从系统性风险争论看保险与化解

The Geneva Association(The International Associationfor the Study of Insurance Economics)The Geneva Association is the leading international insurance think tank for strategically important insuranceThe Geneva Association identifies fundamental trends and strategic issues where insurance plays a substantialrole or which influence the insurance sector. Through the development of research programmes, regularpublications and the organisation of international meetings, The Geneva Association serves as a catalyst forprogress in the understanding of risk and insurance matters and acts as an information creator and disseminator.It is the leading voice of the largest insurance groups worldwide in the dialogue with international institutions.In parallel, it advances—in economic and cultural terms—the development and application of risk managementand the understanding of uncertainty in the modern economy.The Geneva Association membership comprises a statutory maximum of 90 Chief Executive Officers (CEOs)from the world’s top insurance and reinsurance companies. It organises international expert networks andmanages discussion platforms for senior insurance executives and specialists as well as policymakers, regulatorsand multilateral organisations. The Geneva Association’s annual General Assembly is the most prestigiousgathering of leading insurance CEOs worldwide.Established in 1973, The Geneva Association, officially the “International Association for the Study of InsuranceEconomics”, is based in Geneva, Switzerland and is a non-profit organisation funded by its members.Chairman:Dr Nikolausvon Bomhard, Chairman of the Board of Management, Munich Re, Munich.Vice Chairmen:Mr JohnStrangfeld, Chairman and CEO, Prudential Financial, Inc., Newark; Mr KunioIshihara, Chairman of the Board, Tokio Marine & Nichido Fire Insurance Co., Tokyo; Mr MichaelDiekmann,Chairman of the Management Board, Allianz SE, Munich.Members of the Board:Dr CarloAcutis, Vice President, Vittoria Assicurazioni S.p.A., Turin; Dr SergioBalbinot, Managing Director, Assicurazioni Generali S.p.A., Trieste; Mr Henride Castries, Chairman of theManagement Board and CEO, AXA Group, Paris; Mr Patrickde Larragoiti Lucas, President, Sul AmericaSeguros, Rio de Janeiro; Prof. DenisKessler, Chairman and CEO, SCOR, Paris; Dr StefanLippe,* CEO, SwissRe Group, Zurich; Mr José ManuelMartínez, Chairman, MAPFRE SA, Madrid; Mr MikeMcGavick, CEO,XL Group plc, Hamilton; Mr AndrewMoss, CEO, Aviva plc, London; Mr MartinSenn, CEO, Zurich FinancialServices, Zurich; Mr Donald A.Stewart,* CEO, Sun Life Financial Inc., Toronto; Mr TidjaneThiam, GroupChief Executive, Prudential plc, London; Dr RichardWard, CEO, Lloyd’s, London; Dr YanWu, Chairman andPresident, The People’s Insurance Company (Group) of China Ltd., Beijing.Secretary General and Managing Director:Mr Patrick M.Liedtke, Geneva.Vice Secretaries General:Prof. JanMonkiewicz(Head of PROGRES and Liaison—Eastern Europe), Warsaw;Mr WalterStahel(Head of Risk Management), Geneva.Heads of Programmes and Research Directors:Dr EttiBaranoff(Research Director for Insurance andFinance), Richmond; Dr ChristopheCourbage(Research Director and Head of Health & Ageing and InsuranceEconomics), Geneva; Mr DanielHaefeli(Head of Insurance and Finance), Geneva; Mr DonaldInscoe(Headof Institutional Relations), Basel; Mr AnthonyKennaway(Head of Communications), Geneva; Prof. KrzysztofOstaszewski(Research Director for Life and Pensions), Normal, Illinois.Special Officers:Mr KatsuoMatsushita(Liaison - Japan & East Asia), Yokohama; Mr GordonStewart, (Liaison- North America), New York; Dr Hans PeterWürmli(Chairman of Chief Risk Officers Network), Zurich.Chairman of the Scientific Advisory Council:Prof. HaroldSkipper, Georgia State University, Atlanta.Former Presidents of The Geneva Association:Mr RaymondBarre, Paris (1973-1976); Mr FabioPadoa,Trieste (1976-1983); Mr JuliusNeave, London (1983-1986); Prof. Dr Dr e.h. ReimerSchmidt, Aachen (1986-1990); Sir BrianCorby, London (1990-1993); Drs. Jan H.Holsboer, Amsterdam (1993-1999); Mr WalterKielholz, Zurich (1999-2003); Mr Henride Castries, Paris (2003-2008); Mr Martin J.Sullivan, New York(2008); Mr JacquesAigrain, Zurich (2008-2009). and risk management issues. Insurance and Resolution in Lightof the Systemic Risk DebateA contribution to the financial stability discussion in insuranceEdited by Daniel Haefeli, Head of Insurance and Finance, The Geneva Associationand Patrick M. Liedtke, Secretary General and Managing Director, The Geneva Association Contents1252. Insurersandinsuranceactivitiesandtheirrelationtofinancialstability991115153.2.Options for recovery and resolution of an insurance company171818223.4.Failureofinsurersthatareinterconnectedwithotherfinancialinstitutions232325303.4.4 Failure of insurance-led entities with potentially systemically-risky37434545464749Appendix.Insuranceguaranteeschemes:futherdetailsoftheU.S.system53A.1.The U.S. system for policyholders protection in case of failed in