability insurance).

The accident should then be concluded with a sum insured for disability, which is so high that it can be disputed in case of permanent disability, at least to a certain part of the living.