Reinsurance - M97（Dip级30学分，选修）-《再保险》
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Chapter9. Reinsurance market（第九章 再保险市场）
Introduction（引言）
A market is any place that brings together a buyer and a seller to agree a price to exchange goods or services. A market can be very formal such as a shop, a financial market such as the stock exchange or it can be a car boot sale, selling goods from a street corner or an advert in a local newspaper. The various products on offer can be reviewed and a decision to buy or sell made.
市场是任何将买方和卖方聚集在一起商定价格以交换商品或服务的地方。市场可以非常正式，例如商店、金融市场（例如证券交易所），也可以是汽车后备箱销售、街角商品销售或当地报纸上的广告。可以查看所提供的各种产品并做出购买或出售的决定。
To align this concept more closely to our area of study we can consider what Professor Carter, a specialist in insurance and a professor of economics, had to say about markets: A perfect market is one in which a homogeneous commodity is traded among many buyers and sellers who have easy access to one another and freely exchange information on prices, terms and availability of the commodity.
为了将这一概念与我们的研究领域更紧密地结合起来，我们可以考虑保险专家和经济学教授卡特教授对市场的看法：完美的市场是许多买家和卖家之间交易同质商品的市场，他们彼此之间很容易联系，可以自由交换有关商品价格、条款和可用性的信息。
A Nature of the reinsurance market（再保险市场的性质）
In the reinsurance market, the commodity is reinsurance, which is bought and sold both within the confines of local regional insurance markets, as well as between markets on an international basis. The size, capacity and nature of reinsurance markets range greatly from the small monopoly markets of certain developing countries to the large international markets based in London, New York, Bermuda, Japan, Switzerland and other locations.
在再保险市场中，商品是再保险，既可以在当地区域保险市场内进行买卖，也可以在国际市场之间进行买卖。再保险市场的规模、容量和性质各不相同，从某些发展中国家的小型垄断市场到位于伦敦、纽约、百慕大、日本、瑞士和其他地区的大型国际市场。
In fact, owing to technological advances in communications, many of these trading centres, which may have been considered as separate entities only a few years ago, can now operate largely as a single, highly competitive integrated market for the buying and selling of reinsurance.
事实上，由于通信技术的进步，许多交易中心在几年前可能被视为独立的实体，而现在它们可以作为一个单一的、高度竞争的综合市场来买卖再保险。
There can no longer be a clear division between domestic and international reinsurance markets. Due to the size and nature of many of the risks accepted by insurers today, there is a worldwide need to spread risk outside the confines of a national insurance market. Companies which previously wrote predominantly domestic insurance and reinsurance accounts are often able to participate in international reinsurance business.
国内和国际再保险市场之间不再有明确的划分。由于当今保险公司接受的许多风险的规模和性质，全世界都需要将风险分散到国家保险市场之外。以前主要承保国内保险和再保险业务的公司通常能够参与国际再保险业务。
In some markets, only locally established companies operate and their business is almost exclusively domestic. In these instances, inwards foreign reinsurance may be restricted to reciprocal exchanges. On the other hand, in the large, well-established markets, such as London, the reinsurance of overseas insurers forms a substantial part of the business transacted by both domestic and foreign reinsurers.
在某些市场，只有本地公司在运营，而且他们的业务几乎完全在国内。在这些情况下，外国再保险可能仅限于互惠交换。另一方面，在伦敦等大型成熟市场，海外保险公司的再保险构成了国内外再保险公司业务的重要组成部分。
A1 Consolidation（合并）
Consolidation of the reinsurance market and the experience of reinsurance failure have caused insurers to be reluctant to place all of a programme with a single reinsurer. The security of the reinsurer is a paramount consideration for the insurer.
再保险市场的合并和再保险失败的经验导致保险公司不愿意将整个计划交给一家再保险公司。再保险人的安全性是保险公司的首要考虑因素。
Consolidation both in the insurance and the reinsurance markets has resulted in reinsurers having fewer clients, and many of these have a financial strength equal to or superior to their own. Insurers have fewer reinsurers with which to place their business and many, recognising the importance of relationship over the long-term, carefully select a panel of strong reinsurers. This gives the insurer a spread of security, and from the long-term relationship, the expectation of stability of cover and pricing.
保险和再保险市场的合并导致再保险人的客户减少，其中许多客户的财务实力与他们相当或优于他们自己。保险公司可以选择的再保险公司越来越少，许多保险公司认识到长期关系的重要性，因此会仔细选择一批实力雄厚的再保险公司。这为保险公司提供了广泛的安全保障，并且从长期关系中，可以期待保险范围和价格的稳定性。
A2 Requirements for an international reinsurance market（国际再保险市场的要求）
There are a number of factors that allow the successful development of an ‘ideal’ international centre for reinsurance. In his book International Insurance and Reinsurance Centres of the Future, Eric Herve-Bazin listed the requirements that a successful international centre would need and these are summarised in this section.
有许多因素可以成功发展一个“理想”的国际再保险中心。Eric Herve-Bazin 在其著作《未来的国际保险和再保险中心》中列出了一个成功的国际中心需要满足的要求，本节对这些要求进行了总结。
A2A Political stability（政治稳定性）
Reinsurance is a long-term product. Both buyers and sellers of the product want to be sure that the market will not change out of all recognition in the future. A concern would be that a government might want to impose trading restrictions or even nationalise the entire industry.
再保险是一种长期产品。该产品的买卖双方都希望确保市场在未来不会发生翻天覆地的变化。人们担心政府可能会实施贸易限制，甚至将整个行业国有化。
A2B Geographical location（地理位置）
For an international reinsurance market to be successful, it must have access not only to its own internal insurance markets but also to any neighbouring foreign insurance markets. With the development of information technology, instantaneous electronic communication and widespread access to the internet, territorial location has - to some extent - reduced in importance. Some major writers of reinsurance are increasingly taking into consideration the attractiveness of a jurisdiction’s tax regime in deciding where to be domiciled.
国际再保险市场要想取得成功，不仅必须能够进入其国内保险市场，还必须能够进入任何邻近的外国保险市场。随着信息技术的发展、即时电子通信和互联网的广泛使用，地域位置的重要性在一定程度上已经降低。一些主要的再保险承保人在决定注册地时，越来越多地考虑司法管辖区税收制度的吸引力。
A2C Quality transport system（优质交通系统）
The market must be easily accessible by foreign insurers. This includes good air links to other countries and reasonable internal travel arrangements available within the city in which the market operates.
外国保险公司必须能够轻松进入市场。这包括与其他国家有良好的航空联系，以及市场所在城市有合理的国内旅行安排。
A2D Developed communication systems（发达的通信系统）
Online communication systems have become more vital with the development of technology. A considerable amount of reinsurance business is transacted online and links need to be secure and readily available to ensure business success.
随着技术的发展，在线通信系统变得越来越重要。大量再保险业务都是在线进行的，链接需要安全且随时可用，以确保业务成功。
A2E Highly qualified personnel（高素质人员）
There must be a pool of specialised staff available to service the industry; this means underwriters as well as support staff, such as claims and accounting personnel. This allows easy entry into the market for new reinsurers who can purchase staff from the existing pool of talent.
必须有一批专业人员为行业提供服务；这意味着承保人以及支持人员，例如索赔和会计人员。这使得新的再保险公司能够轻松进入市场，他们可以从现有的人才库中购买员工。
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