巨灾债券运行效应问题研究

在巨灾风险证券化产品中,巨灾债券交易最为活跃,也最具代表性,越来越多的保险公司、再保险公司及大型企业倾向于发行巨灾债券来转移、分散巨灾风险。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。它不仅能使保险市场实现帕累托改进,对证券市场、国家财政也会产生深远的影响。最后,本文分析了巨灾债券在我国的发展前景。

Studies on Operation Effect of Catastrophe Bonds

The volumes of CAT bonds issuing and exchanging are the largest and quite typical among products of the securitization of catastrophe risk, more and more insurers and enterprises employ CAT bonds to reduce catastrophe risk. As a new tool of risk management, it has similar function and incomparable advantage compared with reinsurance. CAT bonds not only bring about Pareto improvement of insurance market, but also have far - reaching influence on securities market and our finance. At last, this paper analyses prospect of CAT bonds in China.