管理巨灾保险风险的新的方法[文献翻译].doc

外文题目外文题目: :New Aproaches to Managing Catastrophic Insurance Risk 出出 处：处： Risk Management Challenge and Opportunity 作作 者：者： Ulrich Hommel and Mischa RitterUlrich Hommel 原原 文：文：New Approaches to Managing catastrophic Insurance RiskUlrich Hommel and Mischa RitterEuropean Business School – International University, Schloss Reichartshausen, D- 65375 Oestrich-Winkel, Germany Abstract: Insurance and financial markets are converging as (re-)insurers are searching for new ways of expanding their underwriting capacities and managing their risk exposures. Catastrophe-linked instruments have already established themselves as a new asset class which offers unique profit and diversification opportunities for the investor community. This chapter analyzes the principal forces behind the securitization of catastrophic insurance risk and thereby highlights key factors which determine to what extent and with what means other forms of insurance risks (in particular other types of property (b) reducing the corporate tax burden in an environment with convex tax schedules (e.g. statutory progressivity, loss forward and tax credit provisions); (c) reducing the transaction costs of hedging associated with scale effects, asymmetric information (i.e., inability of shareholders to determine the firm’s true exposure) or structural access barriers; (d) reducing the expected costs of financial distress (i.e., reducing the probability of encountering financial distress and the direct as well as indirect costs associated with financial distress); (e) improving the availability of internally generated cash flows in an environment with higher absolute costs as well as rising marginal costs of external financing; (f) helping optimize the firm’s risk portfolio (i.e., by helping to eliminate non- compensated risk exposures). While all of these motives are more or less applicable to the insurance business as well, it must be recognized that there are important differences. Insurers do not consider risk an undesirable side effect of doing business; it is their business. They pool, repackage, cede as well as retrocede, diversify, and bear all forms of risk exposures. Maintaining the ability to deliver on their contractual obligations lies at the heart of their risk management activities (d). In addition, consolidation pressures resulting from the internationalization of the insurance business force market participants to pursue market expansion strategies which imply the need to expand underwriting capacity with internal or external means (e). Financial markets offer unique opportunities for contract-based replication of CAT risk exposures which enables insurers to cede exposures directly to (primarily institutional) investors. Insurers are typically specialized in certain product segments and regions, if only for historical reasons, and may therefore be prevented from exploiting their full market potential in order to avoid the overexposure to certain risk factors. Traditional reinsurance offers opportunities to cede some of these risks but is often said to require special premiums to compensate for agency risk given the reinsurers’ limited ability to evaluate the risk profile of the primary insurer’s contract portfolio. Financial markets provide additional opportunities for the optimization of an insurer’s risk portfolio (f), for instance via CAT swap markets, and help to reduce the exposure to agency risk as well as its price (a). 3.Traditional and ART-Based CAT ReinsuranceCAT reinsurance can be obtained with the objective to either transfer risk to another party or to provide financing in the occurrence of a disastrous event. The existing transaction structures can basically be grouped into the following four categories: • Traditional Reinsurance: Transaction which involves the transfer of insurance risk from a party who has assumed such risk from a third party by means of an insurance contract (ceding insurer) to another party who is specialized in assuming such risk (reinsurer). This transaction type emphasizes the transfer of CAT risk. • Financial Reinsurance: Transactions which combine traditional reinsurance products with financing components for purposes of generating surplus relief, catastrophe coverage, tax optimization, and income smoothing. The emphasis is typically placed on risk financing rather than on the transfer of risk. Contracting parties are primary insurers and reinsurers. Finite risk reinsurance as one example of financial reinsurance may be used to complement specific coverage gaps (e.g. unhedged loss layers, settlement risk) rather than the full underlying risk. • Securitization: Transfer of (insurance) risk from one party who has assumed or is directly subject to such risk to another party via the issuance of securities with a risk- linked payoff structure (e.g. CAT bonds). The transactions represent 。