经济学人:中国的保险行业 确保安全还是留有遗憾?

 　　Finance and economics: Insurance in China Safe or sorry?

　　财经：中国的保险行业，确保安全还是留有遗憾？

　　Regulators try to tame the unruly parts of an important industry.

　　监管部门努力驯服一个重要行业中不守规矩的角色。

　　EVEN for a country used to rapid growth, the expansion of China’s insurance industry has been something to behold¹.

　　即使中国已经习惯了快速发展，保险业的扩张仍值得关注。

　　Assets managed by insurers have doubled in less than four years to 13.9 trillion yuan ($2.1 trillion) .

　　在短短4年内保险公司管理的资产就增加了1倍，总额达13.9万亿人民币（相当于2.1万亿美元）。

　　Their revenues from selling policies have accelerated, climbing 42% year-on-year in the first quarter of 2016.

　　通过销售保险单，保险公司2016年第一季度所得收入增速加快，与去年同期相比增长了42%。

　　Most remarkable² has been the increase in their workforce³.

　　更值得注意是保险从业人口的增加。

　　Over the past six months alone, they have added 2m to their sales force.

　　仅在过去的半年里，保险销售从业人员就增加了200万。

　　They now employ some 7.2m people, up 120% since the start of last year.

　　如今，从事保险工作的人数超过720万，自去年年初至今已经增长120%。

　　Put another way, roughly one in every 50 workers in Chinese cities is selling insurance products.

　　换句话说，在中国的城市，每50个人大概有1个人就是销售保险产品的。

　　Fast growth is, in one respect, just what China’s insurance industry needs.

　　在某种程度上，中国保险行业需要的正是快速发展。

　　The population will get much older in the coming decades, but the public pension scheme is still in its infancy⁴.

　　接下来的几十年，人口逐渐老龄化，而中国公共养老金计划尚处在起步阶段。

　　By supplementing public coverage⁵ with private policies, the government hopes that people may just manage to escape penury⁶ in their old age.

　　通过私人保险和公共计划叠加的方法，中国政府希望人们到年老后可以脱贫。

　　At the moment the government covers roughly a third of medical expenses and insurance companies less than a tenth, leaving individuals to pick up more than half the tab themselves, according to Enhance International, an insurance consultancy.

　　据一家保险咨询公司Enhance International提供的数据显示，目前在医疗开支上，政府需要支付其中大概1/3，保险公司负责其中不到1/10，而个人则要自行支付账单上剩下超过一半的费用。

　　That is an especially heavy burden, naturally, for the elderly.

　　当然，这对老年人来说是非常大的负担。

　　But excessively rapid growth, built on flimsy business models, risks doing more harm than good.

　　但是基于脆弱商业模式上的快速发展往往弊大于利。

　　There have been plenty of worrying signs.

　　令人担忧的迹象不胜枚举。

　　The most aggressive firms have scaled up by offering guaranteed returns of 6% or more on short-term investment products, an extremely risky⁷ strategy for what is supposed to be a sober and reliable industry.

　　一些激进的公司通过提供6%甚至更高保底收益率的短期投资产品，迅速扩大自身规模，这种策略对于原本应该是冷静可靠的保险行业来说风险极高。

　　To deliver these returns despite a lacklustre stockmarket, they have piled on debt and cut into their own margins⁸.

　　在股市死气沉沉的情况下，要实现这一收益，这些公司已经是债台高筑，甚至削减自己的利润。

　　Moreover, these short-term products do not necessarily help investors⁹ through retirement¹⁰: people are free to cash out when their policies mature, leaving them with no coverage against death, illness or accidents.

　　而且这类短期产品不一定能帮助投资者过好退休生活：投资者可以在保单到期时自由套现，这就使得他们在死亡、疾病和意外事故上毫无保障。

　　Regulators appear to have had enough.

　　监管部门显然已经不能忍受这种情况了。

　　In March they announced their strictest rules yet to curb¹¹ speculative¹² behaviour.

　　三月份他们宣布了一条至今以来实施过的最严厉规定来制止投机行为。

　　They barred insurers from selling products with maturities¹³ of less than one year and began to phase out those with maturities of less than three years.

　　他们禁止保险公司销售保期低于1年的产品，同时淘汰保期低于3年的保险产品。

　　These measures, though somewhat crude, should help prevent mismatches between long-term assets and short-term liabilities.

　　这些措施虽然有点残忍，但其可以避免固定资产与短期负债失配的问题。

　　This month regulators turned their attention to some of the insurers that have been among the boldest in expanding.

　　这个月，监管部门把矛头指向了一些一直以来大胆扩张的保险公司。

　　First they sent inspectors¹⁴ to Sino Life Insurance Co, which has run down its capital in recent quarters.

　　监管部门最早派遣人员到富德生命人寿保险股份有限公司检查。这家公司在近几个季度已经削减了公司资本。

　　Then they went to Anbang, which has increased its assets some 50-fold over the past two years.

　　随后，检查人员又视察了安邦，而这家公司的资本在过去两年内增加了50倍。

　　That inspection¹⁵ was a particularly important signal about the clout¹⁶ of regulators.

　　这一检查行动是一个非常重要的信号，显示出监管的势头之大。

　　Many observers had assumed that Anbang would receive preferential treatment, thanks to strong political connections (its chairman is married to the granddaughter of Deng Xiaoping, a revered¹⁷ former leader) .

　　因为安邦强大的政治背景，许多观察员猜测其会受到特别优待，因为该公司的总裁是受人尊敬的前国家领导人邓小平的孙女婿）。

　　But regulators blocked its $14 billion bid earlier this year for Starwood, a big international hotel chain, and now seem to be clipping its wings at home.

　　但是监管部门在今年早期就叫停了安邦对国际连锁酒店喜达屋集团价值140亿美元的竞标。现在，监管部门似乎正在限制国内业务的发展。

　　More fundamentally, China has also overhauled¹⁸ solvency¹⁹ rules, which should force insurers to change the way they operate.

　　更重要的是，如今中国已经修改了偿付能力规则，这会促使保险公司改变自身运作方式。

　　Capital requirements had been based on simple gauges²⁰ of size.

　　公司资产额度需以公司规模为衡量的标准。

　　Now they are much closer to the norm in developed markets, varying in line with how quickly policies turn over and how premiums²¹ are invested.

　　如今的保险公司无论是在保单移交的速度还是保费投资上都基本向发达市场的标准看齐。

　　Firms that rely excessively on short policies or that invest heavily in the stockmarket must hold a much bigger cushion.

　　那些过度依赖短期险种或是将资金投入股市的公司必须想办法给自己更多的缓冲时间。

　　The heyday²² of rapid expansion by opportunistic firms is over, predicts Lee Yuan Siong of Ping An Insurance, one of China’s biggest providers.

　　中国最大的保险公司之一的平安保险集团总经理李源祥预计机会主义型公司快速扩张的盛世已经结束。

　　“The government saw the danger early enough before it got out of control.”

　　“中国政府早在一切失控前就已经意识到危险的存在。”

　　If the new rules work, insurers will need to focus on persuading people to buy their policies for protection rather than as an investment.

　　新出台的规定如果起效，保险公司需要关注如何说服人们出于保护而非投资的目的来购买自己的产品。

　　That is a safer bet, but a harder sell.

　　这对民众来说是安全之选，对保险公司却是难卖之策。

　　1.insurance industry 保险业

　　例句:The insurance industry has produced its own proposals for universal health care.

　　保险业提出了自己的全民医疗保健方案。

　　2.out of control 失控

　　例句:Fires were burning out of control in the center of the city

　　市中心的火势失去了控制。

　　3.turn over 移交

　　例句:The King may turn over some of his official posts to his son

　　国王可能会把他的某些公职交由儿子担任。

　　4.run down 撞倒；停止

　　例句:The government is cynically²³ running down Swe-den's welfare system

　　瑞典政府正自私自利地削减本国的福利。

1 behold   

v.看，注视，看到

参考例句：

• The industry of these little ants is wonderful to behold.这些小蚂蚁辛勤劳动的样子看上去真令人惊叹。
• The sunrise at the seaside was quite a sight to behold.海滨日出真是个奇景。

2 remarkable   

adj.显著的，异常的，非凡的，值得注意的

参考例句：

• She has made remarkable headway in her writing skills.她在写作技巧方面有了长足进步。
• These cars are remarkable for the quietness of their engines.这些汽车因发动机没有噪音而不同凡响。

3 workforce   

n.劳动大军，劳动力

参考例句：

• A large part of the workforce is employed in agriculture.劳动人口中一大部分受雇于农业。
• A quarter of the local workforce is unemployed.本地劳动力中有四分之一失业。

4 infancy   

n.婴儿期；幼年期；初期

参考例句：

• He came to England in his infancy.他幼年时期来到英国。
• Their research is only in its infancy.他们的研究处于初级阶段。

5 coverage   

n.报导，保险范围，保险额，范围，覆盖

参考例句：

• There's little coverage of foreign news in the newspaper.报纸上几乎没有国外新闻报道。
• This is an insurance policy with extensive coverage.这是一项承保范围广泛的保险。

6 penury   

n.贫穷，拮据

参考例句：

• Hardship and penury wore him out before his time.受穷受苦使他未老先衰。
• A succession of bad harvest had reduced the small farmer to penury.连续歉收使得这个小农场主陷入了贫困境地。

7 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

8 margins   

边( margin的名词复数 )； 利润； 页边空白； 差数

参考例句：

• They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
• To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

11 curb   

n.场外证券市场，场外交易；vt.制止，抑制

参考例句：

• I could not curb my anger.我按捺不住我的愤怒。
• You must curb your daughter when you are in church.你在教堂时必须管住你的女儿。

12 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

13 maturities   

n.成熟（maturity的复数形式）

参考例句：

• Maturities of commercial paper range from three days to nine months. 商业票据的期限从3天到9个月不等。 来自互联网
• German federal government bonds issued with maturities of up to 30 years. 指期限可长达30年的德国联邦政府债券。 来自互联网

14 inspectors   

n.检查员( inspector的名词复数 )；（英国公共汽车或火车上的）查票员；（警察）巡官；检阅官

参考例句：

• They got into the school in the guise of inspectors. 他们假装成视察员进了学校。 来自《简明英汉词典》
• Inspectors checked that there was adequate ventilation. 检查员已检查过，通风良好。 来自《简明英汉词典》

15 inspection   

n.检查，审查，检阅

参考例句：

• On random inspection the meat was found to be bad.经抽查，发现肉变质了。
• The soldiers lined up for their daily inspection by their officers.士兵们列队接受军官的日常检阅。

16 clout   

n.用手猛击；权力，影响力

参考例句：

• The queen may have privilege but she has no real political clout.女王有特权，但无真正的政治影响力。
• He gave the little boy a clout on the head.他在那小男孩的头部打了一下。

17 revered   

v.崇敬，尊崇，敬畏( revere的过去式和过去分词 )

参考例句：

• A number of institutions revered and respected in earlier times have become Aunt Sally for the present generation. 一些早年受到尊崇的惯例，现在已经成了这代人嘲弄的对象了。 来自《简明英汉词典》
• The Chinese revered corn as a gift from heaven. 中国人将谷物奉为上天的恩赐。 来自辞典例句

18 overhauled   

v.彻底检查( overhaul的过去式和过去分词 )；大修；赶上；超越

参考例句：

• Within a year the party had drastically overhauled its structure. 一年内这个政党已大刀阔斧地整顿了结构。 来自《简明英汉词典》
• A mechanic overhauled the car's motor with some new parts. 一个修理工对那辆汽车的发动机进行了彻底的检修，换了一些新部件。 来自《简明英汉词典》

19 solvency   

n.偿付能力，溶解力

参考例句：

• Fears about the solvency of the banks precipitated the great economic crash.对银行偿付能力出现恐慌更加速了经济的崩溃。
• Their targets,including profitability ratios,solvency ratios,asset management ratios.其指标包括盈利比率、偿债能力比率、资产管理比率。

20 gauges   

n.规格( gauge的名词复数 )；厚度；宽度；标准尺寸v.（用仪器）测量( gauge的第三人称单数 )；估计；计量；划分

参考例句：

• A thermometer gauges the temperature. 温度计可测量温度。 来自《简明英汉词典》
• The fuel gauges dropped swiftly. 燃料表指针迅速下降。 来自《简明英汉词典》

21 premiums   

n.费用( premium的名词复数 )；保险费；额外费用；（商品定价、贷款利息等以外的）加价

参考例句：

• He paid premiums on his life insurance last year. 他去年付了人寿保险费。 来自《现代英汉综合大词典》
• Moves are afoot to increase car insurance premiums. 现正在酝酿提高汽车的保险费。 来自《简明英汉词典》

22 heyday   

n.全盛时期，青春期

参考例句：

• The 19th century was the heyday of steam railways.19世纪是蒸汽机车鼎盛的时代。
• She was a great singer in her heyday.她在自己的黄金时代是个了不起的歌唱家。

23 cynically   

adv.爱嘲笑地，冷笑地

参考例句：

• "Holding down the receiver,'said Daisy cynically. “挂上话筒在讲。”黛西冷嘲热讽地说。 来自英汉文学 - 盖茨比
• The Democrats sensibly (if cynically) set about closing the God gap. 民主党在明智（有些讽刺）的减少宗教引起的问题。 来自互联网