英文早读第171篇，选自巴菲特年度信，友才翻译。
Insurance Operations
保险业务运营
An unusual combination of factors - reduced auto accident frequency, sharply higher effective rates in large volume lines, and the absence of major catastrophes - produced an extraordinarily good year for the property and causalty insurance industry. We shared in these benefits, although they are not without their negative connotations.
由于多个非常见因素合在一起，包括减少的汽车事故频次、大额业务险种有效费率急剧提升和大型灾难的缺失，带来了一个对财产和意外险行业非同一般的好年份。我们的业务也分享了这个好处，尽管这有点隐含的负面因素。
Our traditional business - and still our largest segment - is in the specialized policy or non-standard insured. When standard markets become tight because of unprofitable industry underwriting, we experience substantial volume increases as producers look to us. This was the condition several years ago, and largely accounts for the surge of direct volume experienced in 1970 and 1971. Now that underwriting has turned very profitable on an industry-wide basis, more companies are seeking the insureds they were rejecting a short while back and rates are being cut in some areas. We continue to have underwriting profitability as our primary goal and this may well mean a substantial decrease in National Indemnity's direct volume during 1972. Jack Ringwalt and Phil Liesche continue to guide this operation in a manner matched by very few in the business.
我们的传统业务，仍是是我们最大板块，是个性化或非标准化投保。当标准市场因为不盈利的行业承保收紧时，我们因为发行人开始关注我们而经历了大规模增长。这是几年前就有的情况，这很大程度上解释了我们1970年和1971年业务量直接大规模增长的原因。现在整个行业承保变得利润很高，更多的公司正在找回他们不久前拒绝的承保，同时某些领域费率在下调。我们继续以承保盈利作为我们的首要目标，这可能意味着在1972年的国家赔偿公司规模上大幅减小。杰克雷凌特和菲尔来舍尔继续以业内人少有的方式主导着运营。
Our reinsurance business, which has been developed to a subtantial operation in just two years by the outstanding efforts of George Young, faces much the same situation. We entered the reinsurance business late in 1969 at a time when rates had risen substantially and capacity was tight. The reinsurance industry was exceptionally profitable in 1971, and we are now seeing rate-cuting as well as the formation of well-capitalized aggressive new competitors. These lower rates are frequently accompanied by greater exposure. Against this background we expect to see our business curtailed somewhat in 1972. We set no volume goals in our insurance business generally - and certainly not in reinsurance - as virtually any volume can be achieved if profitability standards are ignored. When catastrophes occur and underwriting experience sours, we plan to have the resources available to handle the increasing volume which we will then expect to be available at proper prices.
我们的再保险业务在乔治杨的卓越努力下，仅用两年时间就发展成了一项颇具规模的业务，正面临着颇同样的情况。我们在1969年末进入再保险业务，当时费率已大幅上涨，承保能力吃紧。1971年再保险行业盈利状况极佳，而如今我们看到了费率下调的情况，同时还出现了资金雄厚、积极进取的新竞争对手。这些较低的费率往往还伴随着更高的风险敞口。应对此背景，我们预计1972年我们的再保险业务量会有所缩减。一般而言，我们在保险业务中通常不会设定业务量目标——在再保险业务方面更是如此——因为如果忽视盈利标准的话，几乎任何业务量都能实现。当灾难发生、承保情况变差时，我们计划拥有足够的资源来应对届时有望以合理价格获取的、不断增加的业务量。
6.catastrophe：灾难；灾祸；困难
7.connotation：内涵；含义
8.insured：被保险的；受保人
9.surge：涌；激增；汹涌
10.indemnity：赔偿；补偿；保障
11.exposure：暴露；面临；揭露
12.curtail：限制；缩减；缩短
13.sour：阴郁的；闷闷不乐的
14.inception：开端；创始
15.premium：高昂的；优质的；保险费；额外费用；附加费
16.exceptional：杰出的；异常的；罕见的
