事实上，这种亏损是整个行业为其所持有的浮存金支付的费用。
This loss, in effect, is what the industry pays to hold its float.
但我们我们相信，一个更好的衡量标准是承保损失与浮存的比。
We believe a better measure, however, to be a comparison of underwriting loss to float developed.
但如果其浮存成本高于市场资金成本，那么这个业务是个没用的业务。
But the business is a lemon if its cost of float is higher than market rates for money.
下面的表格显示的是自1967年我们进入这一业务以来我们的浮存成本。
The table below shows our cost of float since we entered the business in 1967.
在一个保险运营，浮存的产生是由于保费在赔付之前支付，之间的间隔有时长达许多年。
In an insurance operation, float arises because premiums are received before losses are paid, an interval that sometimes extends over many years.
考虑到这些优势，我相信在接下来数年里，保险业务依然可以保持盈利并且不需要为浮存金进行支付。
Considering these strengths, I believe that we will earn an underwriting profit over the years and that our float will therefore cost us nothing.
总的来看，它们的业绩一直以来都是赚钱的，而且正如下表所反映的，他们也为我们提供了大量的浮存金。
In aggregate, their results have consistently been profitable and, as the table below shows, the float they provide us is substantial.
如果一个保险公司的浮存成本在长期低于这个公司从别处获得资金的成本，那么这个保险业务是有价值的。
An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds.
能够实现浮存是因为索赔经常是在声称的过失发生后很久，而且还因为赔付往往被长时间的诉讼过程所拖延。
The float materializes because claims are often brought long after the alleged wrongdoing takes place and because their payment may be still further delayed by lengthy litigation.
我们以平均而言合理的成本扩大了浮存。而由于我们在这些低成本资金上获得了良好的回报，我们进一步获利。
We have expanded our float at a cost that on the average is reasonable, and we have further prospered because we have earned good returns on these low-cost funds.
另外一个极端，执业过失险承保了医生，律师，和会计师的潜在责任，与每年的保费量相比，产生了大量的浮存。
At the other extreme, malpractice insurance covering the potential liabilities of doctors, lawyers and accountants produces a very high amount of float compared to annual premium volume.
另外，这些公司与行业中其他公司一样，容易受到有可能超出再保险保护的灾难性损失的打击，从而让浮存成本大幅提高。
In addition, these companies, like all others in the industry, are vulnerable to catastrophe losses that could exceed their reinsurance protection and take their cost of float right off the chart.
他的意思是，只要不发生持续的承保损失，伯克希尔·哈撒韦就能运转良好，因为浮存金随着时间而增长，为其它业务提供资金。
His point is that Berkshire Hathaway does well as long as it avoids chronic underwriting losses because the float builds up over time and finances the rest of the business.
保费收入超过费用和可能的赔付损失的总额的部分，我们可以将它记录为我们的利润，同时，浮存金产生的投资收益也会加计到我们的利润中去。
If our premiums exceed the total of our expenses and eventual losses, we register an underwriting profit that adds to the investment income that our float produces.
犹如时光浮历，来时似以存而非存。
As if floating calendar time to time like to save rather than save.
犹如时光浮历，来时似以存而非存。
As if floating calendar time to time like to save rather than save.
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