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D3）
D4 Market capacity（市场容量）
A hard market attracts new entrants, as was evidenced by the new reinsurance capacity that was established after 9/11. The majority of this new capital was located in Bermuda, in no small part due to its favourable incorporation and taxation regime.
硬市场吸引新进入者，9/11 之后建立的新再保险能力就是明证。这些新资本大部分位于百慕大，这在很大程度上是由于其有利的成立和税收制度。
Following the spate of hurricanes in the USA in 2004 and 2005, it is estimated that over US $30 billion in new reinsurance capital entered the market in late 2005 and throughout 2006.
据估计，继 2004 年和 2005 年美国发生多起飓风之后，2005 年底和整个 2006 年，有超过 300 亿美元的新再保险资本进入市场。
Noted: Although there has been a huge increase in available reinsurance capacity since 2002 in the form of ‘start up’ companies, recapitalisations, catastrophe bonds and ‘sidecars’, it has also been estimated that some US$100 billion capacity had withdrawn from the worldwide reinsurance market, some of it directly as a result of losses incurred in 9/11.
请注意：尽管自 2002 年以来，以“初创”公司、资本重组、巨灾债券和“附属债券”的形式，可用的再保险能力大幅增加，但据估计，全球再保险市场已撤出约 1000 亿美元的保险能力，其中一些直接归因于 9/11 造成的损失。
Indeed, many insurance and reinsurance companies, such as Swiss Re, suffered a downgrading of their security in the aftermath of 9/11. It is not unusual for insurance companies to request that reinsurance capacity (and sometimes classes of business, especially those concerned with liability or casualty accounts) is geared directly to the financial strength rating of a reinsurer - perhaps 15% for AAA security, 10% for AA security and 5% for A, and so on.
事实上，许多保险和再保险公司，如瑞士再保险公司，在 9/11 事件后都遭遇了证券评级下调。保险公司要求再保险能力（有时是业务类别，尤其是与责任或意外险账户有关的业务）直接与再保险公司的财务实力评级挂钩的情况并不少见 - AAA 证券可能为 15%，AA 证券为 10%，A 证券为 5%，等等。
Nevertheless, even allowing for insolvencies occurring as a result of a succession of poor annual results that collectively aggregated from the late 1990s onwards, there were relatively few total withdrawals from the market.
尽管如此，即使考虑到自 1990 年代末以来由于连续几年业绩不佳而导致的破产，退出市场的总人数也相对较少。
Noted: To summarise, market capacity is high during a soft market and low during a hard market. A hard market attracts new entrants while a soft market discourages them.
请注意：总而言之，市场容量在软市场中很高，在硬市场中很低。硬市场吸引新进入者，而软市场则阻碍他们。
The increased frequency in natural catastrophes, which has been attributed to climate change, has not impacted market capacity. Market capacity remains sufficient to cover the required limits for international catastrophe reinsurance programmes. The increased frequency in catastrophe events has however resulted in significant price increases for a number of catastrophe programmes in Europe and other areas.
气候变化导致自然灾害发生频率增加，但这并未影响市场容量。市场容量仍然足以覆盖国际灾难再保险计划所需的限额。然而，灾难事件发生频率的增加导致欧洲和其他地区的许多灾难计划价格大幅上涨。
In future years, international governmental agreements aimed at limiting the increase in global warming may not be sufficient to scale back the frequency and severity of future natural catastrophes. This is likely to lead to further co operation between governments and reinsurers with more state backed reinsurance companies providing natural perils protection and supported by the open reinsurance market.
在未来几年，旨在限制全球变暖加剧的国际政府协议可能不足以减少未来自然灾害的发生频率和严重程度。这可能会导致政府和再保险公司进一步合作，更多国家支持的再保险公司将提供自然灾害保护，并得到开放再保险市场的支持。
E Financial strength ratings（财务实力评级）
Another feature of the world’s reinsurance markets is for reinsurers to be rated by a third-party rating agency for their claims-paying ability.
世界再保险市场的另一个特点是再保险公司的索赔支付能力由第三方评级机构评级。
If what is being bought and sold in these markets is the promise to pay claims, an evaluation of the financial strength of the party proposing to make that promise is a key task for the party proposing to accept that promise. Otherwise, the intended risk transfer may fail if, for example, the reinsurer is in financial difficulties and, at worst, becomes insolvent.
如果在这些市场上买卖的是支付索赔的承诺，那么对提出该承诺的一方来说，评估提出该承诺的一方的财务实力是一项关键任务。否则，如果再保险公司陷入财务困境，甚至破产，那么预期的风险转移可能会失败。
Even though the reinsureds and their agents make their own evaluations, there is much demand on all sides for independent and external ratings of an insurance or reinsurance company’s ability to pay its claims. In fact, being rated could be said to be a prerequisite for reinsurers wanting to conduct reinsurance business.
尽管分保人及其代理人会自行评估，但各方都迫切需要对保险公司或再保险公司支付索赔的能力进行独立和外部评级。事实上，对于希望开展再保险业务的再保险公司来说，获得评级可以说是先决条件。
E1 Role of rating agencies（评级机构的作用）
Ratings were not an important feature for many international companies outside North America until relatively recently. In contrast, there has been a long history of rating debt and rating claims-paying ability in the USA. Initially, rating agencies used information that was publicly available but they were soon able to persuade companies that an informed and accurate rating required a more detailed examination.
直到最近，评级才成为北美以外许多国际公司的重要特征。相比之下，美国对债务和索赔支付能力进行评级的历史悠久。最初，评级机构使用公开信息，但很快就说服公司，要进行明智而准确的评级，需要进行更详细的审查。
Today, because reinsurers realise that reinsureds are looking for financially secure reinsurers, they will often invite one or more of the rating agencies into the company to provide an assessment of its claims-paying ability. This inspection is not the same as a rating for the issuance of debt. Debt assessment is separately evaluated. Although reinsurers usually ask the rating agency to give it a rating, they still pay for such rating to be undertaken. Effectively, a company will use the subsequent rating as a marketing tool to confirm its financial security.
如今，由于再保险公司意识到分保人正在寻找财务安全的再保险公司，他们通常会邀请一家或多家评级机构进入公司，对其索赔支付能力进行评估。这种检查与债务发行评级不同。债务评估是单独评估的。虽然再保险公司通常要求评级机构对其进行评级，但他们仍会为进行此类评级付费。实际上，公司将使用后续评级作为营销工具来确认其财务安全。
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