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.
保险公司可被认为兼具赌场与对冲基金的特点。自留保费(retained premiums)就相当于赌场的胜率；而通过保费获取投资回报有点像对冲基金的做法。赌场有时会赢，有时会输——由其风险押注和资产回报的综合结果而定。
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