Dusseldorf The most popular private old-age provision for Germans is increasingly under pressure: life insurance. Since 2008, the ECB has always kept the key interest rate low until recently. The life insurance companies had previously concluded long-term contracts that promised their customers three percent or more interest on the capital paid in. Three percent guaranteed interest in a low-interest environment was bad business for insurers in the long run.
Life insurance providers have therefore been selling old contracts to processing companies for a number of years. A practice that is likely to increase in the future – to the chagrin of customers. The insurers have so far handed over a good six million of the almost 83 million insurance certificates, the so-called policies, to processing companies.
However, customers often do not know that they are suddenly insured with another company. That alarmed consumer advocates. They fear that the changes will put customers in a worse position and that payment problems will arise.
In this episode of Handelsblatt Today, Lena Jesberg talks to editor Susanne Schier about the ailing business of life insurers and whether life insurance might be worth it after all.
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Energy crisis: Gas levy remains
In addition: Federal Minister of Economics Robert Habeck (Greens) is sticking to the controversial gas levy despite the nationalization of the gas company Uniper. A mistake from the point of view of many business representatives. They now suspect immense costs for companies. Habeck himself justifies the levy as a necessary bridge to ensure Uniper’s financial solidity. Jürgen Flauger, department head for companies and markets at Handelsblatt, classifies the situation.
More: Eight billion euro rescue package – Confederation nationalizes Uniper
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