风险管理外文翻译.doc

外文翻译 原文 Enterprise Risk Management for Insurance Companies Material Source:periodical net Author:Frantz Maurer Risk in Non-life Insurance Underwriting Wayne Fisher Introduction This chapter addresses the risks inherent in non-life underwriting from the perspective of the Risk Officer. It covers risk issues such as mitigating unintended concentrations, evaluating correlations between risks, ensuring an adequate underwriting infrastructure to measure and manage exposures, and ensuring adequate data for quantifying risk accumulations and measuring diversification. The underwriting process itself is not addressed as that subject is amply covered in underwriting texts. Risks in Underwriting Individual accounts A non-life insurance company is in the business of assuming risk from individuals and businesses. Underwriting is the discipline of understanding and evaluating which risks to intentionally assuming. Minimizing unintended underwriting risk and the risk to the enterprise from unintended risk accumulations is generally a responsibility shared between Underwriting and Risk Management (“RM”); both disciplines are critical. The underwriting function needs to ensure that a robust infrastructure is in place so when individual accounts are underwritten the underwriter has: adequate information on the risk, such that the exposures can be reasonably known and understood, the skills and experience required to analyze the risk, and the ability and incentive to design coverage and price the account properly. Underwriting authority needs to be granted based on skills and experience and not on managerial hierarchical level. Referral authorities need to be in place, as well as effective auditing to ensure compliance with delegated authorities, in order to minimize opportunities for “rogue” activities. The underwriting infrastructure also needs to provide training and oversight such that applicable laws, statutes, regulations, filings and so fo