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最新的研究表明,再保险产品本质上是直保公司的一种融资工具。近几年保险市场和资本市场的快速融合,及公开市场上存在的大量其他融资工具,给再保险公司的经营者提出了严峻挑战,了解再保险产品和其他融资工具之间的竞争关系,对再保险公司的战略定位和规划极其重要。本文首次应用金融中介理论来分析这种竞争关系。分析结果表明,对于资本相对充足、技术水平高的少数直保公司,再保险产品和其他融资工具在大多数情况下属于完全替代品,在少数情况下属于不完全替代品。但对大多数普通直保公司而言,再保险产品在很大程度上是直保公司承保风险组合的必需品,毫无疑问,这一类直保公司正是再保险公司的市场目标,而这也正是本文研究的现实意义所在。
Recent research shows that reinsurance products are essentially a financing tool for direct insurance companies. The rapid integration of the insurance and capital markets in recent years and the large number of other financing instruments available in the open market pose serious challenges for operators of reinsurance companies and understand the competitive relationship between reinsurance products and other financing instruments. The strategic positioning and planning is extremely important. This article applies the theory of financial intermediation for the first time to analyze this competitive relationship. The analysis shows that for a relatively small number of direct-listed companies, reinsurance products and other financing instruments with relatively adequate capital and high technical skills, they are, in most cases, complete replacements and, in rare cases, incomplete alternatives. However, for most ordinary insurers, reinsurance products are largely a necessity for direct insurers to underwrite risk portfolios. There is no doubt that insurers of this type are precisely the market targets of reinsurers This article is the practical significance of the study.