| China's insurance industry has undergone more than 20 years of development, obtained achievement attracting people's attention. By the end of 2002, the national premium income is up to 305,310 million Yuan. Besides, there are more and more operators of the insurance market. At present, there are 53 insurance companies, 162 intermediaries, and 1,200,000 employees in the whole country. A competitive insurance market has taken primary shape. However, the fast development of the insurance industry is hampered by the single form of insurance organization, i.e., state-owned company, corporation mainly controlled by state-owned capital and joint venture, similar structure of insurance type, and the like. As a ripe form of tackling risk, captive insurance occupies a certain position in the global insurance market and plays a particularly important role in the plan on risk management of large-sized & medium-sized enterprises. According to some statistics, it has occupied 30% market of property insurance of American industrial and commercial enterprises. Among the 500 top enterprises in " wealth", 70% ones have set up captive insurance. It follows that the captive insurance is a force on the global insurance market. It triggered one revolution in insurance industry, which makes all business organizations seek one more effective way to arrange, organize, and disperse the risk.The captive insurance popped up in the early 19th century. At that time, many insurants found that type and rate of traditional insurance could not satisfy their demand for insurance and so established insurance organization by themselves. However, until the 1960's didn't the captive insurance come into being. According to "A Report of Risk Management " in 1974, the first survey into captive insurances all over the world, there had been 316 captive insurances in the USA, Caribbean Sea and other "off shore" areas. By the year 1996, this figure came to 3600. In 1997, all captive insurances in the world with assets of 10.40billion dollars earned insurance income of 18 billion dollars. Although at present there is no captive insurance in China, quite a lot of large-sized & medium-sized enterprises have set up tentatively some captive insurance. In is said that its development has been set as an important goal in the "The Five-year project of China's insurance industry" designed by CRIC. This thesis is composed of the preface and five chapters. The background concerned, writing intention and the method of research is interpreted in the preface. Then, the author will make the discussion from five angles in the next five chapters. In the first chapter, the author will analyses the basic situation of large-sized & medium-sized enterprises from the industry structure, the ownership structure and the market structure. Then, the risk and the grim state of insurance facing them will be illustrated from themselves, insurance and transfer of risk. In the second chapter, conventional definition, classification of the captive insurance will be made. As the author points, it can play a great role in many situations but has some intrinsic defects, especially on risk management of large-sized & medium-sized enterprises. Analysis will be focused on the feasible research on establishing the captive insurance, including cost, expense, the burden of assets, the influence on risk management, disclosure of information and finance policy of the mother corporation, various roles in reducing burden of insurance expense and tax concession of mother corporation. Typical captive insurance is now centralized in Bermuda, USA and Singapore. In the third chapter, the author will seek reasons for its emergence and development in those places from such factors as general state of this industry, its developing course, establishing procedure and regulatory policy. Meanwhile, comparison in favorable policy and environments will be made among the three regions, which can be used for reference to development of China's captive insurance. Emphasis of the... |
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