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A3）
B Global reinsurance markets（全球再保险市场）
As an introduction to the main markets for the acceptance of reinsurance, appendix 9.1 (available on RevisionMate) gives a sense of the size of the underlying (non-life) insurance market by region. You may wish to take the time to look at it now.
作为再保险主要接受市场的介绍，附录 9.1（可在 RevisionMate 上找到）按地区介绍了基础（非寿险）保险市场的规模。您可能希望现在花点时间看看。
We shall now review the main markets. For convenience, these have been grouped into a number of principal regions where the underwriting of international reinsurance, often in addition to a domestic account, has become an important feature of the financial sector.
我们现在将回顾主要市场。为方便起见，这些市场被分为几个主要地区，在这些地区，国际再保险的承保（通常与国内账户一起）已成为金融部门的重要特征。
Noted: According to estimates compiled by Swiss Re’s Sigma team, total insured losses for the global insurance industry in 2020 from natural catastrophes and man-made disasters reached USD81bn and USD8bn, respectively, compared with total insured and uninsured losses of USD 202bn, highlighting the widespread lack of insurance protection globally against catastrophic events. The combined insured and uninsured losses are usually referred to as global economic losses.
请注意：根据瑞士再保险 Sigma 团队编制的估计，2020 年全球保险业因自然灾害和人为灾难造成的总保险损失分别达到 810 亿美元和 80 亿美元，而总保险和未保险损失为 2020 亿美元，突显出全球普遍缺乏针对灾难性事件的保险保护。保险损失和未保险损失的总和通常被称为全球经济损失。
B1 London Market（伦敦市场）
The London Market can be divided into two components: Lloyd’s and the London Market companies. The London Market companies have formed their own centralised unit – the International Underwriting Association (IUA). Many of the participants within the London Market are subsidiaries of international insurance companies. This gives them two advantages:
• Substantial capital backing, which allows them to participate in greater reinsurance risks than they could if relying solely on their own capacity based on their own capital.
• Access to a wider range of business either coming into the London Market through such channels as international brokers, or from business passed on from their parent company arising from the domestic market.
伦敦市场可分为两个部分：劳合社和伦敦市场公司。伦敦市场公司已成立了自己的中央单位——国际承保协会 (IUA)。伦敦市场的许多参与者都是国际保险公司的子公司。这为他们带来了两个优势：
• 充足的资本支持，使他们能够参与更大的再保险风险，而如果仅依靠自己的资本，他们则无法承担这些风险。
• 获得更广泛的业务，这些业务要么通过国际经纪人等渠道进入伦敦市场，要么来自母公司从国内市场传来的业务。
The London Market has a positive impact on the UK economy, as its significant international insurance and reinsurance business generally brings in substantial premium income. Originally growing from a centre of international marine insurance, it also oversaw the modern development of reinsurance, such as excess of loss reinsurance and many speciality lines.
伦敦市场对英国经济产生了积极影响，因为其重要的国际保险和再保险业务通常带来可观的保费收入。它最初是从国际海上保险中心发展起来的，还监督了再保险的现代发展，例如超额损失再保险和许多专业保险。
London is a recognized market leader in marine hull, energy, aviation, space and a few speciality areas, such as political risks. This means that the London Market has a significant market share in these areas and other markets will look to London to assess the rates for these risks.
伦敦是船舶、能源、航空、航天和政治风险等少数专业领域公认的市场领导者。这意味着伦敦市场在这些领域拥有相当大的市场份额，其他市场将指望伦敦来评估这些风险的费率。
B1A Lloyd’s（劳合社）
The Lloyd’s market, based in Lime Street, London, has operated for over 325 years. It is the world’s leading insurance market and the world’s third largest non-life insurer. It also occupies sixth place in terms of gross global reinsurance premium income.
劳合社市场总部位于伦敦莱姆街，已运营 325 多年。它是世界领先的保险市场和世界第三大非寿险保险人。它在全球再保险总保费收入方面也位居第六。
The Corporation of Lloyd’s, which manages the Lloyd’s market, is not itself an insurance company. It is a society of members, both corporate and individual, who underwrite in syndicates on whose behalf professional underwriters accept risks.
管理劳合社市场的劳合社公司本身并不是一家保险公司。它是一个由企业和个人成员组成的协会，成员以财团的形式承保，专业承保人代表财团承担风险。
Capital is provided by the members, which may be investment institutions, specialist investors, international insurance companies or individuals. Syndicates can comprise one single corporate member, or any number of corporate and individual members, underwriting severally for their own account.
资本由成员提供，成员可能是投资机构、专业投资者、国际保险公司或个人。集团可以由一个单一的企业成员或任意数量的企业和个人成员组成，各自为自己的账户承保。
Members of Lloyd’s are authorised to underwrite insurance both in the UK and in over 200 countries and territories worldwide. The agency businesses in the market, which employ the underwriters and act for the members of Lloyd’s, are supported by Lloyd’s common infrastructure. This offers technical expertise, information exchange and an efficient processing capability.
劳合社的成员被授权在英国和全球 200 多个国家和地区承保保险。市场中的代理业务雇用承保人并代表劳合社的成员行事，由劳合社的公共基础设施提供支持。这提供了技术专业知识、信息交换和高效的处理能力。
Under the Financial Services Act 2012, the Lloyd’s market and its participants are regulated by the Prudential Regulatory Authority (PRA) and/or the Financial Conduct Authority (FCA). The Corporation of Lloyd’s and Lloyd’s managing agents are dual-regulated, that is, prudential regulation by the PRA and business conduct regulation by the FCA. Lloyd’s members’ agents and Lloyd’s brokers are both regulated by the FCA, but will also have to meet certain Lloyd’s accreditation criteria.
根据 2012 年《金融服务法》，劳合社市场及其参与者受审慎监管局 (PRA) 和/或金融行为监管局 (FCA) 监管。劳合社和劳合社管理代理受到双重监管，即由 PRA 进行审慎监管，由 FCA 进行商业行为监管。劳合社会员代理和劳合社经纪人均受英国金融行为监管局 (FCA) 监管，但也必须满足某些劳合社认证标准。
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