Reinsurance as a corporate finance; rethinking of traditional studies on reinsurance

在对保险的研究中，许多研究者通常认为它是对原保人的保险风险进行平均和扩大保留限度的一种措施。这是事实，但在企业价值观念革命和金融工程在企业风险管理中的发展之后，我们可以重新思考再保险的作用。在以往的研究中，每个研究者经常讨论再保险和替代风险转移（ART）之间哪个更具竞争力。一些人强调再保险合同的限制。然而，再保险市场仍然活跃，它利用原有的技术为消费者提供稳定的风险转移服务。至少，ART还远远没有淘汰旧技术。在此背景下，本研究将重点放在再保险的其他功能上。再保险既是一种分散风险的手段，也是一种融资手段。我们选择了人寿再保险，并讨论了为什么日本大型人寿保险公司很少使用人寿再保险计划。通过对保险人员的采访，我们得出如下结论。随着保险监管全球化的发展，日本大型寿险公司将认识到人寿再保险安排对实现企业风险管理的重要性。

In the study on insurance, many researchers have usually recognized that it is a measure for averaging of insurance risks and enlarging of the limit of retention for primary insurers. It is true, but we can rethink the role of reinsurance after the conceptual revolution on enterprise value and the development of financial engineering in business risk management.In the previous studies, every researcher often discusses which is more competitive between reinsurance and Alternative risk transfer, ART. Some emphasized the limit of reinsurance contract. However reinsurance market has been still active and it give consumers stable risk transfer service by using its old technology. At least, ART is far from pushing out the old technology.On these backgrounds, this study focused on the other functions of reinsurance. Reinsurance is not only a measure of diversification of risk but also a technique of financing.We selected the life reinsurance, and we discussed why Japanese larger life assurance companies used the life reinsurance program so little.Helped by interviews for insurance person, we concluded as follows. When globalization of insurance regulation developed, Japanese large life assurance companies will recognize the importance of life reinsurance arrangement for achieving enterprise risk management.