保险公司。.ppt

* Appetite for Risk This is the level of exposure an organization is willing to take in the face of potential loss. Captives are formed in the framework of the organization’s appetite for risk, specifically:? Risk Tolerance. The willingness to accept risk. Risk Versus Cost. The trade off between spending money to avoid losses or accepting a certain level of losses. Captive Decision with a Group Long-term commitment (at least 5 years) Adequate capitalization. Selective participation (Example: no companies with bad loss experience. True risk sharing. Understanding of profit sharing. Mechanism for withdrawal. * * * * * * * * * * * * * * Actual Loss on Cat Bond 巨灾债券实际损失 For a hurricane catastrophe bond, a mild season can offer a return on investment of 25%. In the 2005 season, the Olympus Reinsurance sidecar lost its entire $650 million in capital. 对于飓风巨灾债券而言，灾害少的年份可以带来25%的投资回报。2005年，Olympus再保险损失了全部的6.5亿美元资本。 * Conclusion on Insurance Securitization保险证券化结论 Two things are true with catastrophe bonds and other insurance securities: 关于巨灾债券和其它保险证券化，有以下结论： Derivative. Profits are based upon insurance payments to protect insurers against a natural or other disaster. 衍生产品。利润取决于保险赔付，在自然灾害或其它灾难事件时保护保险公司。 Insurance. It actually is insurance. Money is available to pay losses if they occur. 保险。如果损失发生，有资金进行赔付。 Trouble. An insurer is not likely to get into trouble with Cat bonds and other insurance securities. 不利情况。巨灾债券和其它保险证券不太可能会给保险公司带来麻烦。 Presentation October 16 – 9:15 – 12:00 Captive Decisions 自保决定 * Captive Decisions 自保决定 Question: Where do they start? 问题：从哪里开始？ Answer: By following the right road to a decision. Explaining them to the CFO. 回答：选择正确的道路得出决策。向CFO进行解释。 What is a captive? 什么是自保公司？ A captive is an insurance company that provides insurance coverage to its owners. 自保公司是一家向其所有方提供保险服务的保险公司。 * CFO Response CFO的反应 A captive is an insurance company that provides insurance coverage to its owners. 自保公司是一家向其所有方提供保险服务的保险公司。 So What? 那又怎样？ * What do Captives