finite risk 

Economia i empresa

A Internet trobem una definició del terme anglès finite risk:

Finite risk reinsurance has become the subject of investigations, litigation, and possibly new regulation. This article provides an overview of finite risk solutions and products, describing their main features and their legitimate role in helping (mainly) industrial companies manage timing, funding, and insurance risks.

Finite risk solutions generally take the form of structured insurance products designed to help companies manage risks often regarded as exotic or “tail” risks, such as environmental or asbestos liability. Although such products are underwritten by insurance or reinsurance companies, they typically involve limited risk transfer (hence the name “finite risk”) while providing the insured companies with a means of pre-funding their expected losses, or what is often called “pre-loss financing.” Of course, companies could choose to self-insure such risks by establishing a reserve for future losses. But finite risk provides a more credible and transparent alternative—one that reassures investors both by capping the liability and eliminating the possibility for manipulation of reserves.Abuses of finite risk products usually concern the degree to which transactions are accounted for, disclosed, and represented to investors as achieving “significant risk transfer” when there is little or no such transfer. In the authors’ words, “Users of finite should ask themselves whether the transaction helps the financial statements clearly represent the true economic income and risks of the business and, if not, then consider not doing the deal.”

També convé tenir en compte que hi ha una certa vacil·lació en la denominació d’aquest tipus d’assegurança, com es pot comprovar en el glossari de l’IAIS:

Finite reinsurance(also known in some jurisdictions as financial reinsurance, structured reinsurance, non-traditional reinsurance, loss mitigation reinsurance):  a generic term that will be used to describe an entire spectrum of reinsurance arrangements that share limited risk for a limited amount of premium. In some jurisdictions finite reinsurance is a specialised form of limited liability reinsurance whereby the financial and strategic motivations of the reinsured to effect the transaction take precedence over the insurance risk transfer motivation.   Although there is no accepted global definition of “finite reinsurance,” a typical transaction may include, but not be limited to provisions for aggregating risk, for aggregating limits of liability, for aligning the interests of the insurer and reinsurer, and for explicitly recognising the time value of money. A detailed review of the entire reinsurance contract and any side agreements is necessary to determine if contracts containing such clauses do transfer risk and are in fact reinsurance contracts when considered in their totality.   Usually, one (or a number)of the following characteristics will be present within finite reinsurance contracts although some of them may be present in traditional reinsurance as well:

·             insurance risk transfer and financing are combined and the time horizon of money is emphasised in the contract

·             assumption of limited risk by the reinsurer (aggregate limit of liability, blended cover)

·             transfer of volatility (e.g., multiple lines of business, multiple years of account and multiple year contract terms)

·             inclusion of future investment income in price of contract (recognition of time value of money with funds withheld)

·             potential profit sharing between parties

·             pricing determined by ceding entities’ results and not reinsurance pricing cycle terms and pricing are typically determined in advance

   ·             bulk reinsurance (i.e. administration of reinsurance is done on a bulk basis rather than on a traditional seriatim policy-by-policy basis, for a block of in-force business).

Segons les pàgines consultades es troben diverses traduccions al castellà per a aquest concepte. És habitual l’ús d’expressions com reaseguro financiero (encara que no sempre es presenta com a sinònim de finite risk insurance)i reaseguro no tradicional (més aviat utilitzat com un genèric de finite risk insurance). La forma finite risk es manté molt sovint en anglès en textos castellans. Quan es tradueix, es fa en alguna de les formes següents, si bé la primera és la més habitual: seguro de riesgo finito, seguro de riesgo definido, seguro de riesgo limitado. En català trobem documentada la forma assegurança de risc finit.

Universitat de Barcelona. Serveis Lingüístics