再保险概述.综述(1).ppt

1、概述-Summarize,Definitions-定义 History-历史 Nature-属性 Function-作用,Definitions：定义,What Do These Words Mean?-这些名词的意思是什么,Reinsurance : 再保险,A form of insurance whereby one insurer (the reinsurer) indemnifies another insurer (the reinsured) for losses under insurance policies issued by the reinsured to the pu

2、blic. 再保险又称分保，指原保险人将自己承担的部分或全部保险合同责任分给再保险人。,Ceding Company:分出人,A Primary Company:原保险人 Direct Company:直接保险公司 cedant , cedent , - all known as the “Reinsured” -再保险分出人 Cede: When a company reinsures its liability with another, it “cedes” business -再保，分保，；割让；让与；放弃,Ceded company:分入公司,-the Company to whom

3、 the risk is transferred Reinsurer: 再保险人，再保险接受人 -An insurer or reinsurer assuming the risk of another under contract. Assume：假定，承担，接受,Three (Re)insurance Parties保险和再保险的当事人的关系,Insurance Reinsurance,Insured,Insurer Reinsured Ceding company Cedant,Reinsurer,Retrocede:转分保,Retrocession: Reinsurance of Re

4、insurance -转分保，分保的再次分保 Retrocessionaire and Retrocedent: The parties to a Retrocession Retrocessionaire：转分接受人； Retrocedent:转分保分出人,Retention:自留额,Retention：自留额 -The amount of risk not being reinsured Cession：分出额 -The portion of the sum insured of a risk ceded to a reinsurer by the Cedant.,Commission：佣

5、金,- In reinsurance, the primary insurance company usually pays the reinsurer its proportion of the gross premium it receives on a risk. The reinsurer then allows the company a ceding or direct commission allowance on such gross premium received, large enough to reimburse the company for the commissi

6、on paid to its agents, plus taxes and its overhead. The amount of such allowance frequently determines profit or loss to the reinsurer. Reimburse：补偿；overhead：经营管理费用,Profit Commission盈余佣金，纯益手续费,- A provision found in some reinsurance agreements which provides for profit sharing. Parties agree to a fo

7、rmula for calculating profit, an allowance for the reinsurers expenses, and the cedants share of such profit after expenses Formula：公式 Allowance：津贴、定量供应、允许，补助,history,The origins of insurance,The origins of insurance are lost in the mists of antiquity but from very early times various attempts were

8、made, initially in connection with ships and cargoes, to achieve a spreading of risk, which is the simple purpose of both insurance and reinsurance. mists of antiquity：历史的迷雾 Initially：最初 Spread：分散，分布,MERCHANT UNDERWRITERS： 商人保险商,It is clear from all the early policies that the insurers were individu

9、als, and it seems probable that for a very long time insurance business was carried on not as a separate profession or business but as an adjunct of the operations of merchants. It is also clear that at an early date policies were subscribed or under-written by a number of such merchants for varying

10、 amounts, much as is done at the present day on a more elaborate basis by Lloyds under-writers. Adjunct：辅助；merchant：商人；商业的 Elaborate：精细的,EMERGENCE OF INSURANCE COMPANIES 保险公司的出现,An elementary form of fire insurance existed in the Middle Ages as one of the functions of the trade guilds: a levy was ma

11、de on members to assist such of them as suffered damage to their property by fire. However, there is no record of true fire insurance before the foundation in Christiania (Oslo) of the Norges Brandkasse in 1667. guild：行业协会 Levy：征收，征用，征集,EMERGENCE OF INSURANCE COMPANIES 保险公司的出现,By coincidence in that

12、 same year, as a reaction to the Great Fire of London in 1666, Dr Nicholas Barbon is reported to have setup a business known as The Fire Office in the Cityof London to insure houses and other buildings against fire. Recent researches, however, suggest that he only began to operate in 1681. Coinciden

13、ce：同时存在的,USE OF CO-INSURANCE FOR LARGE RISK 对大的风险进行共保的运用,As indicated above, the early development of insurance was by individuals as opposed to companies. This naturally led to the form of co-insurance which survives on such a large scale today at Lloyds, where individual risks are insured by many

14、individuals for varying amounts aggregating to the total sum insured. Opposed to：对立的 Aggregate：总计，合计,USE OF CO-INSURANCE FOR LARGE RISK 对大的风险进行共保的运用,Even with the subsequent development of reinsurance the practice of co-insurance has continued. At Lloyds it continues to be the normal method of sprea

15、ding individual risks, and with major industrial risks it is the usual pattern of operation to incorporate in the policy a schedule to which many insurance companies may have sub-scribed for their respective shares. Subsequent：后来的 Schedule：表格，计划； pattern：模式,EMERGENCE OF REINSURANCE IN MARINE BUSINES

16、S：再保险出现在海上保险业务上,The earliest record of a marine reinsurance relates to an insurance of a voyage from Genoa to Sluys. The reinsurance was effected not as a proportion of the whole risk but for the whole of the risk for that part of the voyage from Cadiz to Sluyss, which the original insurer clearly c

17、onsidered the more hazardous. Effect：有效,EMERGENCE OF REINSURANCE IN MARINE BUSINESS：再保险出现在海上保险业务上,From this early and isolated example it may be assumed that as an occasional transaction the existence of marine reinsurance is almost as old as insurance. However, there is little evidence of its actua

18、l practice. The earliest statutory reference to reinsurance was an Ordinance of Louis XIV in 1681. Statutory：法律上的 Reference：参考，提及,DEVELOPMENT OF FIRE REINSURANCE 火灾再保险的发展,Fire reinsurance appears to have developed much later than marine reinsurance, there being no trace of any fire reinsurance havin

19、g taken place during the whole of the eighteenth century. The earliest record of a reinsurance is the assumption by the Eagle Fire Insurance Company of New York of the whole fire insurance portfolio of the Union Insurance Company of New Jersey. Trace：痕迹，迹象 Assumption：承担 Portfolio：公事包，部长职务，有价证券类,DEVE

20、LOPMENT OF FIRE REINSURANCE 火灾再保险的发展,临时再保险 合同再保险 超赔再保险,development of life reinsurance 人寿再保险的发展,As with fire insurance, when life insurance began no reinsurance was effected. Early examples of cover granted by merchant underwriters were on the familiar co-insurance basis. The absence of any indicati

21、on of reinsurances suggests that, for many years after the formation of life assurance companies, individuals effected policies with a number of life offices if they required a sum insured too great for any one. formation：形成，出现 a number of：大量的,development of life reinsurance 人寿再保险的发展,The earliest in

22、dications of life reassurance are in the 1840s, after which it rapidly became a regular feature of the organization of all life assurance companies. Feature：特点，特色,development of accident reinsurance 意外险再保险的发展,The development of accident insurance in all its many branches is so recent that accident r

23、e-insurance developed at the same time. Initially, it was facultative reinsurance on a proportional basis for the early classes of business such as fidelity guarantee, personal accident and livestock, with treaties gradually developing in the latter half of the nineteenth century. Facultative：临时分保 f

24、idelity guarantee：忠诚保证,EMERGENCE OF SPECIALIST REINSURANCE COMPANIES：专业再保险公司的出现,The earliest formation of a company for the exclusive acceptance of reinsurance was the Weseler ROckversichemngsverein of Wesel in Germany, which was founded in 1843 as a subsidiary of a local insurance company, primaril

25、y for the acceptance of the surpluses of its parent company. The earliest formation of an independent reinsurance company was the Kolnischer R/Jckvers icherungs Gesellschaft of Cologne in 1852. Exclusive：纯粹的，绝对的 Subsidiary：附助的，附属的,STATE REINSURANCE CORPORATION 国家再保险公司的出现,The earliest examples of gov

26、ernmental involvement in reinsurance were in South America. In the early 1920s Chile established the Caja de Reaseguro, and Uruguay established the Banco del Estado. Initially these companies did not seek business beyond the local business which was compulsorily ceded to them, although they did trad

27、e their first surplus fire treaties reciprocally. Chile：智利； Uruguay：乌拉圭 Compulsorily：强制的； trade：交换 reciprocally：相互的，互惠的,STATE REINSURANCE CORPORATION 国家再保险公司的出现,In the post-war reconstruction of France all companies were required to cede four per cent of their direct business to Caisse Centrale de R

28、eassurance.,REGIONAL REINSURANCE CORPORATION 地区再保险公司的出现,In the 1970s yet another intervention was made by governments in the form of regional reinsurance corporations. The most significant of these to date have been the Asian Reinsurance Corporation and the African Reinsurance Corporation. The latte

29、r is the most comprehensive with a five per cent compulsory cession of all the reinsurances of all the insurance companies in forty-two countries in Africa. Comprehensive：充分的，广泛的,REGIONAL REINSURANCE CORPORATION 地区再保险公司的出现,This form of corporation, and the extension of state reinsurance corporations

30、, have been actively encouraged by UNCTAD; the United Nations Conference on Trade and Development. The idea behind all these state corporations is to endeavour to reduce the drain on foreign exchange resources resulting from the reinsurances of local companies being ceded to foreign insurance and re

31、insurance companies. Endeavour：尽力； drain：排干，流失,REINSURANCE POOLS 再保险基金,At various times in many countries pools have been formed to deal with various types of reinsurance. Frequently they are created to deal with what is regarded as an undesirable or hazardous class of business. The method has, for

32、example, been used for third party motor insurance and hail insurance. Undesirable：令人不快的,REINSURANCE POOLS 再保险基金,A few such pools have lasted many years but more frequently they are not enduring. The usual problem is that when the pool has been operating for a few years it becomes apparent that the

33、results of some companies are consistently worse than the average. The companies with the better experience decide that they can continue to underwrite more successfully than the average, and can therefore improve their profits by leaving the pool and making their own reinsurance arrangements. Appar

34、ent：明显的,REINSURANCE POOLS 再保险基金,An interesting example of a more enduring type of pool is the series of pools that have been developed, in those countries where atomic power stations have been built, to deal with the vast values and potentially catastrophic liabilities which are involved. Another pr

35、oject sponsored by UNCTAD is regional reinsurance pools. Sponsored：发起，主办；,REINSURANCE BROKERS 再保险经纪人,The earliest known instance of the operation of a reinsurance broker goes back to the very beginning of treaty reinsurance. In 1829 a Mr Cazenove of Broad Street Buildings, London offered a fire trea

36、ty from Union de Paris to the Royal Exchange. Offer：提供，出价 It seems likely that the early operations of re-insurance brokers were in organising reciprocal exchanges of fire reinsurance.,REINSURANCE BROKERS 再保险经纪人,It is difficult to believe that no other instances existed, but there appears to be no r

37、ecord of other reinsurance broking until nearly 1870. A Mr Martin Heckscher had established a business in 1865 as agent in St Petersburg for the Commercial Union, Liverpool & London and a number of other companies. As he was subsequently involved in reinsurance in London he probably negotiated treat

38、ies in Russia, but no record remains. Negotiate：谈判，磋商,LLOYDS ：劳合社,There is no clear record of the early involvement of Lloyds in the acceptance of reinsurance. It was not in fact a pattern of business which came naturally to Lloyds. The underwriters themselves had always been used to the system of e

39、ach accepting the amount on a risk which was appropriate for him-self, with the broker spreading the original risk through the market. This and the fact that the Lloyds market was virtually limited to marine insurance, in which reinsurance was illegal until 1864, made Lloyds late developers in this

40、field.,LONDON REINSURANCE MARKET 伦敦再保险市场,It has already been shown that reinsurance itself began to develop earlier in Europe than in Britain. It is clear that in no way could London be regarded as a significant reinsurance market at any time in the nineteenth century, and most of the reinsurance of

41、 the British direct insurers was placed in Europe. This situation persisted up to the outbreak of the First World War in 1914.,Nature：属性,再保险是补偿性质的保险 再保险和原保险的关系 再保险和共同保险的关系,Difference from Primary Insurance,A. Reinsurance tends to be less regulated. B. More internationally oriented. C. Transactions o

42、f large monetary value and risk. D. Reinsurer relies on the reinsured to produce proper underwriting at proper rates. E. Right to inspect records of the reinsured F. Utmost good faith G. Relies on reinsured to produce a profitable book of business. Oriented:导向的； relies on ：依靠,再保险与原保险的联系,再保险与原保险既有联系又

43、有区别。 二者的主要联系在于：都是对风险责任的分散。 原保险是对投保人的风险责任予以分散，是对风险的第一次转嫁； 再保险是对保险人的风险责任予以分散，也可以说，再保险是对风险第二次转嫁。,再保险与原保险的主要区别,1、合同当事人不同。 原保险合同的双方当事人是投保人和保险人； 再保险合同的双方当事人都是保险人，即分出人与分入人，与原投保人无关。,再保险与原保险的主要区别,2保险标的不同。 原保险合同的保险标的是被保险人的财产或人身，或者具体为被保险人的财产及有关利益或者人的寿命和身体； 而再保险合同的保险标的是原保险人分出的责任，分出人将原保险的保险业务部分地转移给分入人。,再保险与原保险的主

44、要区别,3保险合同的性质不同。 原保险合同具有经济补偿性或者保险金给付性； 而再保险合同具有责任分摊性，或补充性。其直接目的是要对原保险人的承保责任进行分摊。,原保险契约与再保险契约之关系图,原保险契约与再保险契约之关系,个别独立法律观点 1. 原保险契约之被保险人，对于再保险人无赔偿请求权。 2. 再保险人不得向原保险契约之要保人，请求支付保险费。 3. 原保险人不得以再保险人不履行保险金给付之义务为理由，而拒绝或延迟其对于被保险人之义务。 相互依存业务观点,再保险和共同保险,共同保险：指几个保险人，就同一保险利益、同一风险共同缔结保险合同的一种保险。 在实务中，数个保险人可能以某一家保险公

45、司的名义签发一张保险单，然后每一家保险公司对保险事故损失按比例分担责任。 共保联营与再保险虽有不同，但在今日保险市场，共保联营与再保险之结合运用，已屡见不鲜。,再保险和共同保险的区别,（1）反映的保险关系不同。 共同保险反映的是各保险人与投保人之间的关系，这种关系是一种直接的法律关系； 再保险反映的是原保险人与再保险人之间的关系，再保险接受人与原投保人之间并不发生直接的关系。 （2）对风险的分摊方式不同。 共同保险的各保险公司对其承担风险责任的分摊是第一次分摊，而再保险则是对风险责任进行的第二次分摊； 共同保险是风险的横向分摊，再保险则为风险的纵向分摊。,共同保险（共保联营）的关系图,Func

46、tion of Reinsurance,The fundamental concept of insurance is the spreading of risk based on the law of large numbers. Reinsurance does not reduce losses but it makes it easier for insurance to carry the material consequences. Material：重大的，重要的,再保险的作用,1分散风险。 再保险是原保险人能够借以分散风险损失的机制。,再保险的作用,2扩大承保能力。 任何一个保

47、险人，都希望承保量尽可能地多，但保险人的承保能力都受很多条件的限制，尤其为资本金和公积金等制约。 但由于业务量的计算不包括分保费，保险公司可以在不增加资本额的情况下通过再保险增加业务量，扩大承保能力。,再保险的作用,3控制责任，稳定经营。 再保险通过控制风险责任使保险经营得以稳定。 具体作法分两个方面： 一是控制每一风险单位的责任； 二是对累积责任的控制。,再保险的作用,4、降低营业费用，增加运用资金。 如果保险人在提存未满期保费准备金时，根据保险法规定不能扣除营业费用的话，就必须以保险资金中另外支取营业费用。但通过再保险，就可以在分保费中扣存未满期保费准备金，还可以有分保佣金收入。这样，保险

48、人由于办理分保，摊回了一部分营业费用。 此外，办理分保须提未满期保费准备金和未决赔款准备金，这部分资金从提取到支付有一段时间，保险人可在这段时间内加以运用，从而增加了保险人资金运用总量。,再保险的作用,5有利于拓展新业务。 保险人在涉及新业务过程中，由于经验的不足，往往十分谨慎，不利于新业务的迅速开展。再保险具有控制责任的特性，可以使保险人通过分保使自己的赔付率维持在某一水平之下，所以准备拓展新业务的保险公司可以放下顾虑，积极运作，使很多新业务得以发展起来。,Function of Reinsurance,Stabilization of profitability Provides larg

49、e limit capacity Catastrophe protection Supports high growth in premium volume Provides help with the underwriting process Facilitates withdrawal from a particular risk or line of business,Stabilization of profitability增强盈利能力,As captive owners and risk managers know, losses incurred sometimes fluctu

50、ate widely from year to year. Large swings in losses incurred can make it difficult, if not impossible, to forecast profitability of a particular line of business, or in total. While showing profitability in a pure captive may not be as critical as it is to say, a risk retention group or commercial

51、insurer, most business owners like to see a reasonably steady flow of profits to protect their capital and surplus and to support growth, if necessary. fluctuate ：摇摆的； surplus：盈余,Stabilization of profitability增强盈利能力,Purchasing reinsurance is particularly helpful in smoothing the peaks and valleys of

52、 a captives loss experience, as generally the law of large numbers doesnt apply to captive operations. Captive：自保的，被俘获的 apply to：应用于,Provides large limit capacity扩大承保能力,Captives frequently provide a high limit of insurance on one or a limited number of policies. For example, a hospital captive may w

53、ish to insure the excess professional liability exposure of its parent. A captives capacity for retaining such coverage is limited by capital and surplus, regulatory and other factors. Partnering with a reinsurer to accept a particularly high risk allows the captive to provide lines of coverage and

54、limits that would otherwise not be feasible.,Catastrophe protection巨灾保障,Captives insure property-liability coverages which are frequently concentrated in geographic or economic regions. Catastrophic exposures such as hurricanes, industrial explosions or the like can tremendously effect loss experien

55、ce. Purchasing cat coverage is therefore also related to the stabilization function described above. Catastrophe：大灾，巨灾 Hurricane：n.飓风, 狂风,Supports high growth in premium volume支持保费的高速增长,As with any business, new endeavors are particularly risky. As a company enters into a new line of business, geogr

56、aphic region, or adds significant premium volume, it may wish to purchase some kind of reinsurance. Risk retention groups, in particular, may wish to temper the risk of accepting large increases in premium volume, as their writings are generally more sensitive to market forces than pure captives. En

57、deavors：尝试； significant：重大的 Temper：调和；,Provides help with the underwriting process为承保提供帮助,Partnering with a reinsurer can greatly improve a captives ability to accurately underwrite a risk. Reinsurers accumulate vast underwriting knowledge working with large numbers of primary insurers across a wide

58、 variety of business lines. This expertise can be particularly helpful to captive insurers who generally have limited in-house underwriting capacity. Accurately：精确的 in-house：内部的； underwriting capacity：承保能力,Facilitate withdrawal from a particular risk or line of business：为从特定风险中抽身提供便利,For a variety o

59、f reasons, a captive may decide to withdraw entirely from a particular risk or line of business. Once a decision is made to withdraw, management frequently enter into agreements with reinsurers to accept all outstanding loss and loss expense reserves associated with that book of business, at an agreed upon price. Due to the time value of money, the captive can generally pay the reinsurer an amount that is somewhat less than the total estimated liability for loss and loss expense at the time of transfer. outstanding