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D1上）
D1 Hard reinsurance markets（硬再保险市场）
Another re-evaluation concerned so-called target or market risks and their accumulative effect if not controlled within a national or local reinsurance market.
另一项重新评估涉及所谓的目标或市场风险及其累积效应，如果这些风险不在国家或地方再保险市场内控制的话。
Most markets, apart from the USA, operate a co-insurance system between the insurance companies working in that national or local market. If many insurance companies participate on a co-insurance schedule for a target or market risk, then it follows that their individual reinsurance arrangements will all be exposed to such large risks. In the absence of special reporting requirements for such target or market risks, any reinsurer writing a portfolio of different insurance companies within that market will be subject to a potentially large and unknown accumulation potential.
除美国外，大多数市场都在该国家或地方市场中运营保险公司之间的共同保险系统。如果许多保险公司参与目标或市场风险的共同保险计划，那么他们各自的再保险安排都将面临如此大的风险。在没有针对此类目标或市场风险的特殊报告要求的情况下，任何在该市场内为不同保险公司提供投资组合的再保险公司都将面临潜在的巨大且未知的累积风险。
Noted: A target or market risk could be defined as a risk that is of great importance to the national economy of the country concerned, and often one that requires the support of all insurance companies operating in that country, and probably overseas support as well.
请注意： 目标或市场风险可以定义为对有关国家国民经济至关重要的风险，通常需要在该国运营的所有保险公司的支持，可能还需要海外支持。
Amounts vary, but a US$1 billion sum insured would be a reasonable indication of size for a target or market risk.
金额各不相同，但 10 亿美元的保险金额对于目标或市场风险的规模而言是合理的。
D2 Soft reinsurance markets（软再保险市场）
Reinsurance is cyclical. The reinsurance market is also prone to ‘talking rates down’ if there is little worldwide loss experience to justify the continuation of charging high premium rates and imposing onerous terms, conditions, warranties and exclusions, together with restricted or restrictive reinsurance coverage.
再保险具有周期性。如果全球范围内的损失经验很少，不足以证明继续收取高额保费并施加繁重的条款、条件、保证和排除条款以及限制性或限制性再保险覆盖范围是合理的，那么再保险市场也容易“压低费率”。
A soft market typically arises after a period where there has been little major loss activity and competitive market forces, or rather the fear of such competitive forces, cause reinsurers to reassess their rating structures, the extent of coverage and how restrictive such coverage should be.
软性市场通常出现在重大损失活动很少的时期之后，竞争性的市场力量，或者更确切地说是对这种竞争力量的恐惧，导致再保险公司重新评估其评级结构、覆盖范围以及这种覆盖范围应有多严格。
Reinsurance brokers, working on behalf of their insurance company clients, may also sense a change in reinsurer attitude and encourage their clients to seek alternative quotations from different reinsurance markets. This places a further strain on the relationship between the insurance company and its reinsurers. Seeds of doubt are sown in the reinsurers’ minds as to whether rates, terms and conditions should be maintained or relaxed for the forthcoming renewal.
代表其保险公司客户工作的再保险经纪人也可能感觉到再保险公司态度的变化，并鼓励其客户从不同的再保险市场寻求替代报价。这进一步加剧了保险公司与再保险公司之间的关系。再保险公司心中开始怀疑，在即将到来的续保中，费率、条款和条件是否应该维持或放宽。
The 2010 Atlantic hurricane and Northwest Pacific typhoon seasons were among the least damaging on record, even though they were very active with 19 tropical storms and twelve hurricanes recorded. However, none made US landfall – an unprecedented trend for a season with so many. As a result, property catastrophe reinsurance rates dropped by an average of 7.5% at renewal, with further softening seen throughout the market as a whole.
2010 年大西洋飓风和西北太平洋台风季是有史以来破坏性最小的季节之一，尽管这两个季节非常活跃，记录了 19 次热带风暴和 12 次飓风。然而，没有一场飓风登陆美国——对于一个如此多飓风的季节来说，这是前所未有的趋势。因此，财产巨灾再保险费率在续保时平均下降了 7.5%，整个市场进一步走软。
There is also a shift in power in a soft market from reinsurers to insurance companies, who (once again within reason) are able to obtain more favourable terms from their reinsurers.
在疲软的市场中，权力也从再保险公司转移到了保险公司，保险公司（再次在合理范围内）能够从再保险公司那里获得更优惠的条款。
In a hard market, reinsurers often force insurance companies to retain higher retentions, but in soft markets insurance companies sometimes seize the opportunity to purchase reinsurance below the level of generally accepted prudent financial disciplines. We could call this opportunism, as reinsurance supply is plentiful, and available at a price acceptable to the insurance company’s financial planning requirements. Within this equation, there will always be reinsurers willing to participate at such low levels, whether they are new entrants to the market, or simply existing reinsurers prepared to compromise their beliefs to maintain premium income levels.
在硬市场中，再保险公司通常会迫使保险公司保留更高的自留额，但在软市场中，保险公司有时会抓住机会，以低于普遍接受的审慎财务纪律水平的价格购买再保险。我们可以称之为机会主义，因为再保险供应充足，而且价格符合保险公司的财务规划要求。在这个等式中，总会有再保险公司愿意以如此低的价格参与，无论他们是市场的新进入者，还是现有的再保险公司，他们愿意妥协自己的信念以维持保费收入水平。
Now that we have explained the background to both hard and soft reinsurance markets, we can look at some important aspects concerned with managing the reinsurance underwriting cycle.
现在我们已经解释了硬再保险市场和软再保险市场的背景，我们可以看看管理再保险承保周期的一些重要方面。
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