巨灾风险证券化

本文的研究为巨灾风险证券化定价方面提供了必要的参考。

This paper provides the necessary guideline for the pricing of catastrophe risk securitization .

巨灾风险证券化及其在我国的运用研究

Study on Catastrophe Risk Securitization and Its Application in China

巨灾风险证券化及在中国保险市场的应用

The Securitization of Catastrophic Risk and Its Appliance in Our Insurance Market

巨灾风险证券化的国际借鉴与我国的实践研究

The Learning of International Best Practice in Catastrophe Risk Securitization and Chinese Case Study

我国巨灾风险证券化实践的相关问题探讨

A Probe into the Problems Related to the Practice of Securitization for Catastrophes in China

巨灾风险证券化和发源于银行业的传统的资产证券化有所不同。

The Catastrophe Risk Securitization is different from traditional property securitization which origins from banking industry .

巨灾风险证券化，包括：巨灾债券、巨灾期权、巨灾互换以及或有资本。

Catastrophe risk securitization , including : catastrophe bonds , catastrophe options , catastrophe swaps and contingent capital .

目前，产险业的巨灾风险证券化发展已经比较成熟，寿险业的人寿保险证券化发展则相对迟缓，一直未能受到足够的重视。

At present , catastrophic risk securitization has been relatively mature , but the life insurance securitization is relatively slow development .

因此，巨灾风险证券化产品能否顺利推出，合理的定价是关键。

Therefore , the success of issuances of securities of catastrophe risk securitization depends on proper pricing which is key role .

巨灾风险证券化的过程包括以下两个要素，第一个要素是金融工程，本质上是将现金流打包或拆解，并转换为新的证券&巨灾风险证券。

The first element is the financial engineering that the cash flow will be " packaged " or dismantled , and finally converted into catastrophe risk securitization .

我国发展巨灾风险证券化的策略是要正确认识发展巨灾风险证券化的必要性，有步骤地进行巨灾风险证券化的开发与设计以及完善巨灾风险证券化发展的外部环境。

The strategies for the application of such securitisation in China include understanding the necessities ; Issuing and designing products step by step and improving the external environment .

巨灾风险证券化部分解决了商业保险市场资本相对不足的问题，但费用高昂和流动性差等因素限制了巨灾证券的应用，并且对于诸如逆选择等限制巨灾风险可保性的因素巨灾证券化无能为力。

The securitization of catastrophic risks partly solves the problem of lack of capital of insurance market , but the high expenses and the lack of liquidity limit the application of the insurance-linked securities .

再有，对现有的巨灾风险证券化工具进行系统介绍和研究，并结合我国当前国情，就实施巨灾风险证券化的必要性、可行性以及主要思路进行深入探讨。

It also introduces and studies the current catastrophe insurance securitization tools . Thinking of the current actual situation in China , it discusses the necessity , feasibility and main ideas for implementing catastrophe insurance securitization .

因此，在我国发展巨灾风险证券化，不仅能够满足巨灾保险投保人的需要，降低国家财政的压力，还能为保险业提供新的增长途径。

So , developing the catastrophe risk securitization , can not only satisfy the needs of insurance policyholder , decrease the pressure of government finance , but can also establish a new way of development for the insurance .

通过巨灾风险证券化研究，提出把保险市场难以承担的风险转移到资本市场的方法，以期降低保险公司的风险程度；

Through the catastrophe risk negotiable securities research , this paper proposed the method that the risk undertaken with difficulty in the insurance market shift to the capital market , to reduce the insurance company the risk regulation .

本文分析了保险风险证券化的基本内涵和国内发展巨灾风险证券化的现实基础，认为国内发展该业务还有相当长的路要走。

This paper analyzes the basic meaning of the securitization of insurance risk and the practical basis for developing it domestically , and points out that there will be a long way to go to develop this kind of instrument in China .

并借用了巨灾风险证券化的设计思路，提出了存款保险证券化这一概念，将证券化应用于金融机构的存款保险制度中，以求较好的解决金融机构危机时的流动性保全问题。

In the end , I have set forth the concept " deposit insurance securitize " borrowing from " cat bonds securitize " and applied securitize into the deposit insurance in order to solve the liquidity and conservation of the finance crisis .

巨灾风险证券化产品主要包括：巨灾债券、巨灾期权、巨灾期货和巨灾互换，其中，巨灾债券和巨灾期权在近年来的国际保险市场上发展迅速，交易日趋活跃。

The main products of catastrophe risk securitization are : catastrophe bonds , catastrophe options , catastrophe futures and catastrophe swaps , among which , the catastrophe bonds and the catastrophe options are developing fast in recent years , the transaction is very active .

巨灾风险证券化的实现，使保险公司既能够从资本市场上获取大量资金，又将保险市场上的风险转移到了更具有流动性的资本市场，能够有效地提升保险业的承保能力。

The realizing of catastrophe risk securitization , makes the insurance company get a lot of money from the capital market , and transfer the risk from the insurance market to a more liquid capital market , it can enhance the capacity of insurance industry .

我国巨灾保险风险证券化研究

Research on the Catastrophic Insurance Risk Securitization in China

巨灾保险风险证券化作为国际上近十几年来补充巨灾风险保险和再保险的一种风险分散机制，已经越来越显示出其重要性。

As a risk disperse mechanism that internationally complement of catastrophe risk insurance and reinsurance in recent decades , catastrophe insurance risk securitization has already shown more and more importance .

巨灾保险风险证券化的本质是把巨灾风险分散到资本市场上来，利用资本市场的强大容纳力，补充保险市场对巨灾风险的承保能力。

In the essence , catastrophe insurance risk securitization disperses the catastrophe risk to the capital market , making use of the strong capacity of capital market to supplement insurance capacity of catastrophe risk .

而在国际市场上日渐发展的巨灾保险风险证券化为我们提供了一种可能的选择，本文的目的在于以洪涝灾害债券为例说明巨灾债券如何为巨灾风险筹集灾害补偿资金。

And the increasingly development of catastrophe insurance risk securitization in the international market provides us a possible alternative . The purpose of this essay is to set flood disaster bonds as an example of how catastrophe bonds raising disasters compensation funds .

第四章，详细地介绍了国际市场上主要的巨灾指数、巨灾风险证券化衍生产品的定义、种类以及交易过程等基本内容。

Chapter 4 : Introducing some basic information of catastrophe derivative in foreign capital market , including catastrophe loss index , the definition and type of catastrophe derivative etc.

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 .

构建和谐社会中的巨灾风险防范&我国地震巨灾风险证券化的实证分析

Prevention for catastrophic risk in the construction of harmonious society & Study on the securitization of seismic risk in China

其次，从理论层面详尽剖析了分散巨灾风险的两种方式&再保险和巨灾风险证券化，得出巨灾风险证券化是当前分散巨灾风险、实现巨灾保险救助补偿的一种可操作性较强的新思路。

Secondly , this paper analyses two ways of the spread catastrophic risk from the theoretical level & reinsurance and catastrophe risk securitization and reaches the fact that the catastrophe risk securitization is a workable new ideas to spread catastrophic risk currently .

因此，我国进行巨灾保险创新的要求极为迫切，借助巨灾保险风险证券化工具开拓我国巨灾保险市场。

Therefore , it is extremely urgent for our country to innovate the catastrophe insurance system , and make full use of catastrophe insurance risk securitization tools to develop our catastrophe insurance market .

第二章，从巨灾风险的定义、分类以及现状开始，对再保险和巨灾风险证券化这两种分散机制做了简要论述。

Chapter 2 : Beginning with the definition , classification and situation of catastrophe risk , two risk-reduction mechanisms are introduced , one is reinsurance , the other is catastrophe risk securitization including occurring background and developing status etc.