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D1下-D2）
D3 Managing the cycle（管理周期）
While the cycle takes its course, a reinsurer must be able to diagnose the market situation and implement its strategy in order to manage, as best it can, the changes inherent in the cycle. The strategy should address all aspects of the business risks faced by reinsurers, in particular, underwriting risk and operational risk.
在周期进行的同时，再保险公司必须能够诊断市场情况并实施其战略，以便尽可能地管理周期固有的变化。该战略应解决再保险公司面临的业务风险的各个方面，特别是承保风险和运营风险。
Maintaining strict control of pricing（严格控制定价）
Underwriters must know when to walk away from, or even cancel, particular risks, territories and even markets, if prices fall below a prudent, risk-based premium. One tangible benefit of the risk-based capital approach adopted by various regulators, such as the PRA and the Franchise Board at Lloyd’s, is that each and every reinsurance agreement must be rated on a basis considered to be technically sufficient, even if such rate bears little relationship to the so-called commercial price available for that particular reinsurance deal. That said, commercial considerations also enter the equation and they may include the potential future cost of returning to these risks when rates improve.
如果价格低于审慎的基于风险的保费，承保人必须知道何时放弃甚至取消特定风险、地区甚至市场。PRA 和劳合社特许经营委员会等各种监管机构采用的基于风险的资本方法的一个切实好处是，每一份再保险协议都必须在被认为技术上充分的基础上进行评级，即使这种费率与该特定再保险交易的所谓商业价格关系不大。话虽如此，商业考虑因素也进入了方程式，它们可能包括当费率提高时重新承担这些风险的潜在未来成本。
Actively managing the portfolio（积极管理投资组合）
In pursuit of a balanced portfolio of reinsurance risks, underwriters should rigorously apply appropriate risk selection techniques and regularly consider the compatibility of those risks as a whole within the portfolio. A determined stance is often required to maintain underwriting standards in a softening market. In such circumstances, brokers and clients often place underwriters under pressure to extend coverage and ease terms, conditions, warranties and exclusions – even though the underwriter is known to operate within a set of fairly rigid underwriting guidelines agreed by their management. It is often a challenge for reinsurers to maintain client relations in the low-price phase.
为了追求再保险风险的平衡组合，承保人应严格应用适当的风险选择技术，并定期考虑这些风险在投资组合中的兼容性。在疲软的市场中，通常需要坚定的立场来维持承保标准。在这种情况下，经纪人和客户通常会向承保人施加压力，要求他们扩大承保范围并放宽条款、条件、担保和排除条款——即使众所周知，承保人是按照管理层同意的一套相当严格的承保准则行事的。在低价阶段，再保险公司维持客户关系通常是一项挑战。
Underwriting for technical profit not investment income（承保是为了技术利润而不是投资收益）
Investment income over the actuarial life of the resulting liabilities is inherently uncertain and should ideally play no part in the underwriting process. Accordingly, the underwriting operations are usually separated from the asset management operations. At one time, cash deposits would produce a healthy investment return and improve nominal underwriting profits into even larger ones. In a low interest rate and, more generally, a low investment return environment, this is no longer possible and further emphasises the importance of underwriting for technical profit, balancing underwriting strategies across various lines of business, correct risk selection and a strict control on operating and administration expenses. It has been said that, in one sense, the low investment return environment is the equivalent of a major insured catastrophe occurring every reporting period.
精算有效期间，投资收益本质上是不确定的，理想情况下不应参与承保过程。因此，承保业务通常与资产管理业务分开。现金存款曾经产生过可观的投资回报，并将名义承保利润提高到更高的水平。在低利率和更普遍的低投资回报环境中，这种情况已不再可能，这进一步强调了承保技术利润、平衡各个业务线的承保策略、正确选择风险以及严格控制运营和管理费用的重要性。有人说，从某种意义上说，低投资回报环境相当于每个报告期都会发生一次重大保险灾难。
Gearing staff remuneration towards profit and not volume（将员工薪酬与利润而不是数量挂钩）
It is important to align the interests of staff with those of shareholders, and incentives – such as bonuses – should be structured to reward value to shareholders over, for example, premium income alone. In the past, many underwriters sought market share for its own sake, with little regard for pricing or quality of the resulting portfolio of reinsurance contracts originating from that market. Commercially, this approach was, and is, known as a ‘loss leader’ philosophy, with reinsurers literally buying their way into a market at prices considered totally inadequate by established participants. In hard markets, staffing levels are often increased, as are the benefits and other remuneration rewards made to staff. On the other hand, in soft, or softening markets, operating costs are rigorously controlled. This often leads to redundancies, withdrawal of benefits and otherwise static pay.
将员工的利益与股东的利益结合起来很重要，激励措施（如奖金）应该旨在奖励股东的价值，而不仅仅是保费收入。过去，许多承保人只顾自己，不顾来自该市场的再保险合同组合的定价或质量。从商业角度来看，这种方法过去和现在都被称为“亏本销售”理念，再保险公司实际上是以现有参与者认为完全不合适的价格进入市场。在硬市场中，员工人数通常会增加，员工的福利和其他薪酬奖励也会增加。另一方面，在软市场或疲软市场中，运营成本受到严格控制。这通常会导致裁员、取消福利和薪酬停滞不前。
Using capital efficiently（有效使用资本）
There is a cost to capital and the temptation to use it in unsustainable ways should be avoided. If rates are poor, participations may be scaled back. Alternatively, participations may be withdrawn and the capital steered to other more attractive lines of business (or elsewhere) where the rates are better and a return is more likely, or returned to shareholders or from wherever it came. The redeployment of capital in this way demands a highly flexible and ruthless approach to underwriting which can lead to problems, not least when the market has corrected itself and rates improve sufficiently to make it an attractive underwriting prospect again and reinsurers seek to re-enter that market. Typically, in such circumstances, there is a natural reluctance on the part of the reinsured to allow a reinsurer back onto its programme, notwithstanding, for example, a superior claims-paying ability over those on its current panel. To many, trust and credibility has been lost. Indeed, many reinsureds and reinsurers continue to subscribe to the traditional view that reinsurance represents a long-term partnership, albeit reconsidered on an annual basis.
资本是有成本的，应避免以不可持续的方式使用它的诱惑。如果利率很低，可以缩减参与度。或者，可以撤回参与度，将资本转向其他更具吸引力的业务线（或其他地方），这些业务线的利率更高，回报更有可能，或者返还给股东或从任何地方返还。以这种方式重新部署资本需要高度灵活和无情的承保方法，这可能会导致问题，尤其是当市场自我调整，费率提高到足以再次成为有吸引力的承保前景，再保险公司寻求重新进入该市场时。通常，在这种情况下，分保人自然不愿意让再保险公司重新加入其计划，尽管例如，再保险公司的索赔支付能力优于其现有小组的成员。（因为之前的撤资）对许多人来说，信任和信誉已经丧失。事实上，许多分保人和再保险公司仍然认同传统观点，即再保险代表着一种长期合作关系，尽管每年都会重新考虑。
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