Reinsurance - M97（Dip级30学分，选修）-《再保险》
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（前述章节【Dip系列课程】M97-第九章-再保险市场D）
D1 Hard reinsurance markets（硬再保险市场）
Hard reinsurance markets tend to follow an abnormally large loss, and particularly a large natural perils event loss, such as an earthquake, a severe windstorm and sometimes an extensive flood, that affects a sizeable developed market, such as the south-eastern USA where losses are measured in billions of dollars.
硬再保险市场往往发生在异常大的损失之后，尤其是大型自然灾害事件损失，例如地震、严重风暴，有时还有大面积洪水，这些损失影响到相当大的发达市场，例如美国东南部，损失达数十亿美元。
If similarly large natural perils event losses occur simultaneously in different parts of the world, such as storms and floods in New South Wales, Australia, in June 2007 while severe windstorms rage in western Europe, then this further strengthens the resolve of the worldwide reinsurance market. Many ‘first tier’ reinsurers purchase retrocession coverage sufficient to cover two separate events, but the sheer number of large hurricanes experienced in 2005 meant that some reinsurers simply ran out of coverage for the third and fourth hurricanes that had devastated their inwards book of business.
如果同样大的自然灾害事件损失同时发生在世界不同地区，例如 2007 年 6 月澳大利亚新南威尔士州的风暴和洪水，而西欧则肆虐着严重的风暴，那么这进一步增强了全球再保险市场的决心。许多“一级”再保险公司购买的再保险足以覆盖两个不同的事件，但 2005 年经历的大型飓风数量之多意味着一些再保险公司根本无法覆盖摧毁其内向业务的第三和第四次飓风。
In extreme circumstances, some reinsurance capacity is totally withdrawn from the market, some is realigned into different layers of cover or different geographical areas, leaving those reinsurers who remain active to negotiate the best renewal terms, coverage and conditions that they can. Despite their financial strength, many reinsurers had to request additional capital at the end of 2005 to maintain their solvency margins and to remain in business.
在极端情况下，部分再保险承保能力会完全退出市场，部分会重新调整为不同的承保层或不同的地理区域，而那些仍然活跃的再保险公司则需要尽可能地协商最佳的续保条款、承保范围和条件。尽管财务实力雄厚，但许多再保险公司不得不在 2005 年底申请额外资本，以维持偿付能力并继续经营。
As we have already suggested, the retrocession market also plays an important role in guiding the ‘first tier’ reinsurance market. Restrictions imposed by a retrocessionaire can limit the coverage that a reinsurer provides to its reinsured, unless the reinsurer is prepared to accept any difference in exposure for its net account. For instance, many retrocessionaires impose restrictions on the number of reinstatements – say the original loss plus one. The result of this is that reinsurers of that original insurance business sometimes face the dilemma of whether they should allow reinstatement of a loss in the same event. The practice differs between markets – it is quite common to restrict reinstatement in the same event in the North American market, but less common elsewhere.
正如我们已经提到的，再保险市场在指导“一级”再保险市场方面也发挥着重要作用。再保险承保人施加的限制可能会限制再保险公司为其再保险人提供的承保范围，除非再保险公司愿意接受其净账户的任何风险差异。例如，许多再保险承保人对恢复的次数施加限制——比如原始损失加一。其结果是，原始保险业务的再保险公司有时会面临是否应允许在同一事件中恢复损失的困境。不同市场的做法有所不同——在北美市场，限制同一事件的恢复是很常见的，但在其他市场则不那么常见。
It is also rare that one single risk loss has a dramatic effect on hardening market coverage, terms, conditions, warranties and exclusions, as reinsurance practice considers that a single risk is just that, a single risk, and it would usually be restricted to a relatively narrow range of market participants.
单一风险损失很少会对强化市场覆盖范围、条款、条件、担保和排除产生巨大影响，因为再保险实践认为单一风险就是单一风险，并且通常会限制在相对较窄的市场参与者范围内。
Noted: A marine, energy or aviation loss would not necessarily affect the market perceptions of the industrial or commercial fire market.
请注意：海运、能源或航空损失不一定会影响市场对工业或商业火灾市场的看法。
Nevertheless, there are exceptions where an incident occurs of such magnitude that its effects reverberate around all insurance and reinsurance markets, the obvious one being 9/11. This event gave rise to a dramatic hardening of both insurance and reinsurance markets worldwide and is one that is perhaps unlikely to be repeated in the foreseeable future.
不过，也有例外，即发生的事件规模如此之大，以至于其影响会波及所有保险和再保险市场，最明显的就是 9/11。这一事件导致全球保险和再保险市场急剧恶化，在可预见的未来，这种情况可能不太可能重演。
A season of major hurricanes can affect one sector of the market more than others, for instance, property or offshore energy, whereas 9/11 affected many classes of business, such as property, aviation, marine, personal accident and contingency business and led to a hardening in most classes. The reinsurance market makes a natural reaction in such circumstances: that is to apply substantial increases in pricing and restrictions in coverage available following the year in question and beyond.
一个飓风季可能会对市场中某个部门造成比其他部门更大的影响，例如房地产或海上能源，而 9/11 事件影响了许多类别的业务，例如房地产、航空、海事、人身意外和应急业务，并导致大多数类别的业务变得僵化。在这种情况下，再保险市场会做出自然反应：大幅提高价格，并在当年及以后限制可用的保险范围。
New entrants are now attracted to the reinsurance market by the prospect of enhanced terms available, while others withdraw totally, whether voluntarily or for reasons of insolvency.
新进入者（指再保险人）现在被更有利可图的条款所吸引，而其他人则完全退出，无论是自愿还是由于破产。
The events of 9/11 also led directly to other critical re-evaluations of long-held underwriting practices. One concerned the number of individual risks in purpose built, high-rise buildings (generally accepted to be 20 storeys or more). Historically, one individual risk might have been considered as a group of three floors within the same high-rise building.
9/11 事件还直接导致对长期承保实践的其他重要重新评估。其中一项涉及专门建造的高层建筑（通常被认为是 20 层或以上）中个人风险的数量。从历史上看，一个个人风险可能被视为同一高层建筑内的三层楼组。
So, theoretically, a building of 30 floors could be considered as ten individual risks, and written in its entirety by one insurance company. Providing such definition of ‘any one risk’ and underwriting guidelines had been agreed in advance by reinsurers, then those reinsurers could hardly complain if the loss of the whole building resulted in ten single risk losses, all of which would be recoverable from proportional or risk excess of loss protections. Until 9/11, this possibility was considered very remote indeed and was an internationally accepted method of insuring and reinsuring such buildings.
因此，理论上，一栋 30 层楼的建筑可以被视为十个单独的风险，并由一家保险公司全部承保。如果再保险公司事先就“任何一种风险”的定义和承保准则达成一致，那么如果整栋建筑的损失导致十个单一风险损失，这些再保险公司几乎不会抱怨，所有这些损失都可以通过比例或风险超额损失保护获得补偿。在 9/11 之前，这种可能性被认为非常渺茫，并且是国际上接受的为此类建筑投保和再保险的方法。
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