FinancialRiskManagement-03绪论.pptxVIP

Chapter 3: Insurance; Function Offer insurance services promise policyholders (individuals and corporations) compensation if certain specified events occur, by accepting premiums. Chapter Outline Life insurance（人寿保险） Property–casualty insurance（财产事故保险） Methods for Analysis: three major characteristics size, structure and composition balance sheets and recent trends regulation;Life insurance provides protection against the possibility of untimely death, illnesses and retirement. Property insurance protects against personal injury and liability such as accidents, theft and fire. Insurance companies also sell a variety of investment products like mutual funds and depository institutions (such as securities, mortgages) ;The financial crisis showed just how much risk the insurance companies can present to FIs and the global financial system. credit default swaps (CDS) AIG（美国国际集团，American International Group）was a major writer of these CDS securities. AIG是一家以美国为基地的国际性跨国保险及金融服务机构集团，总部设于纽约市的美国国际大厦。 risk exposure defaulted;3.1 Life Insurance（人寿保险）;3.1.1 Size, Structure, and Composition of the Industry;7;(2) Ownerships;互助型保险公司（会员制）： co-ops（合作社） owned by their policyholders. Thus policyholders have dual relationship with the company, as customer and as owner. Most profits paid to policyholders as policy dividends, the reminder is retained as a reserve and tends to build up over time. 股份制保险公司： If we convert mutual to stock, the way is we have to liquidate the mutual company first. Much of the accumulated profits and the bulk of stock of the new company would be distributed to mutual policyholders. The new stock company would issue more shares to raise capital, make mergers and pay dividends. ;Many of the largest insurance companies have converted to stockholder-controlled （股份制）companies. In so doing, they gain access to the equity markets（股票市场） in order to realize additional capital for future business expansions（业务拓展） and to compete with the rapidly c