?????????????? ?? ???????

1
?????????????? ?? ??????? ?????????? ? ??????
????? ?????????????? ?????

• ?????? M. ????????
• ??????, ??????, ?????? 23-24,2008

2
?????? ????????
Although all reasonable care has been taken to
ensure the facts stated herein are accurate and
that the opinions contained herein are fair and
reasonable, this document is selective in nature
and is intended to provide an introduction to,
and overview of, the business of Converium.
Where any information and statistics are quoted
from any external source, such information or
statistics should not be interpreted as having
been adopted or endorsed by Converium as being
accurate. Neither Converium nor any of its
directors, officers, employees and advisors nor
any other person shall have any liability
whatsoever for loss howsoever arising, directly
or indirectly, from any use of this presentation.
The content of this document should not be seen
in isolation but should be read and understood in
the context of any other material or explanations
given in conjunction with the subject matter.
This document contains forward-looking
statements as defined in the US Private
Securities Litigation Reform Act of 1995. It
contains forward-looking statements and
information relating to the Company's financial
condition, results of operations, business,
strategy and plans, based on currently available
information. These statements are often, but not
always, made through the use of words or phrases
such as 'expects', 'should continue', 'believes',
'anticipates', 'estimated' and 'intends'. The
specific forward-looking statements cover, among
other matters, the reinsurance market, the
outcome of insurance regulatory reviews, the
Company's operating results, the rating
environment and the prospect for improving
results, the amount of capital required and
impact of our capital improvement measures and
our reserve position. Such statements are
inherently subject to certain risks and
uncertainties. Actual future results and trends
could differ materially from those set forth in
such statements due to various factors. Such
factors include general economic conditions,
including in particular economic conditions the
frequency, severity and development of insured
loss events arising out of catastrophes as well
as man-made disasters the outcome of our regular
quarterly reserve reviews, our ability to raise
capital and the success of our capital
improvement measures, the ability to exclude and
to reinsure the risk of loss from terrorism
fluctuations in interest rates returns on and
fluctuations in the value of fixed income
investments, equity investments and properties
fluctuations in foreign currency exchange rates
rating agency actions the effect on us and the
insurance industry as a result of the
investigations being carried out by US and
international regulatory authorities including
the US Securities and Exchange Commission and New
Yorks Attorney General changes in laws and
regulations and general competitive factors, and
other risks and uncertainties, including those
detailed in the Company's filings with the US
Securities and Exchange Commission and the SWX
Swiss Exchange. The Company does not assume any
obligation to update any forward-looking
statements, whether as a result of new
information, future events or otherwise. Please
further note that the Company has made it a
policy not to provide any quarterly or annual
earnings guidance and it will not update any past
outlook for full year earnings. It will however
provide investors with perspective on its value
drivers, its strategic initiatives and those
factors critical to understanding its business
and operating environment. This document does
not constitute, or form a part of, an offer, or
solicitation of an offer, or invitation to
subscribe for or purchase any securities of the
Company. Any securities to be offered as part of
a capital raising will not be registered under
the US securities laws and may not be offered or
sold in the United States absent registration or
an applicable exemption from the registration
requirements of the US securities laws.
3
???? ???????
1 ????? ? ????????? ???????? ??? ???????? ????? ? ???????? ? ????? ? ???? ????????

2 ?????? ?????????????? ??? ????????? ?????????


3 ?????? ????????? ?? ???????????????? ?????

4 ?????????????? ????????? ? ???????????
4
????????? ??????? ?????

• ??????? ????? ????????????? ??-??
• ??????????????? ????????? ???????????? ?????????
  ? ??????? ???????, ??????????? ?????????
  ???????????? ??????????????? ??????????? (????,
  SARS, )
• ?????????? ? ???????????? ????????? ??????
  ????????? ?????, ???? ????????, ????????? ?
  ????????????????, ?????????, ????????????
  ?????????????? ? ??????? ???????????,
• ????? ?????????? ??? ????? ?????????? ?????
  ????? ??????????????, ??????? ????????, ?????
  ????????? (VIOXX)
• ????? ?????????? ????????? (???????? ?
  ??????????? ????? ? ????????? ???????)
• ????? ?????????????? ? ??????????????? ?????????
  ????????????, ?????????????? ??????????
  ?????????????, ???????????? ?????? ???????????
  ?? ????????????, ????? ??????????????? ?????????
  (????? ?? ????? ROE).

5
????? ????? ???????????? ?????? ?????????????????
? ??????????? ???????????
26 ???????? ?????????? ?????? ?????????????
?????? ?? ??????? ?????????????-????????
More than 1 trillion
Retrenchment from globalization (developed)
Asset price collapse
Slowing Chinese economy (6)
250 billion trillion
Oil and gas price spike
Pandemic
CII breakdown
Transnational crime and corruption
Chronic disease, developed world
Middle East instability
Cyclone
Heatwaves droughts
Liability regimes
Earthquake
Major fall in US
50-250 billion
???????? (? US)
Interstate civil wars
Retrenchment from globalization (emerging)
Fiscal crisis in advanced economies
Food insecurity
Extreme climate change related weather
NatCat Extreme inland flooding
Failed failing states
Emergence of nanotechnology risks
International terrorism
10-50 billion
Loss of freshwater
Collapse of NPT
2-10 billion
below 1
1-5
5-10
10-20
above 20
?????????????
6
????????? ????????? ??????????????? ? ????????
???????? ???????
???????? Sherbinin, Shiller Pulsipher (2007)
7
????? ???????????????? ???? ?????? ???????
????? ????????????? (? 1968) ? ?????????? (?
1998) ????????????
????????????
Source MIPT terrorism knowledge base
8
??????? ?? ?????????? ??????

• ???????? ??? ?????? ???????, ????? ??????????
  ????? ? ??????????? ????????????? ???????
  ????????? ????? ? ???, ??? ????????? ? ??????????
  ???????????? ??????????? ?????.
• ? ???? ???????, ????? ?????????? ????? ?, ?
  ?????????, ???????????, ???????????? ? ?????
  ????????? ?????????? ? ?????????? ??????
• ????? ????????????? ?????? II (Basel II
  ??? ??????) ? ?????????????????? II (Solvency
  II -- ??? ??????????? ????????????)
• ????? ??????? ?????????????? ????? IFRS
• ????????????? ???????????? ?????? ????????
  ?????????? ??????? ?????? ??? ????????, ?????????
  ?????? ??????????? ? ??????.

9
???????? ????????? ?????????? ?????

• ??? ??????? ?????? ?????? ????? ???????? ? ?????
  ??????? ??? ??????, ???????????? ???
  ?????????????, ????????, ???????????? ??????
  ???, ? ???????????, ??? ??????????? ????????.
• ????? ???????, ??????????? ? ????????????,
  ???????? ???????????? ?? ??????, ??????????? ?
  ??????, ??????, ??? ??? ??????? ??? ???????????
  ? ??????? ???? ??? ? ???????? ????
  ?????????????.
• ???? ??? (??? ?????, ??? ? ???????????) ?????????
  ?? ???? ?????. ??? ??? ?? ????

10
????? ? ??????????? ??? ????????, ??????? ????

• ???????????, ????? ????? ?? ???? ????????? ?????,
  ?? ????????? ?????, ?? ????? ? ???????? ?????,
  ?? ????????? ? ??????? ????????.
• ??????????? ? ??????????????? ????? ???? ?
  ???????? ? ??????? ?????? ?????? ?????????? ?
  ?????????? ?????? ??? ??????????? ?????,
  ????????? ??????????, ????? ??????????????? ?
  ????? ????????? ??????? ??? ???????????
  ??-?????.
• ???????????, ?????????????? ????? ?
  ??????????????? ???????????? ??????? ??
  ?????????? ??????.
• ? ????????? ?????, ????????? ??????????????
  (securitizing) ??? ??????????? ????? ?????????
  ??????, ????? ??????? ?? ????? ??????? ???????
  ???????? ??????.

11
????? ? ??????????? ??? ????????, ??????? ????
(???????????)

• ??? ??????, ???????? ????? ?? ?????? ???? ?????
  ???? ?? ???????????? ???????? ?? ????????????
  ?????????????? ? ?????? ??????.
• ?????????????? ???? ?????? (??????????
  ?????????) ?? ?????????? ??????. ?? ????? ??
  ???? ????? ????, ???? ?????? ??????? ????? ??
  ?????????? ?? ??? ?????.
• ??????????????, ????????, ????????????? ????
  ??????? ? ?????? ??? ??????? ?????. ??? ???
  ?????? ????? a, ? ???? ?????????? ??? ?????
  ?????? (?????? ? ???????) ???????.
• ??????? ????????? ???????? ? ??????? ???????????
  ???? ??? ???????????? ??-?????, ????????? ??????
  ??? ???????????? ?????, ?? ??? ?? ????, ??? ???
  ??????.

12
?????????? ? ??????????

• ?????????? ?????, ????? ??????????? ?????????????
  ?????????? ?????? ??? ?????? ?????????????
  ????????, ??????????? ?? ????? (risk-based
  capital, RBC) (?????? ? ?????? ?????? Solvency
  II).
• ??, ??? ????????????? ????????? ?????????????
  ??????????, ?????, ????? ??????????? ????????
  (mark-to- market) ???? ?????? ?? ????????
  ????????? (IAS 39) ? ?? ??????????? ????
  ?????????????.
• ??????????? ????? ?????? ?????????, ?????????
  ?????????? ??????????? ? ???????? ?????????????
  ??????????.
• ???? ???????? ????????????? (???????????) ?
  ?????? ??????? ???????????? ? ??????? ????????
  ????????? ? ????????? ??????? (???????????).
• ????? ?? ????????? ?????? ??? ??????? ?????
  ??????

13
?????? ? ??????????? ???????

• ?-??????, ????????? ????????? ????????? ?
  ????????? ?????? ????? ? ? ???????????????
  ????????? ???????? ? ?????????? ???????.
• ????? ?? ?? ???????????? ?????????
  (?????????????) ?????????? ?????? ? ?????? ?
  ??????????? ?????????? ???? ?? ?????? ?
  ??????????? ?? ???????
• ?? ???? ?? ??????? ?????? ??????????
  ???????????????? (?????? III ?????????
  Solvency II ? IFRS) ? ?? ????????? ?? ???
  ????????????? ??????????????
• ??????????? ?? ??????? ???????????????? ?
  ????????????? ????? ?? ??????? ?????????????
  ?????, ?? ??????? ?????????? ??? ??????, ?????
  ? ????????????? ??????? ???????????? ???????????
  ??? NPVs?

14
??? ??????? ? ??????

• ??????????? ?? ?? ????????????? ? ???????????? ??
  ??????? ???????? ????????? ? ??????? ? ???,
  ?????? ???????? ????????? (??????
  marking-to-market ????? ??????? ???? ???????,
  ????????? ??? ????????? ???????????? ???
  ??????????? ?????).
• ???????? ?? ????????? ????????, ????????????? ??
  ?? ? ???????????????? ???????? ???????? ?????
  ?????????? ? ????????? ??????????????
• ? ??????????? ?????????????? ????? ????? ? ?????
  ??????. ????????????? ??????? ??????? ????
  ?????? ????????? ? ???????????.

15
?????? ?????????????? ? ??????????? ?????????
(CAT Reserving)

• ?????????????? ? ??????????? ????????? ?????????
  (CAT Reserving) ??????? ?????? ???????, ?
  ???????? ??????????? ???????????, ???????? ?????
  ??????? ??????????
• US-GAAP ? ????? ??????? IFRS ?? ????????? ?????
  ??????? ??? ???????? ???????. ???? ??????? ??
  ????????? ? ??????? ????, ??????? ??????
  ?????????????? ?? ????????? ???????????????
  ???????
• ? ?????? ???? ?????? ???? ??? ?????????
• ????????? ?????????????? ? ?????????? ????????
  ????????? ???????? ???????, ??????????? ?
  ???????????? ??????????. ??????? ????????
  ?????????? ?????????????.
• ????????? ??????? ?????????? ????????
  ?????????????? ????????? ????????, ????????? ???
  ????????? ???????????????? ????.

16
???? ???????
1 ????? ? ????????? ???????? ??? ???????? ????? ? ???????? ? ????? ? ???? ????????

2 ?????? ?????????????? ??? ????????? ?????????


3 ?????? ????????? ?? ???????????????? ?????

4 ?????????????? ????????? ? ???????????
17
?????? ? ???????

• ?? ??????, ??? ????????? ?????? ??????????? ??
  ???? ????????? ??????
• ?????? ????????? ??????? ????????? ????????
  ???????
• ??? CAT-??????? ??????????, ??? ? ??????? ???????
  ????? ??????? ??????? ??????????? ???? ??????????
  ????????
• ???????, ??? ??, ?????????? ?????????? ? ???????
  ??????????? ???? ?????????? ????????, ? ???????
  ?????? ???????????? ??? ???????? ???????
• ??? ????????? ? ???? ???????? ????????? ????????
  ????????? ????????????????? ???? ????

18
??????????? ???????????????? ??????

• ?????????????? ?????? ?????????? ???
  ?????????????? ? ?? ????? ??????.
• ? ??????? ?????????????? ???????????????? ???? ?
  ??????, ????????????? ? ?????? ? ????????????
  ???????.
• ??? ???????? ???? ?????, ????? ???????? ???????
  ????????? ???????????, ??? ?? ??? ???????
  ??????, ?????????????? ??????????????
  ????????????.
• ???????????????? ? ??????????? ??????? ??????????
  ??????????? ??? ??????? ??????? ????? ?? ????
  ??????????.
• ???, ? ???? ???????, ??????????? ?????????
  ????????? ?????????.

19
?????????????? ?? ??????? ????????

• ???????????, ??????????? ????????????
  ???????????????? ????????? ??? ???????????
  ??????? ????????? ????????? ?? ??????.
• ??? ?????????????? ????? ?? ???????.
• ????????? ??????, ????? ???????????? ?????
  ????????? ????????? ?????, ??? ??????, ????
  ??????? ??????? ? ????????? ?????????
  ??????????????? ????????.
• ????? ?????? ???? ??? ????????? ?????????
  ???????????? ??? ???????????? ????????,
  ??????????? ? ????, ????? ?????????? ??????????.
• ????????? ??????????? ?????????? ????, ????? ?
  ??????? ?????? ???????????? ???????????? ???????
  ?? ??????? ??????????? ????????????? ??????.

20
??????? ??? ??????? ??? ? ??? ??????!

• ???????? ?????? ??????????????? ???????? ?
  ????????? ???? ??????? ???????????? ?????,
  ????? ?????? ?? ????????? ???????.
• ???? ?? ?? ???????????? ? ???????????, ??
  ????????? ????? ???????, ??? ???? ???????
  ??????? ??????? ?????????? ? ??????????? ???
  ????? ???? ?????, ????? ?? ??????? ???????????.
• ? ?????????, ???? ????????? ???????? ????????
  ?????????? ????? ?????, ????? ????????, ???
  ????? ??????????? ????????? ????? ?????????
  ???????? ?? ????????? ???????, ???????????, ???
• ?? ????? ?????? ????????? ?????
• ??????, ??????? ????? ?????, ????? ??????, ???
  ???? ?? ??? ?????????? ?? ??????? ???????????.

21
?????????????? ?? ??????? ????? ? ???
???????????? ??????????

• ????, ??? ??? ????????????? ?????, ?????
  ???????????? ????????? ??????? ????????????.
• ??? ?? ??? ??? ???????????
• ??? ????????????? ?????????? ???????????
  ???????? ??????? ????? ????, ???? ???????
  ????????????? ? ????? ????.
• ??? ???????????? ?????????? ?????????????,
  ??????????? ?????????? ???????????, ????????
  ?????????????? ???? ??????? ??? ????????
  ???????????????? ?????? ??????, ? ???????????
  ????? (Sharpe Ratio) ??? ?????????????? ??????.
• ???????? ????????, ?????????? ? ??????, ???????
  ?? ????????
• ?? ??? ?? ???????????? ????????? ????????
  ?????????? ???????????,
• ? ??????? ??? ?? ??????????? ?????? ?????.

22
???? ???????
1 ????? ? ????????? ???????? ??? ???????? ????? ? ???????? ? ????? ? ???? ????????

2 ?????? ?????????????? ??? ????????? ?????????

3 ?????? ????????? ?? ???????????????? ?????


4 ?????????????? ????????? ? ???????????
23
?????????????? ??????

• ??????????????? ??????? ????????????? ?????????
  ?? ???????
• ?????????? ??? ???????? ??????? ?????????? ????
  ???????????? ?? ?????? ????????? (CAT risk) ?
  ????????? ????????? ? 100,000 USD.
• ???? ???????? ????????? ? ???????????? ?
  ???????????? US-GAAP, ? ?????? ?????????
  ??????????????? ??????? (????????? ??????????????
  ?? ???????).
• ?????????? ??????? ????? ?? ????? (ROE), Ri,
  ??????? ???????? ????????, ?????????? ? ?????
  ???????? (??? ??????? ????????? - ?????????) ?
  ??????? ??????????? ??????? (?? 10 ?? 30 ???).
• ???????? ????? ??????????? ????? (Sharpe Ratio),
  S, ??? ????? ??????????, ??????????? ???????????
  ?????? (R0) ? 3

24
??????-????? ? ????????? ????????

• ?????? ??????-????? (business cycles),
  ??????????? ????????? ?????, ???? ???????????
  ?????? ???????? ??????? (loss ratio) ???? 60.
  ???? ??? ???????? ???? ????????? ?? 20.
• ??????????? ????? ???????????? ??????????? ????
  ?? 200, ???? ?????????? ??????????? ??????
  ?????? 150.
• ???? ????????? ?????? ???????? ????? 5 ??
  ?????????? ?????, ??? ????????????? ???????
  ????? ??????????? ??????????????. ??
  ???????????? ??????? ?????????, ????????????
  ??-?? ??????????? ? ?????????.
• ???????? ??????????? ??????? ???????????????
  ??????? ?? ?????, ????????????? ?????????
  ???????? ?? ??????? ????????????? ??????. ???????
  ?? ?????? ????????? ????? ??? ??????, VaR(1),
  ?.?. 100,000 USD.

25
????????? ??????????? ? ???????
?????????????????? ??????
?? ???? ??????? ????????, ????????????
?????????????? ?? ???????, ?????????? ??????
????????? (Sharpe Ratio) ? ??????? ????? ???????
? ??????? 10 ??? ?? ROE ????? (??????? ?????? ?
7-? ????).
26
?????????????? ??????

• ?????????? ???? ????????????? ??????????????
• ????????? ??????? ???, ????? ????? ??? ??????
  (Value-at-Risk, VaR) ?? ?????? 1 ??????
  ????????? 100,000 USD, ??? ???, ??? ???
  ???????, ?????????? ?? ????? (risk-based capital,
  RBC).
• ?????? ??????????? ????????, ???????????? ???
  ????? ????????? ?????? ?????????????, ?? ????????
  ???? ? ?? ?? ???????? VaR.
• ?????? ??????????? ? ???????????? ? ???????????
  ????? ????????? ??????? 15 ?? RBC
  ???????
• ??????? ??????????? ??????? 5 ?? ?????????
  ??????.

27
?????????????? ?????? (????????????? ?????)

• ?????????? ??? ???? ????????????? ? ????????
  ????????, ????????????? ?????
• ?????????? ?????????????? ????????
• ?????????? ????????? ??????? (expected
  shortfall)
• ????? G(a,z) ???????? ?????-???????

28
??????? ?????????? ????????????? ?? ?????????
??????? (Expected Shortfall)

• ????????????? ?????????????
• ??? ???? ?????????? VaR ?? ?????? 99 ????
  100000

• ????????????? ?????
• ??? ???? ?????????? VaR ?? ?????? 99 ????
  100000

29
???????? ???????? ? ???????? ???????

• ?? ???????????? 10,000 ???????? ?? 30 ???

30
???????? ???????? ? ???????? ??????? (II)

• ??????? ?? ??????????? ???????????????? ??????
  ????? ???? ??????? ??????? ? ??????? ?? ???????
  ??????? ????????????? (?????? 100,000 USD).

31
?????????? ????????????? ?????????????

• ???????? 10,000 ???????????? ????????????? ??
  ??????? ? 30 ??? ? ?????????? ??? ?????????????
  ?????????? ??????? ????????? ????? (Sharpe
  ratio) ??? ?????????? ????????? ? ?? ?.?. ??????
  ???? (call option) ? ?????? ??????? (Mertons
  model).
• ?????, ??? ???????? ? ??????? ????? ????????????
  ??????????? ??????????????? ??????, ???? ??????
  ?????????? ??????.
• ??? ??????? ??????, ??? ??????? ???????????
  ??????????????? ??????? ??? ????? ??????????????
  ?????????.
• ?????, ??? ??? ????? ?????????????? ??????
  ????????? ????????, ??????????? US-GAAP,
  ??????????? ????, ??? ????????, ???????????
  ??????????? ???????? ? ??????? ???????????
  ???????.

32
????????? ????????? ?????
????????????? ????????????? ????? ?????
Cov ?????
10 73.2 1.1 82.3
1 96.3 1.3 76.3
0.1 97.7 1.5 82.5
0.01 100.0 1.9 89.5

• ? ?????, ????????? ????? ??? ???????????????????
  ?? ??????? ???????? ?????, ??? ??? ????????,
  ??????????? US-GAAP.
• ?? ?????????? ?????? ??, ??? ?????????? ? ??????
  ????????????. ???? ???????? ?????????? ?????
  ?????? ??? ???? ???, ?? US-GAAP ?????.

33
?????? ??????? ??? ?????????????? ???
???????????????? ??????

• ?????? ??????? ????????????? ????? ??? ??????
  ???? ?? ?????? ????????.
• ? ???? ?????? ?????????? ???? ??????? ????,
  ????????? ?????? ??????????? ????????? (net
  present value, NPV) ???????? ??????? ?? 30 ???
  ??? ??? ????????, ???????????? ??????????????,
  ??? ? ??? ????????, ???????????? US-GAAP.
• ???????????? ???????? ?????? ? ???????????
  ??????? 3.
• ????????? ????? ??? ???????? ? ???????????????
  ?? ??????? ???????? ????, ??? ??? ????????,
  ???????????? US-GAAP, ??? ??????????? ?
  ???????????? ??? ????????? ?????.

34
??????? ? ?????? ??? ???????????? ????????
???????????????? ??????

• ? ????????? ??????????? ??? ???? ????????,
  ??????? ????? ??????????????? ??? ???????????
  ???????????? ??????? ???????? ????????????????
  ??????
• ????????? ??????? ?? ????????? ???????? ??????
  (Jensen, AER, 1986) ?????? ??????? ?????????
  ??????? ??????????, ???????? ????? ????????????
  ????????? ?????? ??? ?????????? (?????????????
  ???????) ?? ? ????????? ?????????? (????.,
  negative NPV empire building, unduly diversify
  operations).
• ????????? ?????????? ??????? (e. g. Warner,
  JoF, 1977) ??????? ? ???????????, ????????
  ???????????? ? ????????????? ?? ???????????? ?
  ?????????????? ??????? (???????????? ??
  ???????????? ???????, ??????????, ???????
  ??????????), ??? ????? ??????? ???????????? ????
  ??????? ?????????????? ???????.

35
?????? ????? ?????????? ????????? ? ??????????
?????????? ??????? ??? ???????????????? ??????

• ??????? ??????? ???????????????? ??????
  ???????????? ?????????? ???????? ?????????
  ????????
• ??? ?????? ????????????? ???????, ??? ??????
  ????????? ????? ??? ????????????? ???????
  (empire building).
• ??????? ??????? ???????????? ????????? ?????????
  ?????????? ???????
• ??????? ??????? ????????? ??????????? ????, ??? ?
  ???????? ????????? ????????.
• ???????? ??????
• ??? ????? ?????????? ?????????????
  ????????????????? ????? ?????? ?? ???????????
  ???????? ???????? ????????????????? ?????,
  ??????? ????????? ????????????
• ?????

36
??????????? ?????????????

• ????? ?????????? ????????????? ?????????????????
  ?????? ??????????????? ? ??????? ?????????
  ????????????????? ????? ????? ???????????
• ??? ????????? ??????????? ????????????? ???
  ??????? ???????????????? ???????? (??? empire
  building, ??? ??????? ? ??????? negative NPV
  projects, ??? ????????? ?? ??????? ? ?.?.).

??????? ???????????? ?????????????? ?????????????
???????????????? ?????? ? ?????????? ???????????
?????????? ?? ?????????? ????????? ??????????
????????? ????????? ? ????????? ?????????? ?????
???????? ???? ? ? ??????? ?????????
37
???? ???????
1 ????? ? ????????? ???????? ??? ???????? ????? ? ???????? ? ????? ? ???? ????????

2 ?????? ?????????????? ??? ????????? ?????????

3 ?????? ????????? ?? ???????????????? ?????


4 ?????????????? ????????? ? ???????????
38
??????????

• ?????? ????????? ???????, ????????????? ???
  ??????, ? ????????? ????????? ???
  ??????????????? ?????????.
• ??? ???????? ?????? ??????????? ?????? ?????????
  ??? ???? ??????????????, ????? ?????? ????????,
  ??????? ?????????????? ?? ???????.
• ????? ?????????? ???? ?????? ???????????? ???
  ?????? ?? ????????? ??????????? ???????
  ??????????? ???????????? (???????????????
  ???????).
• ??????????????? ?????????? ?????? ?????????
  ?????????????? ???????, ??? ???????? ? ????????
  ?????????? ????? ?????????????, ??????? ?
  ???????.
• ????????????? ??????? ???????? ? ????, ???
  ?????????? ????? ????? ????????? ????? ??????
  ????????????????.

39
???????????

• ??? ???????????? ? ??????? ?????????? ?????? ????
  ??? ?????? ???????????
• ???????? ?????????????? ??????? ???
  ?????????????????? ???????, ??? ????? ??????
  ???????? ????.
• ?????????? ??????? ?????????? ?????? ? ??????
  ??? ??????? ???????? ????? ?? ?????????? ????? ?
  ??????? ????? ??????????? ??????????????.
• ?????????????? ??????? ??????? ??????? ?
  ?????????? ??????????? ? ?????????? ??????.
• ?????? ???????? ?? ???? ???????????? ????? ??????
  ??? ?????????? ? ????????? ??????? ? ????
  ???????????? ????????????? ??????? ??????????
  ?????????? ???????.

40
????? ????? ????? ???????? ?????

• ??????????????
• Insurance-linked securities (CatEPut, Surplus
  Notes)
• Securitization, CAT bonds, longevity bonds, etc.

??????????? / ???????????.
????????. / ??????.