经济学人:伦敦保险市场 为风险投资
日期:2014-11-21 17:11



London's insurance market
Risky business
London's position as world-leader in insurance is under threat
FROM the doomed Titanic, an ocean liner (1m), to the legs of Cristiano Ronaldo, a footballer (144m), some of the biggest and most unusual risks have been taken on by the London insurance market, the oldest and largest in the world. Started more than 300 years ago in a coffee shop in Tower Street run by Edward Lloyd, the market was first thought up to share the hazards of mercantile trading adventures. It grew with the empire.
难逃劫数的远洋客轮泰坦尼克号(保险额1百万美元)和克里斯蒂亚诺·罗纳尔多的一条腿(保险额1亿4千4百万美元),分别是历史最悠久,规模最大的伦敦保险市场上投保最大和最特别的例子。发迹于300年前塔街爱德华·劳埃德(Edward Lloyd)的咖啡馆,保险最初是为了分担商业贸易的风险。保险随着大英帝国的崛起而红火起来。
Cyber-risk wasn't a problem for Mr Lloyd

Today, the sector employs 48,000 people, makes up 21% of the City's economy and underpins global industries like aviation (57% of whose insurance is underwritten in London) and shipping (33%). One tenth of global commercial insurance and 13% of reinsurance is underwritten in London, making the market roughly the same size as its three closest rivals—Bermuda, Singapore and Zurich—combined.
However, a study published on November 10th by the London Market Group, which represents the industry, and Boston Consulting Group, a consultancy, says London's dominant position is under threat. While the rest of the City was forced to reform in recent decades, the insurance industry has remained largely unchanged. The report reckons as much as 40% of London's current insurance business is now at risk of going elsewhere.
Emerging markets accounted for 43% of world growth in the commercial insurance industry over the past three years—the Chinese market alone grew by 18% annually over that period. Yet London only managed to capture 0.5% of that growth. Its share of emerging markets fell to 2.5% in 2013 from 3.2% in 2010. The London market is also losing out to competitors in reinsurance (the insurance of insurers), where its share has fallen from 15% to 13% and is expected to drop further. The big threats here come from new market entrants (such as hedge funds) and expanding competitors such as Bermuda (whose reinsurance grew by 5%) and Singapore (10%).
Perhaps the biggest challenge lies in finding solutions for new types of corporate risks. These include reputation- and cyber-risk. The insurance industry has failed to keep up with changing business needs and some chief executives say that as much as 90% of their corporate risks are currently not insurable, because nobody has come up with the right products.
The industry remains strangely old-fashioned. Only 35% of its workforce have a university degree, compared with 60% for the workforce in central London. It has also failed to compete on cost, with burdensome regulations and higher transaction costs adding up. Investors are pouring new capital into the wider insurance market. Customers have plenty of choice.
There is plenty London could do to improve, says the report. It needs to shift its focus to emerging markets and to high growth sectors. It also needs to lead the way in adopting the latest technological innovations to measure and predict risk. There have been great advances in telematics, for example. One device is a box increasingly used in cars to assess individual drivers' behaviour, which makes it easier to assess the risk of insuring them. Mr Lloyd might have approved of such radical innovation.
报告还称伦敦保险业还可以做很多改变。它需要将重心转移到新兴市场和高增长领域。它还需要引领科技潮流,采用最新科技创新来计算和预测风险。例如已经在远程信息处理上取得的重大进步,一个盒子外形的装置被逐渐应用到汽车上,使得评估投保人风险变得更加容易。劳埃德已经批准了这一突破性的创新。译者:胡雅琳 校对:崔梦雪


1.insurance market 保险市场

Unfavourable economic conditions were blocking a recovery of the American insurance market.

At present, are 6 in the insurance market inside and outside.
目前, 共有6家保险公司在境内外上市。

2.force to 力使

They used force to banish the natives from the more fertile land.

Police are out in force to prevent a recurrence of the violence.

3.manage to 达成,设法

Did you ever wonder how the top supermodels manage to look stunning?

We manage to get most of our produce in Britain.

4.expect to 期许

You cannot expect to like all the people you will work with.

I do expect to have some time to myself in the evenings.

  • violencen. 暴力,猛烈,强暴,暴行
  • capturevt. 捕获,俘获,夺取,占领,迷住,(用照片等)留存
  • currentn. (水、气、电)流,趋势 adj. 流通的,现在的,
  • fertileadj. 肥沃的,富饶的,能繁殖的,多产的,(创造力)丰
  • challengen. 挑战 v. 向 ... 挑战
  • preventv. 预防,防止
  • mercantileadj. 贸易的,商业的
  • producen. 产品,农作物 vt. 生产,提出,引起,分娩,制片
  • recoveryn. 恢复,复原,痊愈
  • expanding扩展的,扩充的