Insurers could be considered a cross between a casino and a hedge fund. Retained premiums are the casino’s win ratio; investment returns on the premium capital are the hedge fund. Sometimes the casino wins, sometimes it loses – both with the bets it places on risks and with the returns it makes on its assets.
保險公司可被認爲兼具賭場與對沖基金的特點。自留保費(retained premiums)就相當於賭場的勝率；而通過保費獲取投資回報有點像對沖基金的做法。賭場有時會贏，有時會輸——由其風險押注和資產回報的綜合結果而定。
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