英文早读第186篇，选自巴菲特年度信，友才翻译。
Insurance Underwriting
保险承保
In the last few years we consistently have commented on the unusual profitability in insurance underwriting. This seemed certain eventually to attract unintelligent competition with consequent inadequate rates. It also has been apparent that many insurance organizations, major as well as minor, have been guilty of significant underserving of losses, which inevitably produces faulty information as to the true cost of the product being sold. In 1974, these factors, along with a high rate of inflation, combined to produce a rapid erosion in underwriting results. The costs of the product we deliver (auto repair, medical payments, compensation benefits, etc.) are increasing at a rate we estimate to be in the area of 1% per month. Of course, this increase doesn't proceed in an even flow but, inexorably, inflation grinds very heavily at the repair services - to humans and to property - that we provide. However, rates virtually have been unchanged in the property and casualty field for the last few years. With costs moving forward rapidly and prices remaining unchanged, it was not hard to predict what would happen to profit margins.
在过去几年我们一直提到在保险承保行业非同寻常的利润率。这最终似乎必然吸引不理智的竞争者随之发布不理智的费率。也很明显很多保险机构，大大小小的，对损失评估方面严重不足，这不可避免地对在售产品真实成本产生了错误的信息。在1974年，这些因素，同时伴随着高通胀率，在一起导致在承保业绩上快速的减少。我们发布的产品的成本（车辆维修，医疗支付，工伤赔付等等）以我们预估的每月1%速度增加。当然，这个增加不会一直持续进行，但是不可避免的，通胀严重消耗着我们提供的人力和财产维修服务。然而，过去几年在财产和意外险领域费率几乎没有变化。随着花费快速上涨和价格保持不变，一点都不难会预测到利润率将会发生什么。
Best's, the authoritative voice of the insurance industry, estimate that in 1974 all auto insurance premiums in the United States increased only about 2%. Such a growth in the pool of dollars available to pay insured losses and expenses was woefully inadequate. Obviously, medical costs applicable to people injured during the year, jury awards for pain and suffering, and body shop charges for repairing damaged cars increased at a dramatically greater rate during the year. Since premiums represent the sales dollar and the latter items represent the cost of goods sold, profit margins turned sharply negative.
保险行业权威机构贝氏评级（Best's）预计，在1974年美国所有汽车保险承保费用增长大约2%。这样的增长在用于支付保险损失和费用上很不幸是不足的。很明显，在这一年用于受伤人员的医疗成本，陪审团对伤害和损失的评判费用，车身维修厂对受损车辆的维修收费都以非常快的速度上涨。既然保费代表销售收入，而后者代表售出货物的成本，利润率急剧转为负值。
As this report is being written, such deterioration continues. Loss reserves for many giant companies still appear to be understated by significant amounts, which means that these competitors continue to underestimate their true costs. Not only must rates be increased sufficiently to match the month-by-month increase in cost levels, but the existed expense-revenue gap must be overcome. At this time it appears that insurors must experience even more devastating underwriting results before they take appropriate pricing action.
当这份报告被撰写时，这样的恶化还在继续。对很多大公司的损失准备金似乎仍被大幅低估，这意味着这些竞争者仍在继续低估他们的真实成本。不仅仅费率必须要充分上涨来跟上逐月上涨的成本水平，而且现在的花费收入缺口也必须得克服。此时，似乎保险人必须在采取合适的价格调整前经历更加灾难性的承保后果。
6.underreserving：服务不足
7.inevitably：难免；不可避免地
8.erosion：腐蚀；侵蚀；减少；缺少
9.compensation：补偿；赔偿
10.inexorably：无情地；冷酷地
11.grind：磨碎；摩擦；磨快
12.authoritative：权威的；权威性的；权威式的
13.insured：被保险的；受保人
14.woefully：不幸地；悲伤地
15.jury：陪审团；裁判委员会
16.body shop：车身维修厂
17.deterioration：恶化；退化；堕落
18.devastating：毁灭性的；破坏性极大的
19.understated：低调的；避重就轻的
