经济学人475:伦敦保险市场 为风险投资

 　　London's insurance market

　　伦敦保险市场

　　Risky¹ business

　　为风险投资

　　London's position as world-leader in insurance is under threat

　　伦敦在保险市场的老大地位受到威胁

　　FROM the doomed² Titanic³, 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

　　网络风险对于劳埃德来说并不成问题

　　伦敦保险市场.jpg

　　Today, the sector⁴ employs 48,000 people, makes up 21% of the City's economy and underpins⁵ global industries like aviation (57% of whose insurance is underwritten in London) and shipping⁶ (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.

　　现在，有4800人在保险行业工作，保险行业占伦敦经济的21%，支撑着像航空（57%的保险都在伦敦承保）和航运（33%）等全球产业。全球商业保险的十分之一以及再保险的13%都在伦敦承保，使得伦敦的保险业务规模达到了其最接近的三个对手—百慕大、新加坡和苏黎世—保险业务之和。

　　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 dominant⁷ 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.

　　但是，11月10日，作为保险业顾问的波士顿咨询集团和伦敦市场研究小组联合发布的调查结果声称伦敦保险业的主导地位正受到威胁。当伦敦的其他行业在近几十年来被迫改变的时候，保险业却基本一成不变。这份报告估计多达40%的伦敦现有保险业务将会流向别处。

　　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% annually⁸ 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%).

　　在过去三年里，新兴市场在全球商业保险增长率中占有43%——仅中国市场就以每年18%的速度增长。但是伦敦却仅仅只占全球增长的0.5%。伦敦市场在新兴市场中的份额由2010的3.2%下降到2013年的2.5%。伦敦市场在再保险业务（保险人的保险）方面也输给了竞争对手，其再保险业务从市场中的15%下降到13%，据预计这个还会进一步下降。最大的威胁来自于市场的新进入者（比如对冲基金）和不断扩张的竞争对手比如百慕大（再保险业务增长了5%）和新加坡（10%）。

　　Perhaps the biggest challenge lies in finding solutions for new types of corporate⁹ 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.

　　或许最大的挑战来自为新型企业风险寻找不一样的解决方案。这些风险包括企业声誉和来自网络的风险。保险业未能跟上不断变化的商业需求，一些首席执行官说因为保险业的滞后，没有人提出合适的方案，90%的企业风险目前都不能投保。

　　The industry remains¹⁰ strangely old-fashioned. Only 35% of its workforce¹¹ 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. Investors¹² are pouring new capital into the wider insurance market. Customers have plenty of choice.

　　保险业依旧是奇怪的老样子。从事保险业的员工仅有35%拥有大学学位，而在伦敦中心工作的人拥有大学学位的比例达到了60%。繁重的规章制度加上越来越高的交易成本使得保险业在成本方面也落后于其他行业。投资者把资本投向更广阔的保险市场。客户也有更多的选择。

　　There is plenty London could do to improve, says the report. It needs to shift its focus to emerging markets and to high growth sectors¹³. It also needs to lead the way in adopting the latest technological¹⁴ 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 radical¹⁵ 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。

1 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。

2 doomed   

命定的

参考例句：

• The court doomed the accused to a long term of imprisonment. 法庭判处被告长期监禁。
• A country ruled by an iron hand is doomed to suffer. 被铁腕人物统治的国家定会遭受不幸的。

3 titanic   

adj.巨人的，庞大的，强大的

参考例句：

• We have been making titanic effort to achieve our purpose.我们一直在作极大的努力，以达到我们的目的。
• The island was created by titanic powers and they are still at work today.台湾岛是由一个至今仍然在运作的巨大力量塑造出来的。

4 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

5 underpins   

n.基础材料( underpin的名词复数 )；基础结构；（学说、理论等的）基础；（人的）腿v.用砖石结构等从下面支撑（墙等）( underpin的第三人称单数 )；加固（墙等）的基础；为（论据、主张等）打下基础；加强

参考例句：

• A powerful sense of mission underpins everything he does. 一种强烈的使命感支撑他所做的一切。 来自《简明英汉词典》
• His presence at the crime underpins the case against him. 案子发生时他在场对他更不利。 来自辞典例句

6 shipping   

n.船运（发货，运输，乘船）

参考例句：

• We struck a bargain with an American shipping firm.我们和一家美国船运公司谈成了一笔生意。
• There's a shipping charge of ￡5 added to the price.价格之外另加五英镑运输费。

7 dominant   

adj.支配的，统治的；占优势的；显性的；n.主因，要素，主要的人(或物)；显性基因

参考例句：

• The British were formerly dominant in India.英国人从前统治印度。
• She was a dominant figure in the French film industry.她在法国电影界是个举足轻重的人物。

8 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

9 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

10 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

11 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。

12 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

13 sectors   

n.部门( sector的名词复数 )；领域；防御地区；扇形

参考例句：

• Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
• Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》

14 technological   

adj.技术的；工艺的

参考例句：

• A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
• Today,the pace of life is increasing with technological advancements.当今， 随着科技进步，生活节奏不断增快。

15 radical   

n.激进份子，原子团，根号；adj.根本的，激进的，彻底的

参考例句：

• The patient got a radical cure in the hospital.病人在医院得到了根治。
• She is radical in her demands.她的要求十分偏激。