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D4-E1）
E2 Rating factors（评级因素）
Company ratings are assessed against broadly similar factors by each rating agency. A typical range of factors would be an assessment of the company’s financial strength, its operating performance and market profile, which culminate in an overall assessment of its claims-paying ability.
各评级机构根据大致相似的因素对公司进行评级。典型的因素包括对公司财务实力、经营业绩和市场概况的评估，最终对其索赔支付能力进行整体评估。
In assessing a company’s financial strength, the rating agency will look at principal factors such as:
• amount of capital and the company’s ability to access capital;
• quality and effectiveness of its reinsurance programme;
• adequacy of technical reserves;
• quality and spread of investments; and
• liquidity.
在评估公司的财务实力时，评级机构将考虑以下主要因素：
• 资本金额和公司获取资本的能力；
• 再保险计划的质量和有效性；
• 技术储备的充足性；
• 投资的质量和分布；和
• 流动性。
For its operating performance, it will look at factors such as:
• profitability;
• sources of business, nature of premiums and investment income; and
• all aspects of its management experience and associated objectives.
对于经营业绩，它将考虑以下因素：
• 盈利能力；
• 业务来源、保费性质和投资收入；和
• 管理经验和相关目标的所有方面。
Market profile represents the totality of the company’s activities, the way these activities are undertaken, and the characteristics of the markets in which a company operates. Typical considerations are:
• risks associated with the classes and territories in which business is written;
• competitive market research;
• general and financial management;
• underwriting and claims management; and
• exposure to large single risks and ‘event’ risk.
市场概况代表公司活动的全部内容、开展这些活动的方式以及公司运营的市场特征。典型的考虑因素包括：
• 与业务类别和领域相关的风险；
• 竞争性市场研究；
• 一般和财务管理；
• 承保和索赔管理；以及
• 面临大型单一风险和“事件”风险。
This last item could arise from contentious litigation caused by casualty or liability business, perhaps as a result of a dispute with a trading partner. Losing an action at law could significantly increase a reinsurer’s outstanding liabilities. Changes in legislation could also materially increase a reinsurer’s existing and future liabilities, as could incurred losses arising from catastrophic events caused by fundamental perils, especially if a rating agency considers that the reinsurer has purchased insufficient retrocession coverage.
最后一项可能来自意外或责任业务引起的诉讼，可能是与贸易伙伴的纠纷所致。败诉可能会大大增加再保险公司的未偿债务。立法变化也可能大幅增加再保险公司的现有和未来负债，由基本风险引起的灾难性事件造成的损失也可能增加，特别是如果评级机构认为再保险公司购买的再保险不足。
Rating agencies have embraced the use of modern technology as an important underwriting tool for reinsurers. In consequence, rating agencies may wish to evaluate a reinsurer’s computer models for rating and pricing and its ability to model catastrophic events. The agencies would almost certainly assess the actuarial disciplines used in calculating past, present and future claims reserves, and premium pricing, if applicable. The ultimate aim is perhaps to configure that reinsurer’s involvement in a particular loss scenario and, in effect, ‘test’ the reinsurer’s retrocession programme. Many actuarial techniques use stochastic models to produce a range of results.
评级机构已将现代技术作为再保险公司的重要承保工具。因此，评级机构可能希望评估再保险公司的评级和定价计算机模型及其模拟灾难性事件的能力。这些机构几乎肯定会评估用于计算过去、现在和未来索赔准备金以及保费定价（如果适用）的精算原则。最终目的可能是配置再保险公司在特定损失情景中的参与度，实际上是“测试”再保险公司的再保险计划。许多精算技术使用随机模型来产生一系列结果。
A stochastic model is a tool for estimating probability distributions of potential outcomes by allowing for random variation in one or more inputs over time. Based on a set of random outcomes, the experience of the portfolio or company is projected, and the outcome is noted. This is then done again with a new set of random variables. In fact, this process is repeated many, many times.
随机模型是一种通过允许一个或多个输入随时间随机变化来估计潜在结果概率分布的工具。基于一组随机结果，可以预测投资组合或公司的经验，并记录结果。然后使用一组新的随机变量再次执行此操作。事实上，这个过程重复了很多次。
Computer modelling of realistic disaster scenarios (RDS) on an individual event basis has been replaced or complemented by sophisticated dynamic financial analysis models that stress test the entire operations of an insurance company or reinsurer.
基于单个事件的现实灾难情景 (RDS) 的计算机建模已被复杂的动态财务分析模型所取代或补充，这些模型对保险公司或再保险公司的整个运营进行压力测试。
In summary, we could say that these new capital adequacy models are an advanced form of risk-based capital assessment.
总之，我们可以说这些新的资本充足率模型是一种基于风险的资本评估的高级形式。
E3 Ratings（评级）
Various phrases are used to describe the ratings depending upon the agency conducting the analysis. Fitch, A.M. Best and Standard & Poor’s favour ‘insurer financial strength rating’ (IFSR). In each case, what is being provided is an opinion from that agency on the financial strength and ability of the company to pay under its (re)insurance policies and contracts in accordance with their terms and conditions (or similar).
根据进行分析的机构，使用各种短语来描述评级。惠誉、A.M. Best 和标准普尔青睐“保险公司财务实力评级”（IFSR）。在每种情况下，所提供的都是该机构对公司财务实力和根据其条款和条件（或类似条款）支付（再）保险政策和合同的能力的意见。
All of the rating agencies use a scale of alphabetic indicators, with or without + or – signs, as the mark of the strength of their rating, with AAA being the best, descending through AA, A, BBB and so on. They also provide supporting definitions and make these freely available to all entities operating in the insurance and reinsurance market. For example, an insurer rated ‘AAA’ may be said to have extremely strong financial security characteristics whereas one rated ‘AA’ may only have very strong characteristics and another rated ‘A’ may only have strong characteristics and be more likely than those with higher ratings to be affected by adverse business conditions, and so on (Standard & Poor’s).
所有评级机构都使用带有或不带有 + 或 - 符号的字母指标量表作为其评级强度的标志，AAA 为最佳，依次为 AA、A、BBB 等。他们还提供支持性定义，并免费向保险和再保险市场中的所有实体提供这些定义。例如，一家评级为“AAA”的保险公司可能被认为具有极强的财务安全特征，而一家评级为“AA”的保险公司可能只具有非常强的特征，而另一家评级为“A”的保险公司可能只具有强的特征，并且比那些评级更高的保险公司更容易受到不利商业环境的影响，等等（标准普尔）。
It will be appreciated that the ratings are designed to reference a broad standard or benchmark, and identically rated companies might not be of the same quality. Rating agencies thus offer a broad perspective in their evaluations due to the large number and diversity of the companies involved.
可以理解的是，评级旨在参考广泛的标准或基准，评级相同的公司可能质量不同。因此，评级机构在评估中提供了广泛的视角，因为涉及的公司数量众多且多种多样。
感谢阅读，欢迎打赏。
记得分享朋友圈打卡哦！
关注本sir，向更优秀的自己前进！
