再保险ZLX老师讲义文档格式.docx
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再保险ZLX老师讲义文档格式.docx
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Theinsurerthatassumesallorpartoftheinsuranceriskfromtheprimaryinsurer.
Reinsurancepremium:
Theconsiderationpaidbytheprimaryinsurertothereinsurerforassumingsomeoralloftheprimaryinsurer’sinsurancerisk.
Primaryinsurer:
Theinsurerthattransfersorcedesallorpartoftheinsuranceriskithasassumedtoanotherinsurer.
(primaryinsurer=cedingcompany=cedent=directinsurer)
一个公司可以同时作为分出公司和分入公司
Insurancerisk:
Uncertaintyaboutadequacyofinsurancepremiumstopaylosses.
Retention:
Theamountofinsurancerisktheprimaryinsurerretainsandthatisnotcededtothereinsurer.(可以百分比形式或数额形式表示)
Retrocession:
Areinsuranceagreementwherebyonereinsurer(theretrocedent)transfersallorpartofthereinsuranceriskithasassumedorwillassumetoanotherreinsurer(theretrocessionaire).
Retrocedent:
Thereinsurerthattransfersorcedesallorpartoftheinsuranceriskithasassumedtoanotherreinsurer.
Retrocessionaire:
Thereinsurerthatassumesallorpartoftheriskacceptedbyanotherreinsurer.
Risk:
Uncertaintyabouttheoccurrenceofaloss.Inreinsurance,thetermriskoftenreferstothesubjectofinsurance,suchasabuilding,apolicy,agroupofpolicies,oraclassofbusiness.
Insurancereinsuranceretrocession
insuredprimaryreinsurerretrocessionaire
insurer(retrocedent)
HistoryofReinsurance
1.Emergenceofallclassesofreinsurance
Theemergenceofreinsuranceinmarinebusiness(BC700-1370)
Thedevelopmentoffirereinsurance(1591-1820)
Thedevelopmentoflifeassurance(1600annuity-1840)
Thedevelopmentofaccidentreinsurance(1850)
2.Emergenceofspecialistcompanies
◆WeselerreinsurancecompanyinGermany(1843)–Firstsubsidiaryspecialistreinsurancecompany
◆CologneReinsuranceCompanyinGermany(1852)
◆Thebiggestreinsurancecompanytoday-MunichRe(1880)
◆SwissReinsuranceCompany(1863)
FunctionsofReinsurance
1Capacity
Large-lineCapacity:
Aninsurer’sabilitytoprovideahighlimitofinsuranceforasinglerisk(lossexposure),suchaspropertycoveragefora$50millioncommercialofficebuildingora$30millionjumbojet.
PremiumCapacity:
Theaggregatepremiumvolumeaprimaryinsurercanwrite.
Neithergrosswrittenpremiumnorlargeinsuredamountofapolicywrittenbyaninsurerwillshowtheitsgoodorpoorbusinessoperations.Bothcapacitiesareconstrainedregulationswithrespecttopolicyholder’ssurplus.
(Whycanreinsurancehelptoincreasecapacity?
)
Reinsurersprovideprimaryinsurerswithlargelinecapacitybyacceptingliabilityoflossexposuresthattheprimaryinsurerisunwillingorunabletoretain.Thisfunctionofreinsuranceallowsinsurerswithlimitedlargelinecapacitytoparticipatemorefullyintheinsurancemarketplace.Reinsuranceallowstheprimaryinsurertoincreaseitsmarketsharewhilelimitingthefinancialconsequencesofpotentiallosses.
中华人民共和国《保险法》(2002年10月28日修订)
S99:
经营财产险的保险公司当年自留保险费不得超过其实有资本金加公积金总和的4倍。
S100:
保险公司对每一危险单位,即对一次保险事故可能造成的最大损失范围所承担的责任,不得超过其实有资本金加公积金总和的10%,超过部分应当办理再保险。
(美国纽约州的规定亦同)
S101:
保险公司对危险单位的计算办法和巨灾风险安排计划应当报保险监督管理机构核准。
(当超过限制时,有三种方案:
1.不承保2.coinsurance3.reinsurance)
ProvidingLarge-lineCapacityandPremiumCapacity
Example:
◆AnewlyfoundedInsuranceCompany
◆NoUnearnedPremiumandOutstandingLossatthebeginningoftheyearwith$9minassets.
◆Attheendoftheyear,writtenpremiumof$20mwith$4macquisitioncostincurredand$10munearnedpremiumand$10moutstandingloss
◆ShowitsBalanceSheetatthebeginningoftheyear
◆ShowitsBalanceSheetattheendoftheyearinthecaseof
-noreinsuranceatall
-with75%quotasharetreatyof30%commission
andcomparetheRatioofPremiumtoPolicyholder’sSurplus
BalanceSheetattheBeginningoftheYear
AssetsLiabilities
9mO.L.0
U.P.0
P.S.9m
9m9m
BalanceSheetattheEndoftheYear
9mO.L.10m
20mU.P.10m
-4mP.S.5m
25m25m
Capacityratio=N.W.P/P.S.=20m/5m=4
BalanceSheetattheEndoftheYearwith75%QuotaShare
9mO.L.2.5m
20mU.P.2.5m
-15m
+4.5m
-4mP.S.9.5m
14.5m14.5m
Capacityratio=N.W.P/P.S.=5m/9.5m=0.5(surplusrelief)
Reinsurancepremium
Primaryinsurerreinsurer
Cedingcommission
期初当前期末
EarnedpremiumUnearnedpremium
Writtenpremium
Insurersthataregrowingrapidlymayhavedifficultymaintainingadesirablecapacityratiobecauseofhowtheymustaccountfortheirexpensestoacquirenewpolicies.Stateinsuranceregulationmandatesthatforaccountingpurposes,suchexpensesberecognizedatthetimeanewpolicyissold.Aggravatingthissituationistherequirementthatinsurersarerequiredtorecognizepremiumsasrevenueonlyastheyareearnedoverthepolicy’slife.immediatelyrecognizingexpensescombinedwithgraduallyrecognizingrevenuecausesaninsurer’sP.S.todecreaseandthecapacityratiotoincrease.
即:
保费收入→权责发生制,费用支出→收付实现制
业务发展时,越到后期业务量(保费收入)越多,所以在时期中点时,未满期保费多于已满期保费。
2.CatastropheProtection
◆Majorcatastrophes:
Asingleeventcausesmultiplelosses.Suchasfire,windstorm(hurricane,tornado,andotherwinddamage),andearthquakes.Industrialexplosions,airplanecrashes,orproductrecalls.
◆Asingleeventmightresultinalargenumberofpropertyandliabilityclaimstoasingleinsurer.当没有再保险时,巨灾可能会使primaryinsurer减少保费收入,甚至威胁偿付能力
◆Lossesexceeding$100marecommon,oftenmorethan$10billion.
◆Amongtheinsuranceclaimsin911event52-55%ofthetotallosseswerecoveredbyreinsurancewhichamountedto$27billion.Thefirstfourloss-carrierswerereinsurers.Theyare:
TheLloyd’sofLondon$2913billion
MunichRe2.442billion
SwissRe2.316billion
BerkthierRe2.275billion
3.Stability(经营稳定性)
Purposes:
Lossexperiencetypicallyfluctuatesfromyeartoyear,creatingvariabilityininsurerfinancialresults.Insurersprefertohavestablelossexperience,andusingreinsurancecanhelpmaintainstability.Reinsuranceaidsfinancialplanningandsupportsgrowth.Italsomayencouragecapitalinvestmentbecauseinvestorsaremorelikelytoinvestincompanieswithstablefinancialresults.
Reasonstocauseinstability:
-economicreason
-socialandnaturalforces
4.SpreadofRisks
Circumstancesapplyingforriskspreading:
◆Accumulationsofclaimsunderdifferentclasses:
◆Risksaccumulategreatlywhenprimaryinsurerswritelargevolumeofbusinesswhichcouldmakegoodprofitinacertainperiod.
◆Tospreadrisksgeographically(reciprocalexchange)(互换业务)
Reinsurancewillreducetheimpactoffluctuatingclaimscostsandbetteradvantagecanbetakenof…
5.FinancialBenefit
◆Increasethecreditoftheoriginalinsured.
◆40%premiumreserveretainedfor12months.
◆Investingreinsurancepremiumduringthemoratoriumperiod.
◆Reinsurancecommission
◆Balancesheetbetterment(tothecedingcompany)购买再保险会使P.S.↑,capacityratio↓
6.UnderwritingExpertise(provideunderwritingguidance)
◆Newlyfoundedand/orsmallcompanies
◆Riskscovered,premiumratingetc.
◆Anyconcerns?
会告知很多公司的情况包括商业机密、客户私人信息等
Areinsurer’sunderstandingofinsuranceoperationsandtheinsuranceindustrycanassistotherinsurers,particularlyinexperiencedprimaryinsurersenteringintonewmarketsandofferingnewproducts.
7.DecreaseExpenseRatio,IncreaseProfitRatio
(费用率,基本上是acquisitioncosts)
◆Administrationcostsareverysimilarforeithersmalloralargeacceptance.(Expensesarealwaysfixed,当业务量↑,expenseratio↓)
◆Cedingcommission(分保佣金)willhelptocompensatesomeorallacquisitioncoststhustocontrolexpenseratioofcedingcompany.
在监管者眼中,一个保险公司不能过多地依赖再保险,riskinbecominginsolvent
8.WithdrawFromaTerritoryorLineofBusiness
Threewaystowithdraw:
◆Stopsellingnewinsurancepoliciesandkeepliableforinforcepoliciesuntiltheyexpire.(此方法不能立即退出市场)
◆Cancelallpolicies(ifinsuranceregulationspermit)andrefundtheunearnedpremiumtoinsureds.
◆Purchasingportfolioreinsurance(未了责任再保险,100%quotasharereinsurance)(可以立即退出市场)Theprimaryinsurermustcontinuetofulfillitsobligationstoitsinsureds.
PortfolioReinsurance:
Areinsuranceagreementthatreinsuresthelossexposuresofanentiretypeofinsurance,classofbusiness,orgeographicarea.Inportfolioreinsurance,thereinsureracceptsalloftheliabilityforcertainlossexposurescoveredundertheprimaryinsurer’spolicies.(Generalruleisthatreinsurersdon’tacceptalloftheliabilityforspecifiedlossexposuresofaninsurer.)
MethodsofReinsurance
1.TreatyReinsurance合同/合约再保险(是各种保单的集体再保险)
Areinsuranceagreementthatcoversanentireclassorportfoliooflossexposuresandprovidesthattheprimaryinsurer’sindividuallossexposuresthatfallwithinthetreatyareautomaticallyreinsured.
◆Underthismethodanagreementismadebetweencedantandareinsurer.Theagreementallowsthataprimaryinsurerwillcedeandthereinsurer
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