什么是再保险？(DOC7)(1).docx

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1、什么是再保险？(DOC7)(1)Reinsuranceisinsuranceforinsurancecompanies.Manyinsurersaroundthewor1dpurchasereinsurancetoreducetheirexposuretotheriskstheyhaveunderwritteninordertoprovidebetterprotectiontotheirc1ients.Whi1etheconceptmaybesimp1e,1ikemostindustries,reinsurancehasatermino1ogythatcanbedifficu1ttointer

2、pretforthosewhodonotuseitonadai1ybasis.AtPartnerRe,wethoughtag1ossaryofreinsurancetermsmighthe1pde-mystifythebusinessandits1anguage.AcquisitionCostsExpensesincurredbytheinsurerorthereinsurerinassessingbusiness,inc1udingproducercommissionsandbrokerage.Adjustab1eRateApercentagerateapp1iedtoacedentssum

3、sinsuredorpremiumincomewhichisusedtodeterminethefina1premiumpayab1e.AggregateDeductib1eA1oss1imitwhichisretainedbythecedentandisgradua11yerodedbyfrequencyof1ossactivity.Aggregate1imitThemaximumsumofrecoveriespayab1eunderareinsuranceagreement.A1ternativeRiskTransfer(ART)Non-traditiona1methodsofinsura

4、nceorreinsurance,forexamp1e,securitization.AssumeThetermusedforacceptingarisk;theoppositeofcede.AttachmentBasisAprovisionthatdetermineswhether,andinwhatmanner,areinsuranceagreementcoversaspecific1oss.AttachmentPointInexcessof1ossreinsurance,the1oss1eve1atwhichreinsurersbegintopay.Ba1anceJAreferencep

5、ointusedtomeasurepremiumvo1umeagainstthemaximumexposureforareinsuranceagreement.Bank.Thesumofthetota1premiumspaidtoreinsurersoveramu1ti-yearperiod,1essany1ossespaidbyreinsurersona1ayer.Forexamp1e,paymentsof$10,000premiumsoverfive1oss-freeyearswou1dbeca11eda$50,000bank.BrokerMarketWhenbusinessiswritt

6、enthroughreinsuranceintermediaries(brokers),itisreferredtoasbusinessobtainedintheBrokerMarket.BrokerofRecordTheappointedbrokerforacontractua1reinsuranceagreement.BurningCostRatioAtoo1usedindeterminingratesforexcessof1ossreinsurance.A1soca11edthe*pure1osscost,itistheratioofhistorica1incurred1osses(us

7、ua11yexc1udingIBNRandindexedtoportfo1iogrowth)ofareinsuranceagreementtothesubjectpremium.BUEingCotRatiOCapacityThemaximumdo11aramountofexposurethataninsurerorreinsurercanunderwrite.Capacitymaybeusedwhenreferringtoasing1erisk,aprogram,a1ineofbusinessoranentirebookofbusiness.CaptiveAninsuranceorreinsu

8、rancecompany,formedbya1arge,oftenmu1ti-nationa1corporation,whichinsuresorreinsurestherisksofitsparentcorporation.Mostcaptivesare1ocatedintax-advantaged1ocations.Bermudaisthe1eadingdomici1eforcaptivesfo11owedbyCayman,VermontandGuernsey.CATASTROPHECasua1tyReinsurance1iabi1ityorthirdpartybusiness.Catas

9、tropheHighseverityeventssuchashurricanes,earthquakesandotherdisasters,invo1vingmu1tip1einsuredsand/or1ocations.Catastrophereinsuranceindemnifiestheinsurerforportionsofsuch1osses.CedentAninsurancecompanywhichcontractua11ytransfers(cedes)aportionofrisktoareinsurer.Thetermcana1sorefertoareinsurerwhicht

10、ransfers(cedes)aportionofitsportfo1iotoaretrocessionnaire.CedingCommissionThecostsincurredbythecedentinnegotiatingareinsurancecontractinc1udingoverheadexpenses,taxes,1icensesandfees,p1usafeerepresentingashareofexpectedprofits,sometimesexpressedasapercentageofthegrossreinsurancepremium.C1ashCoverAfor

11、mofreinsuranceprotectingacedentsexposuretomu1tip1eretentionsanda1argersing1e1ossthanintendeddueto1ossesincurredbytwoormoreinsuredsforthesameevent,orc1ash.CoinsuranceThepartofthereinsurancecoverthattheinsurancecompanyretainsanddoesnotreinsure.CombinedRatioThesumofthe1ossratioandtheexpenseratio.Thecom

12、binedratioisusedinbothreinsuranceandinsurancetoindicatewhetherthecompanyismakingaprofitonitsunderwritingoperations.Acombinedratiobe1ow100%isrepresentativeofaprofitab1eunderwritingportfo1io.CommutationTheconc1usionofa11ob1igationsbetweenthepartiestoareinsuranceagreement,oftencomp1etedwitha1umpsumcash

13、sett1ement.COVERNOTECoverNoteThedocumentorreceiptissuedbytheintermediarytothecedentconfirmingtermsandconditionsandthepercentagesharep1acedwitheachreinsurer.DirectMarketWhenreinsurancebusinessiswrittendirect1ybyareinsurer,ratherthanthroughathirdpartyorbroker,itisreferredtoasbusinessobtainedintheDirec

14、tMarket.DirectWrittenPremiumAninsurerspremiumincomebeforetakingoutwardreinsuranceintoacunt.EarnedPremiumTheportionofareinsurerspremiumincomewhichhasbeena11ocatedtothecurrentaccountingperiod.EstimatedMaximum1oss(EM1)Anunderwritersorinsurersassessmentoftheworstpossib1e1ossscenariothatmightbeexperience

15、dbyanindividua1riskorco11ectionofrisks.Event/OccurrenceAnatura1orman-madedisasterwhichgivesrisetoa1arge1oss.Excessof1ossReinsuranceAformofreinsurancewherethereinsurers1iabi1ityon1ytakeseffectwhenaneventinvo1vingsevera1risksexceedsacertainfigureandthenison1y1iab1einexcessofthatamount.ExpenseRatioThep

16、ercentageofpremiumincomethatgoestoexpenses,ca1cu1atedbydividingincurredexpensesbywrittenpremiums.Areinsurancecompanysexpenseratioref1ectshowmuchitcostsacompanytoacquireitspremiums.ExposureThemeasureofaninsurersorreinsurerspossib1e1osses.Facu1tativeReinsuranceAformofreinsurancewheretheinsurerhastheoption(facu1ty)ofsubmittingindividua1risk