再保險概述.綜述匯編

1、Definitions：定義定義What Do These Words Mean?-這這些名詞的意思是什么些名詞的意思是什么Reinsurance : 再保險再保險nA form of insurance whereby one insurer (the reinsurer) indemnifies another insurer (the reinsured) for losses under insurance policies issued by the reinsured to the public.n再保險又稱分保，指原保險人將自己承擔的部分或全部保險合同責任分給再保險人。Cedin

2、g Company:分出人分出人A Primary Company:原保險人原保險人Direct Company:直接保險公司直接保險公司cedant , cedent , - all known as the “Reinsured” -再保險分出再保險分出人人Cede:When a company reinsures its liability with another, it “cedes” business -再保，分保，；割讓；讓與；放棄再保，分保，；割讓；讓與；放棄Ceded company:分入公司分入公司-the Company to whom the risk is trans

3、ferrednReinsurer: 再保險人，再保險接受人-An insurer or reinsurer assuming the risk of another under contract. nAssume：假定，承擔，接受Three (Re)insurance Parties保險和再保險的當事人的關(guān)系保險和再保險的當事人的關(guān)系 Insurance ReinsuranceInsuredInsurerReinsuredCeding companyCedantReinsurerRetrocede:轉(zhuǎn)分保轉(zhuǎn)分保Retrocession: Reinsurance of Reinsurance-轉(zhuǎn)

4、分保，分保的再次分保Retrocessionaire and Retrocedent: The parties to a RetrocessionRetrocessionaire：轉(zhuǎn)分接受人；Retrocedent:轉(zhuǎn)分保分出人Retention:自留額 Retention：自留額-The amount of risk not being reinsured Cession：分出額-The portion of the sum insured of a risk ceded to a reinsurer by the Cedant. Commission：傭金傭金n- In reinsuran

5、ce, the primary insurance company usually pays the reinsurer its proportion of the gross premium it receives on a risk. nThe reinsurer then allows the company a ceding or direct commission allowance on such gross premium received, large enough to reimburse the company for the commission paid to its

6、agents, plus taxes and its overhead. nThe amount of such allowance frequently determines profit or loss to the reinsurer.nReimburse：補償；overhead：經(jīng)營管理費用 Profit Commission盈余傭金，純益手續(xù)費盈余傭金，純益手續(xù)費n- A provision found in some reinsurance agreements which provides for profit sharing. nParties agree to a formu

7、la for calculating profit, an allowance for the reinsurers expenses, and the cedants share of such profit after expensesnFormula：公式nAllowance：津貼、定量供應(yīng)、允許，補助historyThe origins of insurance nThe origins of insurance are lost in the mists of antiquity but from very early times various attempts were made

8、, initially in connection with ships and cargoes, to achieve a spreading of risk, which is the simple purpose of both insurance and reinsurance. nmists of antiquity：歷史的迷霧nInitially：最初nSpread：分散，分布 MERCHANT UNDERWRITERS： 商人保險商商人保險商nIt is clear from all the early policies that the insurers were indivi

9、duals, and it seems probable that for a very long time insurance business was carried on not as a separate profession or business but as an adjunct of the operations of merchants. nIt is also clear that at an early date policies were subscribed or under-written by a number of such merchants for vary

10、ing amounts, much as is done at the present day on a more elaborate basis by Lloyds under-writers. nAdjunct：輔助；merchant：商人；商業(yè)的nElaborate：精細的EMERGENCE OF INSURANCE COMPANIES 保險公司的出現(xiàn)保險公司的出現(xiàn)nAn elementary form of fire insurance existed in the Middle Ages as one of the functions of the trade guilds: a l

11、evy was made on members to assist such of them as suffered damage to their property by fire. nHowever, there is no record of true fire insurance before the foundation in Christiania (Oslo) of the Norges Brandkasse in 1667.nguild：行業(yè)協(xié)會nLevy：征收，征用，征集EMERGENCE OF INSURANCE COMPANIES 保險公司的出現(xiàn)保險公司的出現(xiàn)nBy co

12、incidence in that same year, as a reaction to the Great Fire of London in 1666, Dr Nicholas Barbon is reported to have setup a business known as The Fire Office in the Cityof London to insure houses and other buildings against fire. nRecent researches, however, suggest that he only began to operate

13、in 1681. nCoincidence：同時存在的USE OF CO-INSURANCE FOR LARGE RISK 對大的風險進行共保的運用對大的風險進行共保的運用 nAs indicated above, the early development of insurance was by individuals as opposed to companies. nThis naturally led to the form of co-insurance which survives on such a large scale today at Lloyds, where indiv

14、idual risks are insured by many individuals for varying amounts aggregating to the total sum insured. nOpposed to：對立的nAggregate：總計，合計USE OF CO-INSURANCE FOR LARGE RISK 對大的風險進行共保的運用對大的風險進行共保的運用 nEven with the subsequent development of reinsurance the practice of co-insurance has continued. nAt Lloyds

15、 it continues to be the normal method of spreading individual risks, and with major industrial risks it is the usual pattern of operation to incorporate in the policy a schedule to which many insurance companies may have sub-scribed for their respective shares. nSubsequent：后來的nSchedule：表格，計劃； patter

16、n：模式EMERGENCE OF REINSURANCE IN MARINE BUSINESS：再保險出現(xiàn)在海上保險業(yè)務(wù)上再保險出現(xiàn)在海上保險業(yè)務(wù)上nThe earliest record of a marine reinsurance relates to an insurance of a voyage from Genoa to Sluys.nThe reinsurance was effected not as a proportion of the whole risk but for the whole of the risk for that part of the voyage

17、 from Cadiz to Sluyss, which the original insurer clearly considered the more hazardous.nEffect：有效EMERGENCE OF REINSURANCE IN MARINE BUSINESS：再保險出現(xiàn)在海上保險業(yè)務(wù)上再保險出現(xiàn)在海上保險業(yè)務(wù)上nFrom this early and isolated example it may be assumed that as an occasional transaction the existence of marine reinsurance is alm

18、ost as old as insurance. However, there is little evidence of its actual practice.nThe earliest statutory reference to reinsurance was an Ordinance of Louis XIV in 1681.nStatutory：法律上的nReference：參考，提及DEVELOPMENT OF FIRE REINSURANCE 火災再保險的發(fā)展火災再保險的發(fā)展nFire reinsurance appears to have developed much lat

19、er than marine reinsurance, there being no trace of any fire reinsurance having taken place during the whole of the eighteenth century.nThe earliest record of a reinsurance is the assumption by the Eagle Fire Insurance Company of New York of the whole fire insurance portfolio of the Union Insurance

20、Company of New Jersey. nTrace：痕跡，跡象nAssumption：承擔nPortfolio：公事包，部長職務(wù)，有價證券類DEVELOPMENT OF FIRE REINSURANCE 火災再保險的發(fā)展火災再保險的發(fā)展n臨時再保險n合同再保險n超賠再保險 development of life reinsurance 人壽再保險的發(fā)展人壽再保險的發(fā)展nAs with fire insurance, when life insurance began no reinsurance was effected. Early examples of cover granted

21、 by merchant underwriters were on the familiar co-insurance basis. nThe absence of any indication of reinsurances suggests that, for many years after the formation of life assurance companies, individuals effected policies with a number of life offices if they required a sum insured too great for an

22、y one.n formation：形成，出現(xiàn)n a number of：大量的development of life reinsurance 人壽再保險的發(fā)展人壽再保險的發(fā)展nThe earliest indications of life reassurance are in the 1840s, after which it rapidly became a regular feature of the organization of all life assurance companies.nFeature：特點，特色特點，特色development of accident reins

23、urance 意外險再保險的發(fā)展 nThe development of accident insurance in all its many branches is so recent that accident re-insurance developed at the same time. nInitially, it was facultative reinsurance on a proportional basis for the early classes of business such as fidelity guarantee, personal accident and

24、livestock, with treaties gradually developing in the latter half of the nineteenth century. nFacultative：臨時分保nfidelity guarantee：忠誠保證EMERGENCE OF SPECIALIST REINSURANCE COMPANIES：專業(yè)再保險公司的出現(xiàn)專業(yè)再保險公司的出現(xiàn)nThe earliest formation of a company for the exclusive acceptance of reinsurance was the Weseler ROck

25、versichemngsverein of Wesel in Germany, which was founded in 1843 as a subsidiary of a local insurance company, primarily for the acceptance of the surpluses of its parent company.nThe earliest formation of an independent reinsurance company was the Kolnischer R/Jckvers icherungs Gesellschaft of Col

26、ogne in 1852. nExclusive：純粹的，絕對的nSubsidiary：附助的，附屬的 STATE REINSURANCE CORPORATION 國家再保險公司的出現(xiàn)國家再保險公司的出現(xiàn) nThe earliest examples of governmental involvement in reinsurance were in South America. nIn the early 1920s Chile established the Caja de Reaseguro, and Uruguay established the Banco del Estado. n

27、Initially these companies did not seek business beyond the local business which was compulsorily ceded to them, although they did trade their first surplus fire treaties reciprocally. nChile：智利； Uruguay：烏拉圭nCompulsorily：強制的； trade：交換n reciprocally：相互的，互惠的STATE REINSURANCE CORPORATION 國家再保險公司的出現(xiàn)國家再保險

28、公司的出現(xiàn)nIn the post-war reconstruction of France all companies were required to cede four per cent of their direct business to Caisse Centrale de Reassurance. REGIONAL REINSURANCE CORPORATION 地區(qū)再保險公司的出現(xiàn)地區(qū)再保險公司的出現(xiàn)nIn the 1970s yet another intervention was made by governments in the form of regional rei

29、nsurance corporations. nThe most significant of these to date have been the Asian Reinsurance Corporation and the African Reinsurance Corporation. nThe latter is the most comprehensive with a five per cent compulsory cession of all the reinsurances of all the insurance companies in forty-two countri

30、es in Africa. nComprehensive：充分的，廣泛的REGIONAL REINSURANCE CORPORATION 地區(qū)再保險公司的出現(xiàn)地區(qū)再保險公司的出現(xiàn)nThis form of corporation, and the extension of state reinsurance corporations, have been actively encouraged by UNCTAD; the United Nations Conference on Trade and Development. nThe idea behind all these state c

31、orporations is to endeavour to reduce the drain on foreign exchange resources resulting from the reinsurances of local companies being ceded to foreign insurance and reinsurance companies. nEndeavour：盡力； drain：排干，流失 REINSURANCE POOLS 再保險基金再保險基金nAt various times in many countries pools have been form

32、ed to deal with various types of reinsurance. nFrequently they are created to deal with what is regarded as an undesirable or hazardous class of business. nThe method has, for example, been used for third party motor insurance and hail insurance. nUndesirable：令人不快的REINSURANCE POOLS 再保險基金再保險基金nA few

33、such pools have lasted many years but more frequently they are not enduring. nThe usual problem is that when the pool has been operating for a few years it becomes apparent that the results of some companies are consistently worse than the average. The companies with the better experience decide tha

34、t they can continue to underwrite more successfully than the average, and can therefore improve their profits by leaving the pool and making their own reinsurance arrangements. nApparent：明顯的明顯的REINSURANCE POOLS 再保險基金再保險基金nAn interesting example of a more enduring type of pool is the series of pools

35、that have been developed, in those countries where atomic power stations have been built, to deal with the vast values and potentially catastrophic liabilities which are involved. nAnother project sponsored by UNCTAD is regional reinsurance pools. nSponsored：發(fā)起，主辦； REINSURANCE BROKERS 再保險經(jīng)紀人再保險經(jīng)紀人n

36、The earliest known instance of the operation of a reinsurance broker goes back to the very beginning of treaty reinsurance. nIn 1829 a Mr Cazenove of Broad Street Buildings, London offered a fire treaty from Union de Paris to the Royal Exchange. nOffer：提供，出價nIt seems likely that the early operations

37、 of re-insurance brokers were in organising reciprocal exchanges of fire reinsurance. REINSURANCE BROKERS 再保險經(jīng)紀人再保險經(jīng)紀人nIt is difficult to believe that no other instances existed, but there appears to be no record of other reinsurance broking until nearly 1870. nA Mr Martin Heckscher had established

38、a business in 1865 as agent in St Petersburg for the Commercial Union, Liverpool & London and a number of other companies.n As he was subsequently involved in reinsurance in London he probably negotiated treaties in Russia, but no record remains. nNegotiate：談判，磋商LLOYDS ：勞合社勞合社nThere is no clear reco

39、rd of the early involvement of Lloyds in the acceptance of reinsurance. It was not in fact a pattern of business which came naturally to Lloyds.n The underwriters themselves had always been used to the system of each accepting the amount on a risk which was appropriate for him-self, with the broker

40、spreading the original risk through the market. nThis and the fact that the Lloyds market was virtually limited to marine insurance, in which reinsurance was illegal until 1864, made Lloyds late developers in this field. LONDON REINSURANCE MARKET 倫敦再保險市場倫敦再保險市場n It has already been shown that reinsu

41、rance itself began to develop earlier in Europe than in Britain. nIt is clear that in no way could London be regarded as a significant reinsurance market at any time in the nineteenth century, and most of the reinsurance of the British direct insurers was placed in Europe.nThis situation persisted u

42、p to the outbreak of the First World War in 1914. Nature：屬性n再保險是補償性質(zhì)的保險再保險是補償性質(zhì)的保險n再保險和原保險的關(guān)系再保險和原保險的關(guān)系n再保險和共同保險的關(guān)系再保險和共同保險的關(guān)系Difference from Primary InsurancenA. Reinsurance tends to be less regulated. nB. More internationally oriented. nC. Transactions of large monetary value and risk. nD. Reinsur

43、er relies on the reinsured to produce proper underwriting at proper rates. nE. Right to inspect records of the reinsured nF. Utmost good faith nG. Relies on reinsured to produce a profitable book of business. nOriented:導向的； relies on ：依靠再保險與原保險的聯(lián)系再保險與原保險的聯(lián)系n再保險與原保險既有聯(lián)系又有區(qū)別。再保險與原保險既有聯(lián)系又有區(qū)別。n二者的二者的主要聯(lián)

44、系主要聯(lián)系在于：都是對風險責任的分在于：都是對風險責任的分散。散。n原保險原保險是對投保人的風險責任予以分散，是是對投保人的風險責任予以分散，是對風險的對風險的第一次轉(zhuǎn)嫁第一次轉(zhuǎn)嫁；n再保險再保險是對保險人的風險責任予以分散，也是對保險人的風險責任予以分散，也可以說，再保險是對風險可以說，再保險是對風險第二次轉(zhuǎn)嫁第二次轉(zhuǎn)嫁。 再保險與原保險的主要區(qū)別再保險與原保險的主要區(qū)別n1 1、合同當事人不同。、合同當事人不同。n原保險合同的雙方當事人是投保人和保險人；原保險合同的雙方當事人是投保人和保險人；n再保險合同的雙方當事人都是保險人，即分再保險合同的雙方當事人都是保險人，即分出人與分入人，與原投

45、保人無關(guān)。出人與分入人，與原投保人無關(guān)。再保險與原保險的主要區(qū)別再保險與原保險的主要區(qū)別n2 2保險保險標的標的不同。不同。n原保險合同的保險標的是被保險人的財原保險合同的保險標的是被保險人的財產(chǎn)或人身，或者具體為被保險人的財產(chǎn)產(chǎn)或人身，或者具體為被保險人的財產(chǎn)及有關(guān)利益或者人的壽命和身體；及有關(guān)利益或者人的壽命和身體；n而再保險合同的保險標的是而再保險合同的保險標的是原保險人分原保險人分出的責任出的責任，分出人將原保險的保險業(yè)務(wù)，分出人將原保險的保險業(yè)務(wù)部分地轉(zhuǎn)移給分入人。部分地轉(zhuǎn)移給分入人。再保險與原保險的主要區(qū)別再保險與原保險的主要區(qū)別n3 3保險合同的保險合同的性質(zhì)性質(zhì)不同。不同。n原

46、保險合同具有原保險合同具有經(jīng)濟補償性或者經(jīng)濟補償性或者保險金給付性保險金給付性；n而再保險合同具有而再保險合同具有責任分攤性責任分攤性，或補充性。其直接目的是要對原或補充性。其直接目的是要對原保險人的承保責任進行分攤。保險人的承保責任進行分攤。 原保險契約與再保險契約之關(guān)系圖 危險危險被保險人分保分保自留自留保險人分入分入再保險人原保險契約原保險契約再保險契約再保險契約 原保險契約與再保險契約之關(guān)系原保險契約與再保險契約之關(guān)系 n個別獨立法律觀點個別獨立法律觀點n1. 1. 原保險契約之被保險人，對于再保險人無賠償原保險契約之被保險人，對于再保險人無賠償請求權(quán)。請求權(quán)。n2. 2. 再保險人不

47、得向原保險契約之要保人，請求支再保險人不得向原保險契約之要保人，請求支付保險費。付保險費。n3. 3. 原保險人不得以再保險人不履行保險金給付之原保險人不得以再保險人不履行保險金給付之義務(wù)為理由，而拒絕或延遲其對于被保險人之義義務(wù)為理由，而拒絕或延遲其對于被保險人之義務(wù)。務(wù)。n相互依存業(yè)務(wù)觀點相互依存業(yè)務(wù)觀點 再保險和共同保險再保險和共同保險n共同保險共同保險：指幾個保險人，就同一保險利益、：指幾個保險人，就同一保險利益、同一風險共同締結(jié)保險合同的一種保險。同一風險共同締結(jié)保險合同的一種保險。n在實務(wù)中，數(shù)個保險人可能以某一家保險公司在實務(wù)中，數(shù)個保險人可能以某一家保險公司的名義簽發(fā)一張保險單

48、，然后每一家保險公司的名義簽發(fā)一張保險單，然后每一家保險公司對保險事故損失按比例分擔責任。對保險事故損失按比例分擔責任。n共保聯(lián)營共保聯(lián)營與再保險雖有不同，但在今日保險市與再保險雖有不同，但在今日保險市場，共保聯(lián)營與再保險之場，共保聯(lián)營與再保險之結(jié)合運用結(jié)合運用，已屢見不，已屢見不鮮。鮮。 再保險和共同保險的區(qū)別再保險和共同保險的區(qū)別n（1 1）反映的）反映的保險關(guān)系保險關(guān)系不同。不同。n共同保險共同保險反映的是各保險人與投保人之間的關(guān)系，反映的是各保險人與投保人之間的關(guān)系，這種關(guān)系是一種直接的法律關(guān)系；這種關(guān)系是一種直接的法律關(guān)系；n再保險再保險反映的是原保險人與再保險人之間的關(guān)系，反映的是

49、原保險人與再保險人之間的關(guān)系，再保險接受人與原投保人之間并不發(fā)生直接的關(guān)系。再保險接受人與原投保人之間并不發(fā)生直接的關(guān)系。n（2 2）對風險的分攤方式對風險的分攤方式不同。不同。n共同保險共同保險的各保險公司對其承擔風險責任的分攤是的各保險公司對其承擔風險責任的分攤是第一次分攤，而第一次分攤，而再保險再保險則是對風險責任進行的第二則是對風險責任進行的第二次分攤；次分攤；n共同保險共同保險是風險的橫向分攤，是風險的橫向分攤，再保險再保險則為風險的縱則為風險的縱向分攤。向分攤。共同保險（共保聯(lián)營）的關(guān)系圖共同保險（共保聯(lián)營）的關(guān)系圖甲保甲保險險公司公司丁保丁保險險公司公司丙保丙保險險公司公司R I

50、 S K乙保乙保險險公司公司Function of ReinsurancenThe fundamental concept of insurance is the spreading of risk based on the law of large numbers. n Reinsurance does not reduce losses but it makes it easier for insurance to carry the material consequences.nMaterial：重大的，重要的再保險的作用再保險的作用n1 1分散風險。分散風險。n再保險是原保險人能夠借以

51、分散風險損再保險是原保險人能夠借以分散風險損失的機制。失的機制。再保險的作用再保險的作用n2 2擴大承保能力。擴大承保能力。n任何一個保險人，都希望承保量盡可能任何一個保險人，都希望承保量盡可能地多，但保險人的承保能力都受很多條地多，但保險人的承保能力都受很多條件的限制，尤其為資本金和公積金等制件的限制，尤其為資本金和公積金等制約。約。n但由于業(yè)務(wù)量的計算不包括分保費，保但由于業(yè)務(wù)量的計算不包括分保費，保險公司可以在不增加資本額的情況下通險公司可以在不增加資本額的情況下通過再保險增加業(yè)務(wù)量，擴大承保能力。過再保險增加業(yè)務(wù)量，擴大承保能力。再保險的作用再保險的作用 n3 3控制責任，穩(wěn)定經(jīng)營?？?/p>

52、制責任，穩(wěn)定經(jīng)營。n再保險通過控制風險責任使保險經(jīng)營得再保險通過控制風險責任使保險經(jīng)營得以穩(wěn)定。以穩(wěn)定。n具體作法分兩個方面：具體作法分兩個方面：n一是控制每一風險單位的責任；一是控制每一風險單位的責任；n二是對累積責任的控制。二是對累積責任的控制。再保險的作用再保險的作用n4 4、降低營業(yè)費用，增加運用資金。、降低營業(yè)費用，增加運用資金。n如果保險人在提存未滿期保費準備金時，根據(jù)保險如果保險人在提存未滿期保費準備金時，根據(jù)保險法規(guī)定不能扣除營業(yè)費用的話，就必須以保險資金法規(guī)定不能扣除營業(yè)費用的話，就必須以保險資金中另外支取營業(yè)費用。但通過再保險，就可以在分中另外支取營業(yè)費用。但通過再保險，就

53、可以在分保費中扣存未滿期保費準備金，還可以有分保傭金保費中扣存未滿期保費準備金，還可以有分保傭金收入。這樣，保險人由于辦理分保，攤回了一部分收入。這樣，保險人由于辦理分保，攤回了一部分營業(yè)費用。營業(yè)費用。n此外，辦理分保須提未滿期保費準備金和未決賠款此外，辦理分保須提未滿期保費準備金和未決賠款準備金，這部分資金從提取到支付有一段時間，保準備金，這部分資金從提取到支付有一段時間，保險人可在這段時間內(nèi)加以運用，從而增加了保險人險人可在這段時間內(nèi)加以運用，從而增加了保險人資金運用總量。資金運用總量。再保險的作用再保險的作用n5 5有利于拓展新業(yè)務(wù)。有利于拓展新業(yè)務(wù)。n保險人在涉及新業(yè)務(wù)過程中，由于經(jīng)

54、驗保險人在涉及新業(yè)務(wù)過程中，由于經(jīng)驗的不足，往往十分謹慎，不利于新業(yè)務(wù)的不足，往往十分謹慎，不利于新業(yè)務(wù)的迅速開展。再保險具有控制責任的特的迅速開展。再保險具有控制責任的特性，可以使保險人通過分保使自己的賠性，可以使保險人通過分保使自己的賠付率維持在某一水平之下，所以準備拓付率維持在某一水平之下，所以準備拓展新業(yè)務(wù)的保險公司可以放下顧慮，積展新業(yè)務(wù)的保險公司可以放下顧慮，積極運作，使很多新業(yè)務(wù)得以發(fā)展起來。極運作，使很多新業(yè)務(wù)得以發(fā)展起來。Function of ReinsuranceStabilization of profitability Provides large limit cap

55、acity Catastrophe protection Supports high growth in premium volume Provides help with the underwriting process nFacilitates withdrawal from a particular risk or line of business Stabilization of profitability增強盈利能力增強盈利能力nAs captive owners and risk managers know, losses incurred sometimes fluctuate

56、widely from year to year. Large swings in losses incurred can make it difficult, if not impossible, to forecast profitability of a particular line of business, or in total. nWhile showing profitability in a pure captive may not be as critical as it is to say, a risk retention group or commercial ins

57、urer, most business owners like to see a reasonably steady flow of profits to protect their capital and surplus and to support growth, if necessary. n fluctuate ：搖擺的；搖擺的； surplus：盈余盈余Stabilization of profitability增強盈利能力增強盈利能力nPurchasing reinsurance is particularly helpful in smoothing the peaks and

58、valleys of a captives loss experience, as generally the law of large numbers doesnt apply to captive operations.nCaptive：自保的，被俘獲的自保的，被俘獲的napply to：應(yīng)用于應(yīng)用于Provides large limit capacity擴大承保能力擴大承保能力nCaptives frequently provide a high limit of insurance on one or a limited number of policies. nFor exampl

59、e, a hospital captive may wish to insure the excess professional liability exposure of its parent. nA captives capacity for retaining such coverage is limited by capital and surplus, regulatory and other factors.n Partnering with a reinsurer to accept a particularly high risk allows the captive to p

60、rovide lines of coverage and limits that would otherwise not be feasible. Catastrophe protection巨災保障巨災保障nCaptives insure property-liability coverages which are frequently concentrated in geographic or economic regions. nCatastrophic exposures such as hurricanes, industrial explosions or the like can