第3章保险公司和养老基金祥解.ppt

* * * * * * 3.4 长寿风险和死亡风险 长寿风险（longevity risk）是指医学进步以及生活方式的改变使人类寿命延长，从而给保险公司带来的风险。 寿命的延长会给大多数年金合约的盈利带来不利影响，但会增加大多数人寿保险合约的盈利。 死亡风险（mortality risk）是指战争、类似艾滋病、西班牙流感等传染病事件使人类寿命降低而触发的风险。 这些事件会对大部分人寿保险合约带来不利影响，但这些事件会增加年金合约的盈利。 Longevity Derivatives (page 35) Used by life insurance companies and pension funds A population is defined and coupon on a bond depends on the number of members of the population still alive Risk Management and Financial Institutions 2e, Chapter 3, Copyright ? John C. Hull 2009 * 3.5 Property-Casualty Insurance Property insurance is concerned with loss or damage to property from fire, theft, etc Casualty insurance is concerned legal liability exposures （汽车保险：投保损失包括自身汽车被盗、受损以及其他人受伤带来的法律纠纷等。） What are the biggest risks facing property-casualty insurers? Risk Management and Financial Institutions 2e, Chapter 3, Copyright ? John C. Hull 2009 * 3.5.1 CAT Bonds (page 36) CAT bonds are an alternative to traditional reinsurance This is a bond issued by a subsidiary of an insurance company that pays a higher-than-normal interest rate. If claims of a certain type are above a certain level, the interest and possibly the principal on the bond are used to meet claims Risk Management and Financial Institutions 2e, Chapter 3, Copyright ? John C. Hull 2009 * Example of Ratios for Property-Casualty Insurance (Table 3.2) Risk Management and Financial Institutions 2e, Chapter 3, Copyright ? John C. Hull 2009 * Loss Ratio 75% Expense ratio 30% Combined ratio 105% Dividends 1% Combined ratio after dividends 106% Investment income (9%) Operating ratio 97% 3.5.2 Ratios for Property-Casualty Insurance 3.6 health insurance 健康保险的投保人需要按期支付保费，在一定投保事件（医疗检查、购买药品、住院）发生后，保险公司要进行赔偿。 通常当整个医疗体系费用增加时，投保人的费用会增加，但如果只是投保人的健康状况恶化，保险公司不会增加保费。 When Do Premiums Change? In life insurance premiums typically stay the same throughout the life of the contract In property-casualty insurance premiums are changed from year to year as risks are reassessed In heath insurance premiums ca