中国发展巨灾保险债券的构想

Ideas of Developing Catastrophe Bonds in China

2004年是人类历史上的大灾年,十几个地处不同区域的国家分别遭受了台风、飓风、地震、海啸等自然灾害的袭击,造成重大人身伤亡和财产损失。在自然灾害频发的中国,传统的商业保险承保巨灾能力不足,再保险市场也无力为巨灾提供充分保障。因此,借鉴国际成功经验,进行金融创新,将巨灾风险向资本市场分散势在必行。文章在理论探讨的基础上,将中国具体金融机构可在巨灾债券运作模型中充当的角色进行初步定位,并对可能存在的问题进行逐一分析,从而对中国巨灾债券运作机制提出合理构想。

2004 was a catastrophe - ridden year in the history of human beings. Quite a few countries in different areas suffered typhoons, hurricanes, earthquakes or tsunami respectively, which caused a large number of casualties and enormous property loss. China is also a country where natural catastrophes frequently break out, while the underwriting capacity of Chinese insurance and reinsurance companies is far from adequate. Therefore, it is imperative to learn successful experience from international peers and engage in financial innovations to transfer catastrophe risks to capital markets. On the basis of theoretical study, this paper locates specific insurance companies and other related parties in the model of catastrophe bonds, analyzes the potential problems, and puts forward ideas and suggestions concerning the operational mechanism of catastrophe bonds in China.