什么是再保险.docx
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什么是再保险.docx
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什么是再保险
WhatisReinsurance?
Reinsuranceisinsuranceforinsurancecompanies.Manyinsurersaroundtheworldpurchasereinsurancetoreducetheirexposuretotheriskstheyhaveunderwritteninordertoprovidebetterprotectiontotheirclients.Whiletheconceptmaybesimple,likemostindustries,reinsurancehasaterminologythatcanbedifficulttointerpretforthosewhodonotuseitonadailybasis.
AtPartnerRe,wethoughtaglossaryofreinsurancetermsmighthelpde-mystifythebusinessanditslanguage.
AcquisitionCosts
Expensesincurredbytheinsurerorthereinsurerinassessingbusiness,includingproducercommissionsandbrokerage.
AdjustableRate
Apercentagerateappliedtoacedent’ssumsinsuredorpremiumincomewhichisusedtodeterminethefinalpremiumpayable.
AggregateDeductible
Alosslimitwhichisretainedbythecedentandisgraduallyerodedbyfrequencyoflossactivity.
AggregateLimit
Themaximumsumofrecoveriespayableunderareinsuranceagreement.
AlternativeRiskTransfer(ART)
Non-traditionalmethodsofinsuranceorreinsurance,forexample,securitization.
Assume
Thetermusedforacceptingarisk;theoppositeofcede.
AttachmentBasis
Aprovisionthatdetermineswhether,andinwhatmanner,areinsuranceagreementcoversaspecificloss.
AttachmentPoint
Inexcessoflossreinsurance,thelosslevelatwhichreinsurersbegintopay.
Balance
Areferencepointusedtomeasurepremiumvolumeagainstthemaximumexposureforareinsuranceagreement.
Bank
Thesumofthetotalpremiumspaidtoreinsurersoveramulti-yearperiod,lessanylossespaidbyreinsurersonalayer.Forexample,paymentsof$10,000premiumsoverfiveloss-freeyearswouldbecalleda$50,000bank.
BrokerMarket
Whenbusinessiswrittenthroughreinsuranceintermediaries(brokers),itisreferredtoasbusinessobtainedintheBrokerMarket.
BrokerofRecord
Theappointedbrokerforacontractualreinsuranceagreement.
BurningCostRatio
Atoolusedindeterminingratesforexcessoflossreinsurance.Alsocalledthe‘purelosscost’,itistheratioofhistoricalincurredlosses(usuallyexcludingIBNRandindexedtoportfoliogrowth)ofareinsuranceagreementtothesubjectpremium.
Capacity
Themaximumdollaramountofexposurethataninsurerorreinsurercanunderwrite.Capacitymaybeusedwhenreferringtoasinglerisk,aprogram,alineofbusinessoranentirebookofbusiness.
Captive
Aninsuranceorreinsurancecompany,formedbyalarge,oftenmulti-nationalcorporation,whichinsuresorreinsurestherisksofitsparentcorporation.Mostcaptivesarelocatedintax-advantagedlocations.
BermudaistheleadingdomicileforcaptivesfollowedbyCayman,VermontandGuernsey.
CasualtyReinsurance
Liabilityorthirdpartybusiness.
Catastrophe
Highseverityeventssuchashurricanes,earthquakesandotherdisasters,involvingmultipleinsuredsand/orlocations.Catastrophereinsuranceindemnifiestheinsurerforportionsofsuchlosses.
Cedent
Aninsurancecompanywhichcontractuallytransfers(cedes)aportionofrisktoareinsurer.Thetermcanalsorefertoareinsurerwhichtransfers(cedes)aportionofitsportfoliotoaretrocessionnaire.
CedingCommission
Thecostsincurredbythecedentinnegotiatingareinsurancecontractincludingoverheadexpenses,taxes,licensesandfees,plusafeerepresentingashareofexpectedprofits,sometimesexpressedasapercentageofthegrossreinsurancepremium.
ClashCover
Aformofreinsuranceprotectingacedent’sexposuretomultipleretentionsandalargersinglelossthanintendedduetolossesincurredbytwoormoreinsuredsforthesameevent,orclash.
Coinsurance
Thepartofthereinsurancecoverthattheinsurancecompanyretainsanddoesnotreinsure.
CombinedRatio
Thesumofthelossratioandtheexpenseratio.Thecombinedratioisusedinbothreinsuranceandinsurancetoindicatewhetherthecompanyismakingaprofitonitsunderwritingoperations.Acombinedratiobelow100%isrepresentativeofaprofitableunderwritingportfolio.
Commutation
Theconclusionofallobligationsbetweenthepartiestoareinsuranceagreement,oftencompletedwith
alumpsumcashsettlement.
CoverNote
Thedocumentorreceiptissuedbytheintermediarytothecedentconfirmingtermsandconditionsandthepercentageshareplacedwitheachreinsurer.
DirectMarket
Whenreinsurancebusinessiswrittendirectlybyareinsurer,ratherthanthroughathirdpartyorbroker,itisreferredtoasbusinessobtainedintheDirectMarket.
DirectWrittenPremium
Aninsurer’spremiumincomebeforetakingoutwardreinsuranceintoaccount.
EarnedPremium
Theportionofareinsurer’spremiumincomewhichhasbeenallocatedtothecurrentaccountingperiod.
EstimatedMaximumLoss(EML)
Anunderwriter’sorinsurer’sassessmentoftheworstpossiblelossscenariothatmightbeexpe
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