雖然在中國許多合同的費率上漲了 20% 以上，但如果再保險公司之間的競爭不是那麽激烈，1 月份的續轉對分出公司來說可能會更加痛苦。

Rare Earth Insurance Partners 首席執行官王為解釋說：「在其他亞洲國家，再保險公司並不像在中國那樣擔心分出公司能否接受新條款。但在中國，分出公司仍然能夠從再保主承那裏獲得一些讓步」。

這並不是說今年中國的續轉很容易。

「[中國] 領先的再保險公司如果想保住自己在中國的地位，就必須準備好向分出公司做出一些妥協。他們很難說：如果你不同意我們的條款，那麽我們就不談了。」

他補充說，一些較大的保險公司能夠成功地抵製再保險公司的激進要求，而較小的保險公司則受到更多的擠壓。

「再保主承應該是分出公司最親密的合作夥伴，有助於長期支持業務戰略。最好有一個長期信譽良好的主承。如果分出公司經常更換主承 ，那麽市場就會對該公司及其合約產生負面看法。但今年我們看到很多再保主承被替換掉了，」王為說道。

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While rates in China were up more than 20% for many contracts, the January renewals could have been a lot more painful for cedents if competition among reinsurers was not so high.

Wang Wei, Chief Executive of Rare Earth Insurance Partners, explained, “Reinsurers don’t worry quite as much in other Asian countries about whether or not a ceding company can accept the new terms. But here, in China, the cedent was still able to extract some concessions from the lead reinsurer,” said Wei.

This is not to say that renewals in China have been easy this year.

“The leading reinsurers [in China] had to be prepared to provide some compromise to the ceding companies if they wanted to keep their position in the country. It’s very difficult for them to say: if you can’t agree with our terms, then we’ll just go.”

He added that a number of the larger insurers were able to successfully push back on aggressive demands from reinsurers, with smaller players being squeezed more.

“The lead reinsurer should be the closest partner to the ceding company, helping to support the strategy of the business in the long-term. It’s better to have a reputable leader over a long period of time. If the ceding company changes the leader frequently, then the market will think negatively of that company and the treaty. But this year we saw lead reinsurers being replaced quite a lot,” said Wei.

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