巨灾债券

巨灾债券运行效应问题研究

Studies on Operation Effect of Catastrophe Bonds

地震巨灾债券雏议

Elementary study on earthquake catastrophe bonds

最后，本文利用修正后的LFC模型对我国地震巨灾债券进行了定价，以期对我国发行巨灾债券有所帮助。

Finally , the modified LFC model is used to price the earthquake catastrophe bond looking forward to do help to the issue of catastrophe bond in China .

本文对LFC模型进行修正，并将地震巨灾债券价格信息抽离出来对修正后的模型进行了参数估计，提高了LFC模型的精度。

The issue price information of earthquake catastrophe bond is pulled out to estimate the parameters of the modified LFC model to improve the accuracy of the LFC model .

巨灾债券的发行，首先是债券发起人（巨灾补偿基金）为了分散其面临的巨灾风险，设立一个特殊目的机构（SPV）并与其签订再保险合约。

At the beginning , in order to disperse catastrophe risk , the promoter ( catastrophe compensation fund ) sets a special purpose vehicle ( SPV ), and then signs a reinsurance contract with it .

在这种情况下，巨灾债券便应运而生了。

In this case , the catastrophe bond has been produced .

对我国保险业引进巨灾债券的思考

Thinking on Introducing the Catastrophe Bond into the Insurance Industry of China

中国地震损失分布与巨灾债券定价研究

Empirical Study on Earthquake Losses Distribution and CAT Bond Pricing in China

若要对巨灾债券进行定价，巨灾经济损失的良好拟合是基础。

A good fit of earthquake losses is the basis of pricing .

巨灾债券精算及其运行研究

A Study on Catastrophe Bond 's Exact Price-making and Operation

第五部分主要讨论巨灾债券的结构设计。

In Chapter 5 , we discuss the structure of cat bond .

最后，本文分析了巨灾债券在我国的发展前景。

At last , this paper analyses prospect of CAT bonds in China .

例如，气象指数、区域产量指数和巨灾债券等。

For example , catastrophe bonds , weather index , area yield index .

借鉴巨灾债券和死亡率指数债券的成功，先引入长寿风险证券化的概念；

The conception and traditional hedge method of longevity risk are introduced firstly .

运用巨灾债券转移、分散巨灾风险显然对我国保险公司、再保险公司及大型企业的风险管理具有明显的借鉴意义。

National insurers and enterprises can also apply CAT bonds to managing catastrophe risk .

现有的巨灾债券定价模型是基于标准金融理论建立的。

The existing catastrophe bond pricing models are all based on the standard finance theory .

保险风险证券化&巨灾债券

Insurance risk securitization & catastrophe bond

首先探讨巨灾债券结构设计的关键&触发条件的设计。

First of all , we discuss the key of cat bond structure design & trigger design .

初步研究了一种新的减灾金融手段&巨灾债券。

A new financial instrument for earthquake disaster reduction , catastrophe bonds is studied preliminarily in this paper .

作为功能上与再保险基本相似的新型风险管理工具，巨灾债券具有传统再保险不可比拟的优势。

As a new tool of risk management , it has similar function and incomparable advantage compared with reinsurance .

巨灾债券作为连接保险市场和资本市场的创新工具，能有效地分散保险的风险。

As a tool connecting insurance market and capital market , catastrophe bond can disperse risks of insurance effectively .

2006年，墨西哥在世行技术援助支持下，成为全球第一个发行巨灾债券的主权国家。

And in2006 , Mexico became the first sovereign country to issue a catastrophe bond with technical support from the Bank .

然后指出通过加强监管，运用再保险，建立保障基金和发行巨灾债券对农业保险的风险进行风险管控。

In order to control the risk , we need to strengthening the supervision , using reinsurance , catastrophe bonds and establishing a fund .

对于每种风险，首先明确其产生原因；其次，分析每种风险如何体现在巨灾债券的运作中；最后，提出如何缓解这些风险。

We analyze the reason of each risk , how these risk been reflected in the operation of cat bond , and how to mitigate these risk .

巨灾债券作为连接资本市场和保险市场的工具，既分散了保险的风险，又为投资者增加了投资品种。

Catastrophe bond , as a tool connecting insurance market and capital market , can spread around risk of insurance , and provide for investors new invest product .

巨灾债券是巨灾风险证券化多种形式中发行量最大、最为成功的一种，它是近十几年内国际风险管理领域的一个重要创新。我国股市原始股折价与发行量的实证研究

Catastrophe bond is one of the most important innovations in the international field of risk management in twenty years . An Empirical Research on IPO Underpricing and Trading Volume in Chinese Stock Markets

以发行巨灾债券（CatastropheBonds）实施巨灾风险证券化的方法，通过资本市场把风险进行最大程度的分散己成为国际保险业应对巨灾的一个重要补充手段。

Through the issuance of catastrophe bonds , the catastrophe risk securitization is implemented , and the way to spread the risks to the greatest degree through the capital market has become an important supplementary mean for international insurance to deal with catastrophe .

最后根据巨灾债券定价原理利用资本资产定价模型计算得出不同类型的洪灾保险债券的收益率及其价格，希望可以为以后洪灾保险债券的发行和运作提供一定的帮助。

Finally , different types of flood disaster bond yields and prices are calculated by using the catastrophe bonds pricing principle of the capital asset pricing model . Hoping for this paper could provide some help for the issuance and operation of flood insurance bond .

第五章是巨灾债券定价模型及扩展，分析比较了巨灾债券各种定价模型之间的异同，并在传统的蒙特卡罗模拟定价方法中加入了道德风险因素，产生了一种新的巨灾债券定价方法。

Chapter five is about the pricing model and extension of catastrophe bond , which mainly made a comparison of pricing models among different catastrophe bonds , adding the role of morel into the traditional Monte Carlo method , thus brought forward a new kind of pricing model .

对于巨灾债券这种特殊的债券来说，对其价格的确定相比普通债券要复杂的多，在巨灾债券市场中，市场是不完全的，因此简单运用复制组合的方法是不适用的。

To make sure the price of catastrophe risk bond , this particular bond is much more complex than the regular bonds . In the catastrophe bond market , the market is incomplete ; therefore , it is not applicable to simply use the method of replication and portfolio .