什么是再保险？(DOC 7)

编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第PAGE1页共NUMPAGES1页第PAGE\*MERGEFORMAT1页共NUMPAGES\*MERGEFORMAT1页WhatisReinsurance?Reinsuranceisinsuranceforinsurancecompanies.Manyinsurersaroundtheworldpurchasereinsurancetoreducetheirexposuretotheriskstheyhaveunderwritteninordertoprovidebetterprotectiontotheirclients.Whiletheconceptmaybesimple,likemostindustries,reinsurancehasaterminologythatcanbedifficulttointerpretforthosewhodonotuseitonadailybasis.AtPartnerRe,wethoughtaglossaryofreinsurancetermsmighthelpde-mystifythebusinessanditslanguage.AcquisitionCostsExpensesincurredbytheinsurerorthereinsurerinassessingbusiness,includingproducercommissionsandbrokerage.AdjustableRateApercentagerateappliedtoacedent’ssumsinsuredorpremiumincomewhichisusedtodeterminethefinalpremiumpayable.AggregateDeductibleAlosslimitwhichisretainedbythecedentandisgraduallyerodedbyfrequencyoflossactivity.AggregateLimitThemaximumsumofrecoveriespayableunderareinsuranceagreement.AlternativeRiskTransfer(ART)Non-traditionalmethodsofinsuranceorreinsurance,forexample,securitization.AssumeThetermusedforacceptingarisk;theoppositeofcede.AttachmentBasisAprovisionthatdetermineswhether,andinwhatmanner,areinsuranceagreementcoversaspecificloss.AttachmentPointInexcessoflossreinsurance,thelosslevelatwhichreinsurersbegintopay.BalanceAreferencepointusedtomeasurepremiumvolumeagainstthemaximumexposureforareinsuranceagreement.BankThesumofthetotalpremiumspaidtoreinsurersoveramulti-yearperiod,lessanylossespaidbyreinsurersonalayer.Forexample,paymentsof$10,000premiumsoverfiveloss-freeyearswouldbecalleda$50,000bank.BrokerMarketWhenbusinessiswrittenthroughreinsuranceintermediaries(brokers),itisreferredtoasbusinessobtainedintheBrokerMarket.BrokerofRecordTheappointedbrokerforacontractualreinsuranceagreement.BurningCostRatioAtoolusedindeterminingratesforexcessoflossreinsurance.Alsocalledthe‘purelosscost’,itistheratioofhistoricalincurredlosses(usuallyexcludingIBNRandindexedtoportfoliogrowth)ofareinsuranceagreementtothesubjectpremium.CapacityThemaximumdollaramountofexposurethataninsurerorreinsurercanunderwrite.Capacitymaybeusedwhenreferringtoasinglerisk,aprogram,alineofbusinessoranentirebookofbusiness.CaptiveAninsuranceorreinsurancecompany,formedbyalarge,oftenmulti-nationalcorporation,whichinsuresorreinsurestherisksofitsparentcorporation.Mostcaptivesarelocatedintax-advantagedlocations.BermudaistheleadingdomicileforcaptivesfollowedbyCayman,VermontandGuernsey.CasualtyReinsuranceLiabilityorthirdpartybusiness.CatastropheHighseverityeventssuchashurricanes,earthquakesandotherdisasters,involvingmultipleinsuredsand/orlocations.Catastrophereinsuranceindemnifiestheinsurerforportionsofsuchlosses.CedentAninsurancecompanywhichcontractuallytransfers(cedes)aportionofrisktoareinsurer.Thetermcanalsorefertoareinsurerwhichtransfers(cedes)aportionofitsportfoliotoaretrocessionnaire.CedingCommissionThecostsincurredbythecedentinnegotiatingareinsurancecontractincludingoverheadexpenses,taxes,licensesandfees,plusafeerepresentingashareofexpectedprofits,sometimesexpressedasapercentageofthegrossreinsurancepremium.ClashCoverAformofreinsuranceprotectingacedent’sexposuretomultipleretentionsandalargersinglelossthanintendedduetolossesincurredbytwoormoreinsuredsforthesameevent,orclash.CoinsuranceThepartofthereinsurancecoverthattheinsurancecompanyretainsanddoesnotreinsure.CombinedRatioThesumofthelossratioandtheexpenseratio.Thecombinedratioisusedinbothreinsuranceandinsurancetoindicatewhetherthecompanyismakingaprofitonitsunderwritingoperations.Acombinedratiobelow100%isrepresentativeofaprofitableunderwritingportfolio.CommutationTheconclusionofallobligationsbetweenthepartiestoareinsuranceagreement,oftencompletedwithalumpsumcashsettlement.CoverNoteThedocumentorreceiptissuedbytheintermediarytothecedentconfirmingtermsandconditionsandthepercentageshareplacedwitheachreinsurer.DirectMarketWhenreinsurancebusinessiswrittendirectlybyareinsurer,ratherthanthroughathirdpartyorbroker,itisreferredtoasbusinessobtainedintheDirectMarket.DirectWrittenPremiumAninsurer’spremiumincomebeforetakingoutwardreinsuranceintoaccount.EarnedPremiumTheportionofareinsurer’spremiumincomewhichhasbeenallocatedtothecurrentaccountingperiod.EstimatedMaximumLoss(EML)Anunderwriter’sorinsurer’sassessmentoftheworstpossiblelossscenariothatmightbeexperiencedbyanindividualriskorcollectionofrisks.Event/OccurrenceAnaturalorman-madedisasterwhichgivesrisetoalargeloss.ExcessofLossReinsuranceAformofreinsurancewherethereinsurer’sliabilityonlytakeseffectwhenaneventinvolvingseveralrisksexceedsacertainfigureandthenisonlyliableinexcessofthatamount.ExpenseRatioThepercentageofpremiumincomethatgoestoexpenses,calculatedbydividingincurredexpensesbywrittenpremiums.Areinsurancecompany’sexpenseratioreflectshowmuchitcostsacompanytoacquireitspremiums.ExposureThemeasureofaninsurer’sorreinsurer’spossiblelosses.ExtraContractualObligations(ECO)Atermusedtorefertodamagesawardedbyacourtagainstaninsurerwhichareoutsidetheconditionsoftheinsurancepolicy.ExamplesareHYPERLINK""\l"Anchor-Punitive-27632#Anchor-Punitive-27632"punitivedamagesandHYPERLINK""\l"Anchor-Losses-16019#Anchor-Losses-16019"lossesinexcessofpolicylimits.FacultativeReinsuranceAformofreinsurancewheretheinsurerhastheoption(faculty)ofsubmittingindividualrisksandthereinsurerhastheoptionofacceptingordecliningthoserisksonanindividualbasis.FinancialGuarantyInsurancewhichindemnifiesaninsuredagainstassetimpairmentduetocounter-partydefault,adversecurrencyorinterestratemovements,orpoliticalactssuchasgovernmentexpropriation.Financial/StructuredRiskTransferAformofreinsuranceinwhichunderwritingrisktransferbetweencedentandreinsurerissubstantiallyreducedthroughcontractualprovisionsrequiringlosspaymentstobematchedagainstpremiumsandinvestmentincome.FirstLossThefirstpartofaloss.Thisisthemostlikelyparttoberetainedbythereinsured.FollowtheFortunesAconditioninareinsurancecontractwhereitisagreedthatthereinsurerisboundtothesameexperienceasthecedent,intermsoftheriskscovered.FranchiseAtermusedtodescribetheamountthattriggersapolicy.GrossLineThemaximumlimitaninsurerorreinsureriswillingtoacceptbeforecedingportionsoftheirexposurestoareinsurerorretrocessionnaire.Suchlimitsareusuallyexpressedperinsured,perlineofbusiness.SeeHYPERLINK""\l"Anchor-Net-3276#Anchor-Net-3276"NetLine.GrossNetPremiumIncome(GNPI)Totalofallgrosspremiumsafterdeductionsforreinsurancecostsbutbeforedeductionsforcommissions.GroundUpLossThetotalmeasureofaninsuranceloss,includingdeductiblesandbeforeanyretentionorreinsuranceisapplied.HardMarketAfluctuationintheinsurance/reinsurancemarketcharacterizedbyanincreaseinthepricinglevelofinsuranceandreinsurancecoverage.Ahardmarketfollowsasoftmarketandisoftentriggeredbyamajorcatastrophelossand/oraprolongedperiodofoperatinglosses.IBNR(IncurredButNotReported)Insuredlossesthathaveoccurredbuthavenotbeenreported,andthatareaccountedforbyanestimatedreserve.SeeHYPERLINK""\l"Anchor-Long-Tail-48308#Anchor-Long-Tail-48308"LongTailLiability.LayerAtermwhichreferstoasegmentofareinsurancecover.LeadReinsurerThereinsurerwhofirstsignstheslipafternegotiatingtheterms,conditionsandpre-miumrates;reinsurerswhosubsequentlysignontotheslipunderthosetermsandconditionsareconsidered“followingreinsurers”.LetterofCreditAdocumentissuedtoaninsurerorreinsurerbyabank,guaranteeingthewithdrawaloffundsintheeventofavalidclaim.Lloyd’sALondon-basedinsuranceandreinsuranceorganizationinwhichindividuals,called“Names”,orgroupsofindividuals,called“Syndicates”,ratherthanasinglecorporation,areatrisk.Membershiphasnowbeenextendedtocorporations,called“CorporateCapital”,underwritingunderlimitedliability.LondonMarketAcollectivetermtodescribeallunderwritingcompanies(insuranceandreinsurance)andLloyd’s,basedintheCityofLondon.Long-TailLiabilityAliabilitythattakestimetobecomeknownoraclaimwhichhasbeenseparatedbythecircumstancesthatcauseditbymorethantenyears.CharacterizedbyahighHYPERLINK""\l"Anchor-IBNR-5138#Anchor-IBNR-5138"IBNR.LossAdjustmentExpense(LAE)Expensesincurredbyaninsurerduringitsadjustment,recordingandsettlementofclaims,additionaltotheclaimpaymentitself.LossDevelopmentThedifferenceintheamountoflossesbetweenthebeginningandendofatimeperiod.LossesinExcessofPolicyLimits(XPL)Atermusedtorefertodamagesawardedbyacourtagainstaninsurer,duetotheinsurerhavingfailedtosettleathirdpartyclaimwithinthepolicylimits.SeeExtraContractualObligationsandPunitiveDamages.LossRatioTherelationshipoflossesincurred(includingapplicableIBNR)pluslossadjustmentexpensestoearnedpremiumsforanaccountingperiod.MaximumForeseeableLoss(MFL)Worstcasescenariounderwhichanestimateismadeofthemaximumdollarvaluethatcanbelostifacatastrophe,suchasahurricaneorearthquake,occurs.NetLineThemaximumlimitaninsurerorreinsureriswillingtoacceptaftercedingportionsoftheirexposurestoareinsurerorretrocessionnaire.Suchlimitsareusuallyexpressedperinsured,perlineofinsurance,etc.SeeHYPERLINK""\l"Anchor-Gross-65413#Anchor-Gross-65413"GrossLine.Non-proportionalReinsuranceAnarrangementinwhichareinsurermakespaymentstoaninsurerwhoselossesexceedapredeterminedretentionlevel.Non-proportionalreinsuranceiseitherfacultativeortreaty.SeeHYPERLINK""\l"Anchor-Catastrophe-54189#Anchor-Catastrophe-54189"Catastrophe,HYPERLINK""\l"Anchor-Excess-21170#Anchor-Excess-21170"ExcessofLossReinsurance,HYPERLINK""\l"Anchor-Stop-3388#Anchor-Stop-3388"StopLoss.ObligatoryTreatyAtreatywherethecedentisobligatedtocedethedefinedbusinessandthereinsurerisrequiredtoaccept.Over-lineCoveragethatexceedsthenormalcapacityofaninsurerorreinsurer.ProbableMaximumLoss(PML)Anestimateofthemaximumdollarvaluethatcanbelostusuallyassumingthatlosscontrolsystems(e.g.sprinklersandfirewalls)operate.SeeHYPERLINK""\l"Anchor-Maximum-22462#Anchor-Maximum-22462"MaximumForeseeableLoss(MFL).ProfessionalReinsurerAreinsurancecarrierthatisfocusedonwritingreinsurancebusinessonly.ProfitCommissionAprofitallowancepayabletoareinsuredfromthereinsurer.Thisisapre-determinedpercentageagreedbybothpartiesandpayablewhenthecontractperiodisclosedandtheresultsarefinalized.ProgramAseriesof,usuallyconsecutive,reinsurancelayers.ProRata/ProportionalReinsuranceAformofreinsurancewherethereinsurershareslossesinthesameproportionasitsharespremiums.Proportionalreinsurancecanbedividedintotwobasicforms:quotashare,inwhichthesamepercentageappliestoallpoliciesreinsured,andsurplus,inwhichthepercentagemayvaryfrompolicytopolicy.PunitiveDamagesAtermthatreferstodamagesawardedbyacourtagainstaninsurerinadditiontocompensatorydamages.SeeHYPERLINK""\l"Anchor-Extra-15105#Anchor-Extra-15105"ExtraContractualObligationsandHYPERLINK""\l"Anchor-Losses-16019#Anchor-Losses-16019"LossesinExcessofPolicyLimits.QuotaShareReinsuranceSeeHYPERLINK""\l"Anchor-Pro-27668#Anchor-Pro-27668"ProRata/ProportionalReinsurance.RateonLineReinsurancepremiumdividedbyindemnity.Theratewhich,whenmultipliedbytheindemnity,wouldproducethepremium.Theinverseisknownasthepaybackperiod.Forexample,a$10,000,000catastrophecoverwithapre-miumof$2,000,000wouldhavearateonlineof20%andapaybackperiodoffiveyears.ReinstatementTherestorationofareinsurancecoverlimitonceithasbeenexhausted(usedup)byaloss.ReinstatementPremiumAnadditionalreinsurancepremiumpaidtorestore(reinstate)theportionoflimitusedintheeventofaloss.ReinsuranceAformofinsuranceforinsurancecompanies.Bypurchasingreinsurance,aninsurercanreduceitsexposurebycedingaportionofitsliabilitytothereinsurer.ReinsuranceIntermediary/BrokerAthirdpartyusedinthedesign,negotiationandadministrationofareinsuranceagreement.Intermediariesconsultcedentsonthetypeandamountofreinsurancecoveragetheyneedandnegotiatetheplacementofcoveragewithreinsurers.SeeHYPERLINK""\l"Anchor-Broker-24216#Anchor-Broker-24216"BrokerMarketandHYPERLINK""\l"Anchor-Direct-5700#Anchor-Direct-5700"DirectMarket.ReinsurerAcompanywhichcontractuallyassumesallorpartofaninsurer’sorreinsurer’srisk.RenewalSeasonTheperiodduringwhichmostreinsurancepoliciesarerenewed.ThemajorityofreinsurancepolicieshaveaJanuary1stinceptiondate.ReservesAnestimatedamountputasideintheinsurer’sorreinsurer’saccountsforclaimsthathavenotbeenpaid.RetentionTheportionofalossretainedbythecedentunderareinsuranceagreement.Thelevelatwhichtheretentionisusedupistheattachmentpointforthereinsurer.RetrocessionThetransferofallorpartofareinsuranceriskfromonereinsurertoanother(retrocessionnaire).RetrocessionnaireAreinsurerthatcontractuallyassumesallorpartofareinsuranceriskfromanotherreinsurer.Thetransferisknownasretrocession.SalvageandSubrogationCertainrightsoftheinsuredwhichautomaticallytransfertotheinsureruponsettlementofaloss.Salvageappliestoanyproceedsfromtherecoveryofdamagedproperty,whilesubrogationreferstotheproceedsofnegotiationsorlegalactionsagainstnegligentthirdparties.SecuritizationRisktransfertechniquesinfinanceandinsuranceoftenresultinginthecreationofsecurities(e.g.bonds),thatarebackedbycashflowsfromapoolofassetsorliabilities.SlipAbindingcontractauthorizingtheacceptanceofrisk,oftenincludingmorethanonereinsurer.SoftMarketAfluctuationintheinsurance/reinsurancemarket,characterizedbyincreasedcompetitioninwhichpricesaredepressed,andisusuallyattributedtoexcesscapacity(moresellersthanbuyers)and/orhighinterestrates.SeeHYPERLINK""\l"Anchor-Hard-7322#Anchor-Hard-7322"HardMarket.SpecialAcceptanceAriskwhich,duetounderwritingclassorlimit,wouldnototherwisebecoveredbutisattachedtothereinsuranceagreementbyspecificwrittenagreementbetweenthecedentandthereinsurer.Spiral/LMXAnLMXcontractisexcessoflossreinsuranceforLondonMarketcompanies.Theseretrocessionalcontractsareplacedwithoutcoinsuranceorsignificantretentionandthesamelossmaythereforebepassedbackwardsandforwardsbetweenthevariousparticipantsneverdiminishinginsize.Thisiscolloquiallycalledthe“spiral.”StopLossReinsuranceAformofreinsuranceunderwhichthereinsurerprotectsacedentagainstanaggregateamountofclaimswhichexceedapre-determinedlevelofthecedent’searnedpremiumincomeduringthatyear.SubjectPremiumAlsoknownas‘basepremium’,acedingcompany’spremium(writtenorearned)towhichtheadjustablerateisappliedinordertocalculatethereinsurancepremium.SurplusReinsuranceSeeHYPERLINK""\l"Anchor-Pro-27668#Anchor-Pro-27668"ProRata/ProportionalReinsurance.TreatyAreinsuranceagreementcoveringabookorclassofbusinesswhichisautomaticallyacceptedonthisbasisbyareinsurer.Atreatycontainscontracttermsalongwithspecificriskdefinition,definitionsoflimitandretention,andprovisionsforpremium,commissionandduration.UltimateNetLoss(UNL)Thetotalpaymentsresultingfromaclaim,includingcoveredlossadjustmentexpensestowhichtheretentionandthereinsurancelimitsapply.UnderwriterAninsurerorreinsurer(orapersonemployedbytheinsurerorreinsurer)thatexamines,acceptsorrejectsrisksandclassifiesthoseacceptedinordertochargetheproperpremium.Theunderwriterassumescontractualresponsibilityfortheriskand“signsbelow”(underwrites)thetermsoftheinsuranceorreinsuranceaccepted.UnearnedPremiumTheportionofareinsurer’spremiumincomewhichwillbeallocatedtoafutureaccountingperiod.WrittenPremiumThetotalofallpremiumsgeneratedbyallcontractswrittenbyareinsurerinacertainperiodoftime.SeeHYPERLINK""\l"Anchor-Earned-31713#Anchor-Earned-31713"Earned/HYPERLINK""\l"Anchor-Unearned-43769#Anchor-Unearned-43769"UnearnedPremium.WordingAcontractualandauthoritativedocumentbetweentwopartiesthatoutlinesandconfirmstheacceptanceofpre-determinedtermsandconditionsonthereferencedbusinessobligations.