Making a Market for Acts of God - The Practice of Risk Trading in the Global Reinsurance Industry
Making a Market for Acts of God - The Practice of Risk Trading in the Global Reinsurance Industry
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为天灾创造市场——全球再保险行业风险交易实践
DOI：
10.1093/acprof:oso/9780199664764.001.0001
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发表时间：
2015
期刊：
影响因子：
--
通讯作者：
Jarzabkowski P
中科院分区：
文献类型：
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作者：
Jarzabkowski P
再保险是一种金融市场，交易不可预测和毁灭性灾难的风险，如卡特里娜飓风、东北地震和海啸，以及恐怖分子对世界贸易中心的袭击。这类灾害的发生频率和严重程度都在增加，损失的代价也在迅速增加。再保险为保险公司提供保险，使它们能够支付因这些损失而产生的索赔。因此，它是一种市场机制，是社会和经济安全网的关键组成部分，有助于在灾难发生后收拾残局。然而，这些灾难的风险是如何在全球市场上计算和交易的？这本书通过生动的现实生活中的故事，从一个民族志，“飞在墙上”研究全球再保险行业超过三个年度周期带来了生命的再保险市场。作者跟踪了世界各地的承销商，见证他们在多重灾难中进行风险交易。例如，这本书带领读者进入2011年3月日本东北地震的灾难性后果正在显现之际，为日本风险定价的绝望时刻。为了展示市场是如何运作的，这本书提供了一些真实的故事，这些故事是从对百慕大、伦敦劳合社、欧洲大陆和东南亚再保险公司的观察中收集来的，这些再保险公司在日常工作中对不同的风险进行评估、定价和竞争。考虑到气候变化的影响和全球连通性的提高，了解这个灾害市场的运作方式从未像现在这样重要，因为一个国家的洪水可能会引发全球供应链的损失。作者提出了一个关于全球市场如何运作的新概念，这推动了学术研究，并挑战了当前关于金融市场如何交易风险等无形资产的思考。这本书对对灾难、保险、再保险和金融市场感兴趣的读者，以及对金融市场实践或战略和组织实践感兴趣的学者都很有用。
Reinsurance is a financial market that trades in the risk of unpredictable and devastating disasters-such as Hurricane Katrina, the Tohoku earthquake and tsunami, and the terrorist attacks on the World Trade Centre. Such disasters are increasing in both frequency and severity, with the cost of their losses mounting rapidly. Reinsurance insures insurance companies, enabling them to pay claims arising from these losses. It is thus a market mechanism that is a critical part of the social and economic safety net, helping to pick up the pieces after disasters. Yet, how is the risk of such disasters calculated and traded in a global market? This book brings to life the reinsurance market through vivid real-life tales that draw from an ethnographic," fly-on-the-wall" study of the global reinsurance industry over three annual cycles. The authors shadowed underwriters around the world as they traded risks through multiple disasters. For instance, this book takes readers into the desperate hours of pricing Japanese risks during March 2011, while the devastating aftermath of the Tohoku earthquake is unfolding. To show how the market works, the book offers authentic tales gathered from observations of reinsurers in Bermuda, Lloyd's of London, Continental Europe and SE Asia as they evaluate, price and compete for different risks as part of their everyday practice. Understanding how this market for disasters works has never been more critical given the impact of climate change and increased global connectivity, where a flood in one country can trigger losses to supply chains around the world. The authors develop a novel concept of how global markets work, which advances scholarship and challenges current thinking about how financial markets trade in intangible assets such as risk. This book will be useful to readers interested in markets for disasters, insurance, reinsurance and financial markets, and academics interested in the practice of financial markets specifically or the practice of strategy and organizations generally.