【Dip系列课程】M97-第九章-再保险市场A3

文摘   2024-06-20 19:50   马来西亚  

Reinsurance - M97(Dip级30学分,选修)-《再保险》

往期精选:
(前述章节【Dip系列课程】M97-第九章-再保险市场A2F-A2Q
A3 Extraneous environmental features(外部环境因素)

The following shows other market aspects which also affect the purchase of reinsurance.

以下显示了影响再保险购买的其他市场因素。

Price(价格)
The price of reinsurance fell rapidly through the late 1990s; only following 9/11 and the collapse of the equities markets has there been any substantial increase. After Hurricane Katrina in 2005, some areas of the reinsurance market, such as natural catastrophe, energy and retrocession, responded positively but overall there was not a substantial movement in the price and in some lines it actually fell. There is also reluctance on the part of insurers buying, say, pecuniary loss classes of reinsurance to want to pay more to prop up unprofitable property portfolios. This shows that a number of different aspects affect price.

20 世纪 90 年代末,再保险价格迅速下跌;只有在 9/11 事件和股票市场崩溃之后,价格才出现大幅上涨。2005 年卡特里娜飓风过后,再保险市场的一些领域(如自然灾害、能源和再保险)做出了积极反应,但总体而言,价格没有出现大幅波动,有些产品线的价格实际上有所下降。保险公司购买金钱损失类再保险时也不愿意支付更多费用来支撑无利可图的财产投资组合。这表明,许多不同的方面都会影响价格。

Availability and the relative strength of the equity markets are influencing factors. As was seen when world financial markets were affected by the banking crisis in 2008 and the resultant 2022 recession after the COVID-19 pandemic, reduced values of equities and lower returns on investments meant that management wanted a better return on underwriting capital, which resulted in increased pricing.

可用性和股票市场的相对强度是影响因素。正如 2008 年世界金融市场受到银行业危机以及 2022 年新冠疫情后经济衰退的影响时所见,股票价值下降和投资回报率下降意味着管理层希望获得更好的承保资本回报,从而导致定价上涨。

Availability(可用性)
Following 9/11 there was a significant tightening of the capacity available within the market due to the withdrawal or bankruptcy of several notable reinsurers, e.g. Gerling and Highlands Insurance.

9/11 之后,由于几家知名再保险公司(例如 Gerling 和 Highlands Insurance)退出或破产,市场可用容量显着收紧。

However, following Hurricane Katrina a number of new enterprises were set up, notably in Bermuda, to take advantage of the post-9/11 potential rate increases.

然而,在卡特里娜飓风之后,许多新企业成立,尤其是在百慕大,以利用 9/11 之后潜在的费率上涨。

The increase in the frequency and severity of climate related catastrophe events is having a profound impact on the market capacity.

与气候相关的灾难事件发生频率和严重程度的增加对市场容量产生了深远影响。

Strength of competition(竞争强度)
Reinsurance companies become larger through mergers and acquisitions. With the decline in the equities market, this trend has become less popular but in 2005 Swiss Re acquired GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company in a US$6.8 billion transaction. This made Swiss Re the world’s largest reinsurer for a while. However, by 2010 Munich Re had regained the top spot.

再保险公司通过并购变得更大。随着股市的下跌,这种趋势已不再那么流行,但 2005 年,瑞士再保险公司以 68 亿美元的价格从通用电气公司收购了全球第五大再保险公司 GE Insurance Solutions。这使瑞士再保险公司一度成为全球最大的再保险公司。然而,到 2010 年,慕尼黑再保险公司又重新夺回了头把交椅。

Developments in loss exposures(损失敞口的发展)
With the advent of electronic placement and claims collection, recovery times have decreased, putting a strain on the cash flow of some reinsurers.

随着电子投保和索赔收集的出现,追偿时间缩短,给一些再保险公司的现金流带来压力。

This is a double-edged sword, as reinsurers can then apply similar pressure on their retrocessionaires.

这是一把双刃剑,因为再保险公司可以对其再分保人施加类似的压力。

Potential claims(潜在索赔)
Following 9/11, insurers and reinsurers have had to re-evaluate their potential exposure to catastrophes and purchase reinsurance accordingly.

9/11 事件后,保险公司和再保险公司不得不重新评估其潜在的灾难风险,并据此购买再保险。

New products(新产品)
With a lack of capacity in some areas of the reinsurance market, insurers have again reconsidered other financial alternatives to traditional reinsurance covers.

由于再保险市场某些领域缺乏承保能力,保险公司再次重新考虑了传统再保险保障的其他金融替代方案。

Financial markets(金融市场)
A sharp decline in the value of financial markets in the early 2000s, followed by an even more dramatic downturn in 2008 and the financial impact of the COVID-19 pandemic, means that reinsurers can no longer count on investment income as a means of offsetting reinsurance deficits. This affects the level and price of the reinsurance available.

21 世纪初金融市场价值急剧下跌,随后 2008 年出现更为剧烈的下滑,以及新冠疫情带来的财务影响,这意味着再保险公司不能再依赖投资收益来抵消再保险赤字。这会影响再保险的水平和价格。

While equities still play an important part in determining the pricing of reinsurance, financially sound underwriting has become more prevalent as companies seek a better underwriting return on capital.

虽然股票在确定再保险定价方面仍然发挥着重要作用,但随着公司寻求更好的承保资本回报率,财务稳健的承保变得越来越普遍。

Coverage(承保范围)
The broader the coverage available the more likely that reinsurance will be purchased. Conversely, coverage tends to be restricted in a hardening market.

承保范围越广,购买再保险的可能性就越大。相反,在市场趋于僵化的情况下,承保范围往往会受到限制。

The terrorist attacks of 9/11, and subsequent losses, raised the issue of how cover could be made available for terrorism-related risks. Individual international markets have devised innovative ways of providing cover, given the initial intention of reinsurers to apply terrorism exclusions to the cover they provide. Similarly, the challenges raised by the loss of business related to the COVID-19 pandemic has seen a restriction in cover available.

9/11 恐怖袭击以及随后的损失提出了如何为恐怖主义相关风险提供保险的问题。鉴于再保险公司最初打算将恐怖主义排除条款应用于其提供的保险,各个国际市场已经设计出提供保险的创新方式。同样,与 COVID-19 疫情相关的业务损失所带来的挑战也导致可用的保险受到限制。

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